摘要：In recent years fairness opinions have received close attention from regulatory authorities.While in most countries regulation focuses on disclosure requirements,France also bans contingent fee structures.We obtain valuation data on target companies in 232 fairness opinions and analyze the effect contingent compensation and increased disclosure have on valuation results.We find that the fee structure does not affect valuations.On the other hand,tighter disclosure requirements cause higher valuations.Our findings indicate that disclosure-based regulation is adequate in improving the quality of fairness opinions as it limits potential downward bias,while a prohibition on contingent compensation should not be pursued further.
关键词：In recent years fairness opinions have received close attention from regulatory authorities.While in most countries regulation focuses on disclosure requirements,France also bans contingent fee structures.We obtain valuation data on target companies in 232 fairness opinions and analyze the effect contingent compensation and increased disclosure have on valuation results.We find that the fee structure does not affect valuations.On the other hand,tighter disclosure requirements cause higher valuations.Our findings indicate that disclosure-based regulation is adequate in improving the quality of fairness opinions as it limits potential downward bias,while a prohibition on contingent compensation should not be pursued further.
