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Business Cycle and Asset Valuation in the Gaming Industry

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dc.contributor.authorCanina, Linda
dc.contributor.authorCarvell, Steven A.
dc.contributor.authorMa, Qingzhong
dc.contributor.authorUkhov, Andrey D.
dc.date.accessioned2020-09-12T21:07:23Z
dc.date.available2020-09-12T21:07:23Z
dc.date.issued2013-01-01
dc.description.abstractThis study values takeover targets in the gaming industry and finds that privately held takeover targets command lower valuations than publicly traded firms. On average valuation multiples are 46% lower for private targets relative to public firms. This finding has significant implications for owners of privately held gaming companies who may consider a takeover as an option to maximize shareholder value. The study examines the effect of recessions and expansions on valuation. The discount of private targets relative to public targets is present at all stages of the business cycle. Acquisition targets receive lower valuations in recessions and the relative discount for private gaming firms deepens further in recessions. Jointly, the results suggest that recessions have an important impact on the market for corporate control in the gaming industry.
dc.description.legacydownloadsUkhov24_Business_Cycle_and_Asset_Valuation_in_the_Gaming_Industry.pdf: 3394 downloads, before Aug. 1, 2020.
dc.identifier.other6037151
dc.identifier.urihttps://hdl.handle.net/1813/72027
dc.language.isoen_US
dc.relation.doihttps://doi.org/10.1016/j.jbusres.2012.12.016
dc.rightsRequired Publisher Statement: © Elsevier. Final version published as: Canina, L., Carvell, S. A., Ma, Q., & Ukhov, A. D. (2013). Business cycle and asset valuation in the gaming industry. Journal of Business Research, 66(9), 1689-1695. DOI: 10.1016/j.jbusres.2012.12.016. Reprinted with permission. All rights reserved.
dc.subjectmergers and acquisitions
dc.subjectgaming
dc.subjectprivate target discounts
dc.subjectvaluation
dc.titleBusiness Cycle and Asset Valuation in the Gaming Industry
dc.typearticle
local.authorAffiliationCanina, Linda: lc29@cornell.edu Cornell University
local.authorAffiliationCarvell, Steven A.: sac20@cornell.edu Cornell University
local.authorAffiliationMa, Qingzhong: qm26@cornell.edu Cornell University
local.authorAffiliationUkhov, Andrey D.: au53@cornell.edu Cornell University

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