03377ntm a22005897i 4500 000676317 CZ-PrVSE 20200613194230.0 m d cr n|||||||||| 200613s2020 xr fsbm 000 0 eng d NEZPRACOVANÝ IMPORT ABA006 cze ABA006 ABA006 rda Pavao, Breno ISIS:143478 dis Private Firm Valuation & The Liquidity Premium eng Private Discount Premium - Why Non Public Companies are Negotiated at Lower Relative Prices / Breno Pavao 2020 ?? stran : digital, PDF soubor Vedoucí práce: František Poborský Diplomová práce (Ing.)—Vysoká škola ekonomická v Praze. Fakulta financí a účetnictví, 2020 Obsahuje bibliografii Textový (vysokoškolská kvalifikační práce) Rok obhajoby 2020 The current study proposes a model based on CAPM and valuation multipliers to capture the risk for privately held companies with the information normally available for it. The main assumption is that the relative price differential between the average private and public company reflects all additional risk brought by the private market, this difference is then annualized through dividend discount model to be in the same terms as other CAPM’s variables. Then a possible justification for this premium is done through liquidity differentials, the premise is that liquidity is driven mainly by number of market participants which makes the market more efficient and the supply and demand dynamics balanced, creating an environment where assets are traded closer to their intrinsic value. Private markets by their own nature are riskier and present higher degree of information asymmetry, this would drive away investors not willing to be exposed to such risk and would decrease the market liquidity and overall asset prices with it. To test for this hypothesis, a correlation analysis of market participant’s proxy indicators and the observed premium is done. Způsob přístupu: Internet finance and accounting [obor dipl. práce] diplomové práce fd132022 czenas master's theses eczenas Private Company Valuation Equity Risk Premium CAPM Total Beta Liquidity Premium Discount for Lack of Marketability Valuation Valuation Multiplier Relative Valuation Company-specific Risk Modified CAPM Poborský, František ISIS:15208 ths Horák, Petr ISIS:99031 opn Vysoká škola ekonomická v Praze. Fakulta financí a účetnictví kn20010709398 dgg https://insis.vse.cz/zp/71569/podrobnosti VŠKP v InSIS https://insis.vse.cz/zp/71569 Hlavní práce https://insis.vse.cz/zp/71569/posudek/vedouci Hodnocení vedoucího https://insis.vse.cz/zp/71569/posudek/oponent/67534 Oponentura https://insis.vse.cz/zp/71569/podrobnosti dc:identifier NEPOSILAT VSKP vse71569 200611 71569