Recently, Mocciaro Li Destri, Picone & Minà (2012)[REF] have underscored the subtle but important difference between the firms' capacity to create value through correct operational choices and valid strategies, on the one hand, and the epiphenomenal manifestation of variations in stockholder value on the financial markets (notably on stock markets).
Market value is also distinct from fair value in that fair value depends on the parties involved, while market value does not.