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The purpose of this paper is to study the impact of the 2016 presidential election polls on the stock market.

The empirical model includes daily stock returns as the dependent variable and past asset prices, 10-year treasury rates, opinion polls and VIX (market uncertainty) as explanatory variables with a one-year lag. The model was estimated using two sets of daily polling data: from July 1, 2015, to November 8, 2016, and from June 1, 2016, to November 8, 2016. Additional descriptive statistics, such as means and standard deviations, were also calculated.

The estimated results did not reveal any statistically significant effects of opinion polls in favor of one candidate over another on stock returns. Simple statistical tests, however, show that the market performed better when Trump held a polling advantage over Clinton.

To the best of the authors’ knowledge, this is the only study that has examined the effects of the 2016 presidential election polls on the US stock market. This study adds value to the understanding of the relationship between election polls and the stock market in the USA.

The purpose of this paper is to export the idea of “Core Competency Based Valuation”. Wireless network operations services companies have exploded in importance and face unprecedented challenges in valuing them. This article considers how one firm's managers are enhancing their value through better performance and decision making to input long‐term value, along with the industry growth and highly favorable customer response to their quality products and services.

This fairly extensive, yet focused paper, was based on accepted financial valuation procedures, due diligence from visit with managers and relevant market data. This paper also reflects other critical valuation quantitative information concerning their considerable business activity and excellent future prospects in the “sales deals pipeline” such as Nokia, a key customer development, that should be reflected in any detailed report regarding valuation.

Effective management requires that the emphasis return to fundamentals, even if it makes analysts unhappy in the short‐term. For managers, DCF tools will continue to be important. However, history also shows that on occasion market valuations can and do deviate. They can benefit that way only if they understand the real underlying values. Managers need to keep their focus on discounted cash flow and all those factors in the company and marketplace that reflect the firm's capabilities and opportunities.

What makes wireless firms, and especially new wireless firms, different? First, they usually have not been in existence for more than a year or two, leading to a very limited history. Second, their current financial statements reveal very little about the component of their assets – expected growth – that contributes the most to their value. Third, these firms often represent the first of their kind of business. In many cases, there are no competitors or a peer group against which they can be measured.

The purpose of this paper is to offer a “how to” guide for applying Merton’s (1987) valuation adjustment for incomplete information, which depends on market capitalization, idiosyncratic risk and extent of investor ownership.

The paper illustrates Bodnaruk and Ostberg’s (2009) formula for Merton’s adjustment, and presents some example empirical estimates of the adjustment for some US stocks.

The adjustment estimates are material for many example stocks, particularly volatile stocks with a low percentage of shares held by institutional funds. However, the adjustment estimates are modest for many other stocks, including some smaller cap. stocks.

Measuring the model’s inputs requires using some judgment, particularly regarding the investor ownership variable. The paper will hopefully help stimulate useful empirical research on adjustment estimates and on best practices for applying the model.

The paper may encourage more use of the incomplete-information adjustment in practice, which should lead to improved discount rate estimates in valuation analyses.

No other “bridge the gap” coverage of the incomplete-information adjustment is available in textbooks or the applied literature.