@misc{9221974,
  abstract     = {{This study examines how Swedish investment companies communicate the valuation of their unlisted portfolio companies in annual reports. As unlisted holdings lack observable market prices, valuation involves significant uncertainty and subjective judgment, placing high demands on transparency in external financial reporting. The study applies a qualitative content analysis of annual reports for the financial year 2024 from five Swedish investment companies with a high proportion of unlisted holdings, drawing on theories of impression management and legitimacy. The findings show that annual reports do not merely convey technical valuation information but also employ linguistic and narrative strategies to manage uncertainty surrounding unlisted values. Valuations are frequently presented in ways that emphasize stability, long-term perspectives, and professional control, while uncertainty and negative value changes are, to varying degrees, downplayed or contextualized. The study contributes to a deeper understanding of how valuation communication is used to build trust and legitimacy in the absence of market-based prices.}},
  author       = {{Sorrone, Antonio and Hariri, Mohamad Hassan and Dauti, Erzana}},
  language     = {{swe}},
  note         = {{Student Paper}},
  title        = {{Värdering utan marknad: Hur investmentbolag kommunicerar värdering av onoterade portföljbolag}},
  year         = {{2026}},
}