Accuracy of Appraisers and Appraisal Methods of Closely Held Companies
分析了258家公司的实际评估数据，发现估值结果受评估方法和评估师背景的双重影响。
Valuation experts often use different methodologies when estimating the value of a closely held company. This paper analyzes the general valuation methodologies and the specific factors used by appraisers. The data set consists of actual appraisals, financial data, and the sale prices for 258 companies. Results Indicate that valuation estimates are sensitive to both the methodology used and the background of the appraiser making the valuation.