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同时,样本包含所有公司的第一个差异分析水平,满足样本选择的限制。伯杰et al。(1996)要求第一个盈利预测发生日期后不迟于第四个月清算价值计算,这确保清算价值和现金流的现值的变化是一致的正常时间为每个公司的样本。股权价值的百分比变化为目的,抓住经营决策的影响,没有保险的影响和赎回。所以他们删除与保险公司和退休。结果如预期的变化,后者估计是显著积极支持强有力的证据,然而,他们之前记录的协会之间的股权价值和清算价值没有受到清算价值和现金流的现值,测量不同部分的真正的现金流的现值。常数组件清算价值之间的联系和省略的一部分真正的现金流的现值是通过检查水平的变化而不是删除。因此,伯杰等人继续寻找强,积极的协会清算价值和公司的股权价值。


At the same time, the sample contains all first differences of the firms from the levels analysis that meet sample selection restrictions. Berger et al. (1996) require that the first earnings prediction occur no later than the fourth month after the date liquidation value is calculated, which make sure that the changes in liquidation value and present value of cash flow are aligned properly in time for each firm in the sample. The change of percentage in equity value is for the purpose that captures the impact of operational decisions, not the impact of insurances and redemptions. So they delete the firms with insurances and retirements.The results for the changes is as expected, the fact that the latter estimate is significantly positive supports strong evidence, however, that the association they documented earlier between equity value and liquidation value was not affected by liquidation value and the present value of cash flow that both measure different part of true present value of cash flow. The constant component of any association between liquidation value and the omitted part of true present value of cash flow is removed by examining changes rather than levels. Therefore, Berger et al. continue to find the strong, positive association liquidation value and equity value of a firm.


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