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Last Traded Price and Firm Market Value

December 7, 2022 • Posted in Fundamental Valuation

Is market capitalization, shares outstanding times share price, really the total value of a firm? In his brief November 2022 paper entitled “The Market Capitalization Illusion”, J.B. Heaton examines the relationship between market capitalization and market value considering the slope of the demand curve for tradable assets. Based on the body of relevant research, he concludes that: (more…)

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