Looking specifically at mergers and going private transactions (GPTs), the thesis is that management has the incentives and opportunity to make business specific decisions leading up to major capital transactions that result in an overstated or understated value for the company. The research will evaluate the possibility of influencing the factors used in valuation by examining two case studies for signs of manipulation that led to an over or under valuation of the company. The case studies will examine the acquisition of Autonomy by HP in October 2011 and the decision for Dell to revert to Private ownership in November 2013.
Szumilas, D. (2014). Unethical Opportunities in Business Valuation: A Case Study on Value Manipulation (Undergraduate honors thesis, University of Redlands). Retrieved from http://inspire.redlands.edu/cas_honors/2