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- Shareholder_ownership_value abstract "Shareholder Ownership Value (SOV) is a financial theory that is starting to be discussed among academics in the US and internationally after the recent Sub-prime crisis. It has been developed at the Wharton School of the University of Pennsylvania by the MBA student Paolo G. Alberoni and published in 1994.The SOV theory argues that there is a validity limit of William F. Sharpe's CAPM. CAPM fails to incorporate in the WACC the decision power of majority shareholder (owner) that can affect the destination of the company/assets cash flows. The theory moves his base considering shareholder's power and Total cost of ownership.In the paper, Alberoni shows evidence and structures a referenced framework demonstrating how the Stock exchange prices fails to capture the full value of assets in the long term and therefore undervalues them in the long run. Whilst in takeover there is a \"premium paid\" to majority shareholders vs minority shareholders. This Majority premium is essentially connected to the ability of the Majority Shareholder to influence how cash flows are used in the companyThe evidence has been gathered as follow: under common wisdom a company that dismisses real assets and leases them back gets benefits from tax breaks, better liquidity, etc. The SOV theory looks back and demonstrates that \"assets free\" companies are more vulnerable to extreme shocks and have recorded performance in line with \"asset loaded\" companies in the same field. Therefore there must be a \"missing part\" in the original valuation.The paper highlights how companies with assets in the long term can outperform and overcome economic and financial downturns, and are able to provide \"real return\" in excess of inflation with reduced volatility relative to asset free companies (who in a broad sense demand to shareholders to create a strategy for the cash flows generated by the sales of assets).".
- Shareholder_ownership_value wikiPageID "22532975".
- Shareholder_ownership_value wikiPageLength "3471".
- Shareholder_ownership_value wikiPageOutDegree "9".
- Shareholder_ownership_value wikiPageRevisionID "697145243".
- Shareholder_ownership_value wikiPageWikiLink Capital_asset_pricing_model.
- Shareholder_ownership_value wikiPageWikiLink Category:Economic_theories.
- Shareholder_ownership_value wikiPageWikiLink Category:Shareholders.
- Shareholder_ownership_value wikiPageWikiLink Paolo_G._Alberoni.
- Shareholder_ownership_value wikiPageWikiLink Stock_exchange.
- Shareholder_ownership_value wikiPageWikiLink Total_cost_of_ownership.
- Shareholder_ownership_value wikiPageWikiLink Weighted_average_cost_of_capital.
- Shareholder_ownership_value wikiPageWikiLink Wharton_School_of_the_University_of_Pennsylvania.
- Shareholder_ownership_value wikiPageWikiLink William_F._Sharpe.
- Shareholder_ownership_value wikiPageWikiLinkText "Shareholder ownership value".
- Shareholder_ownership_value wikiPageUsesTemplate Template:Economy-stub.
- Shareholder_ownership_value wikiPageUsesTemplate Template:Refimprove.
- Shareholder_ownership_value wikiPageUsesTemplate Template:Reflist.
- Shareholder_ownership_value subject Category:Economic_theories.
- Shareholder_ownership_value subject Category:Shareholders.
- Shareholder_ownership_value hypernym Theory.
- Shareholder_ownership_value type Ideology.
- Shareholder_ownership_value type Work.
- Shareholder_ownership_value type Ideology.
- Shareholder_ownership_value type Redirect.
- Shareholder_ownership_value type Theory.
- Shareholder_ownership_value comment "Shareholder Ownership Value (SOV) is a financial theory that is starting to be discussed among academics in the US and internationally after the recent Sub-prime crisis. It has been developed at the Wharton School of the University of Pennsylvania by the MBA student Paolo G. Alberoni and published in 1994.The SOV theory argues that there is a validity limit of William F. Sharpe's CAPM.".
- Shareholder_ownership_value label "Shareholder ownership value".
- Shareholder_ownership_value sameAs Q3959188.
- Shareholder_ownership_value sameAs Shareholder_Ownership_Value.
- Shareholder_ownership_value sameAs m.05zn_c2.
- Shareholder_ownership_value sameAs Q3959188.
- Shareholder_ownership_value wasDerivedFrom Shareholder_ownership_value?oldid=697145243.
- Shareholder_ownership_value isPrimaryTopicOf Shareholder_ownership_value.