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Value Alpha

Published research

Work that has to survive review before it reaches you.

We publish formal research with academic partners, refereed, attributable, and free to read.

01 · Papers

The programme, and what is coming.

Research

Working paper 01

Forthcoming · October 2026

Title announced on publication

Forthcoming, in partnership with Columbia Business School

Subject · Private company valuation

Columbia Business School

Value Alpha Research

Working paper

Coming soon

02 · How we publish

Research first, and the product second.

  • Published, not marketed

    A paper goes out under the institution's name and the authors', with the method and the data described well enough that somebody else could disagree with it on specifics.

  • Reviewed before release

    Peer review and institutional sanction come first. Nothing appears here because it makes a convenient argument for the product.

  • Open to the people it is about

    Owners, buyers, and advisors are the subject of this work and should be able to read it. Papers are free to access.

03 · Working with us

If you research private markets, we have data.

Academic work on private company valuation is held back by access: the transactions are private, the multiples are anecdotal, and the sample any one researcher can assemble is small. We have a large one.

We collaborate with university groups on research using it, on the understanding that the findings are theirs to publish whichever way they fall.

Write to Tomasz Felpel at [email protected].

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