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Which multiples matter in M &A? An overview

Matthew Shaffer (matthew.shaffer@marshall.usc.edu)
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Matthew Shaffer: University of Southern California

Review of Accounting Studies, 2024, vol. 29, issue 3, No 19, 2724-2752

Abstract: Abstract This paper provides an overview of valuation multiples in mergers and acquisitions advisory. I review the literature and legal controversies and the theoretical basis for their role. I then standardize all the advisor multiples available in SDC Platinum along four dimensions and report rich descriptive statistics on each dimension over time and across industries. I highlight eight findings that are notable in light of current knowledge and debates. This paper answers the call from Gow et al. (Journal of Accounting Research 54(2):477–523, 2016) for thorough descriptive research, to provide a foundation and prompts for future hypothesis development. It includes an explicit guide for using this data, an overview of the key institutional details, and a discussion of tractable and open research questions.

Keywords: Valuation; Accounting; M& A (search for similar items in EconPapers)
JEL-codes: G30 G32 G34 M41 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s11142-023-09768-7

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