Valuation of Bankrupt Firms
将破产重组企业的市场价值与管理层公布的现金流预测估值进行比较，发现这些方法虽无偏但误差极大，且误差与利益相关者高估或低估价值的动机有关。
This study compares the market value of firms that reorganize in bankruptcy with estimates of value based on management's published cash flow projections. We estimate firm values using models that have been shown in other contexts to generate relatively precise estimates of value. We find that these methods generally yield unbiased estimates of value, but the dispersion of valuation errors is very wide - the sample ratio of estimated value to market value varies from less than 20% to greater than 250%. Cross-sectional analysis indicates that the variation in these errors is related to empirical proxies for claimholders' incentives to overstate or understate the firm's value.