Business Valuations

Advanced Topics
Author: Larry J. Kasper
Publisher: Greenwood Publishing Group
ISBN: 9780899309545
Category: Business & Economics
Page: 325
View: 7871

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This explanation of not just the "how" but the "why" underlying certain critical topics in the valuation of privately held businesses is a uniquely multidisciplinary analysis for professionals and academics alike.

The Handbook of Advanced Business Valuation


Author: Robert F. Reilly
Publisher: McGraw Hill Professional
ISBN: 9780071379038
Category: Business & Economics
Page: 512
View: 3264

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International cost of capital...blockage discounts . . . valuation issues unique to ESOPs...specific valuation issues for sports teams...capital structure in emerging growth companies...methods for calculating equity risk premiums...These days, understanding the complex issues in advanced business valuation requires a team of experts. The HANDBOOK OF ADVANCED BUSINESS VALUATION is your team of valuation experts—nationally recognized practitioners and legal minds from across the country who provide authoritative answers and innovative solutions to your most perplexing valuation questions. Structured in a user-friendly, general-to-specific arrangement, The HANDBOOK OF ADVANCED BUSINESS VALUATION represents a broad cross section of the latest conceptual thinking on the subject. Only in this thought-provoking volume will you find: Abstracts and interpretations of recent empirical studies in lack of marketability, blockage, and more; In-depth treatment of specialized valuation issues from many industries—including healthcare, technology, and sports franchises; Lucid, intuitive explanations of complex and esoteric procedures for intercompany transfer pricing analyses and ad valorem property tax appraisals. Like its predecessor volume VALUING A BUSINESS—which covered basic business valuation concepts and practices in authoritative, all-encompassing fashion—The HANDBOOK OF ADVANCED BUSINESS VALUATION provides a new benchmark of advanced, contemporary discussions for investors and experienced business valuation practitioners. Valuation experts from PricewaterhouseCoopers, Ernst & Young, Willamette Management Associates, Arthur Andersen, American Appraisal Associates, and more combine their expertise in this well-written, thoughtful, and convincing reference—one with absolutely no close rival in the flourishing field of business valuation and security analysis.

Quantitative Business Valuation

A Mathematical Approach for Today's Professionals
Author: Jay B. Abrams
Publisher: John Wiley & Sons
ISBN: 9780470594513
Category: Business & Economics
Page: 512
View: 5141

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Praise for the First Edition of Quantitative Business Valuation A Mathematical Approach for Today's Professionals "Jay Abrams' book is close to the equivalent of several graduate dissertations rolled into one book. For each topic (covered), he presents a scholarly summary of past research, new empirical research of his own, and his conclusions. It is a well-documented contribution to in-depth understanding of important business valuation issues, and should not be overlooked by the serious practitioner." —Shannon Pratt, DBAManaging Director, Willamette Management AssociatesCoauthor, Valuing a Business "A must-read for the serious business appraiser." —Jay E. Fishman, ASA, CBAPresident, Financial Research, Inc. "The problem of simplified valuation procedures and coherent theory still remains complex and is ever evolving. Jay Abrams deals very effectively with this complexity through the use of mathematical formulas. Input to his models is explained with clarity and effectiveness, which adds to the overall value of this advanced text on business valuation." —Terry A. Isom, Chairman, National Association of Certified Valuation Analysts "Jay Abrams' book strives to provide mathematical modeling for what practitioners often do by reasoning alone. This book is a must-read for practitioners who are searching for additional techniques for dealing with some of business valuation's imponderables." —David M. Bishop, FIBA, BVAL, ASA, MCBAPresident, American Business Appraisers, Inc. "Jay Abrams' book will not only challenge the top theoreticians in the field; his step-by-step explanations will make advanced quantitative techniques available to the many appraisers who are not capable of independently creating the underlying mathematical analysis." —Kent Osborne, ASAChairman, Editorial Review Board of the American Society of Appraisers "While a proliferation of business valuation treatises and guides exists in the market, most are very general in nature and do nothing more than rehash fundamental concepts. I am unaware of any author who has stepped into the unknown as Jay Abrams has and compiled and developed a treatise of extremely useful analytical tools for the serious valuator." —Robert J. Grossman, CPA/ABV, ASA, CVAPartner, Grossman Yanak & Ford "Jay Abrams develops unusual approaches which merit consideration when 'cookie cutter' methodologies are inadequate. This manuscript contributes to the dialogue among practitioners and strengthens the theoretical foundations of business valuation." —Herbert T. SpiroPresident, American Valuation Group, Inc. "There is no question about it, the use of rigorous quantitative methods is the cure for subjective valuation analysis. This book not only satisfies this need—which has grown considerably in recent years—but is chock-full of new tools that have been carefully developed." —Edward MurrayValuation Partner, Arthur Andersen, LLP

The Lawyer's Business Valuation Handbook

Understanding Financial Statements, Appraisal Reports, and Expert Testimony
Author: Shannon P. Pratt
Publisher: American Bar Association
ISBN: 9781570738296
Category: Law
Page: 472
View: 9501

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This is a practical guide that will help lawyers and judges assess the qualifications of a business appraiser and the reliability of the information presented, and will enable them to work with valuation issues more efficiently and effectively.

The Art and Science of Business Valuation


Author: Albert N. Link,Michael B. Boger
Publisher: Greenwood Publishing Group
ISBN: 9781567201710
Category: Business & Economics
Page: 134
View: 2289

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An introduction to and overview of business valuation methods.

The Market Approach to Valuing Businesses


Author: Shannon P. Pratt
Publisher: John Wiley & Sons
ISBN: 047177541X
Category: Business & Economics
Page: 400
View: 4678

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Your Best Approach to Determining Value If you're buying, selling, or valuing a business, how can you determine its true value? By basing it on present market conditions and sales of similar businesses. The market approach is the premier way to determine the value of a business or partnership. With convincing evidence of value for both buyers and sellers, it can end stalemates and get deals closed. Acclaimed for its empirical basis and objectivity, this approach is the model most favored by the IRS and the United States Tax Court-as long as it's properly implemented. Shannon Pratt's The Market Approach to Valuing Businesses, Second Edition provides a wealth of proven guidelines and resources for effective market approach implementation. You'll find information on valuing and its applications, case studies on small and midsize businesses, and a detailed analysis of the latest market approach developments, as well as: A critique of US acquisitions over the last twenty-five years An analysis of the effect of size on value Common errors in applying the market approach Court reactions to the market approach and information to help you avoid being blindsided by a litigation opponent Must reading for anyone who owns or holds a partial interest in a small or large business or a professional practice, as well as for CPAs consulting on valuations, appraisers, corporate development officers, intermediaries, and venture capitalists, The Market Approach to Valuing Businesses will show you how to successfully reach a fair agreement-one that will satisfy both buyers and sellers and stand up to scrutiny by courts and the IRS.

Advanced Topics in Accounting

Equity Valuation using Accounting Numbers in cyclical and acyclical Industries
Author: Konrad Leithäuser
Publisher: GRIN Verlag
ISBN: 3640819063
Category: Business & Economics
Page: 69
View: 4377

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Master's Thesis from the year 2010 in the subject Business economics - Accounting and Taxes, grade: 80,0, Lancaster University (Lancaster University Management School), course: MSc of Accounting & Financial Management, language: English, abstract: The aim of this master thesis is to understand if a firm’s dependency on the over-all business cycle impacts the performance of accounting-based valuation mod-els. I evaluated stock- and flow-based valuation models and their performance across cyclical and acyclical industries and found that multi-period flow-based models perform well for cyclical firms, while acyclical firms are more accurately valued via market multiples (P/E-multiple). In extension of the empirical findings, an analysis of valuation models used in analyst reports points out that practitioners do not necessarily employ the theoretically superior valuation technique to generate their target prices - while practically used and empirically superior valuation models are consistent in acyclical industries, they significantly differ in cyclical industries. Furthermore, the analysis in this master thesis highlights that analysts show the tendency to adopt different valuation models dependent on the actual cycle phase.

The Handbook of Advanced Business Valuation


Author: Robert F. Reilly
Publisher: McGraw Hill Professional
ISBN: 9780071379038
Category: Business & Economics
Page: 512
View: 1153

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International cost of capital...blockage discounts . . . valuation issues unique to ESOPs...specific valuation issues for sports teams...capital structure in emerging growth companies...methods for calculating equity risk premiums...These days, understanding the complex issues in advanced business valuation requires a team of experts. The HANDBOOK OF ADVANCED BUSINESS VALUATION is your team of valuation experts—nationally recognized practitioners and legal minds from across the country who provide authoritative answers and innovative solutions to your most perplexing valuation questions. Structured in a user-friendly, general-to-specific arrangement, The HANDBOOK OF ADVANCED BUSINESS VALUATION represents a broad cross section of the latest conceptual thinking on the subject. Only in this thought-provoking volume will you find: Abstracts and interpretations of recent empirical studies in lack of marketability, blockage, and more; In-depth treatment of specialized valuation issues from many industries—including healthcare, technology, and sports franchises; Lucid, intuitive explanations of complex and esoteric procedures for intercompany transfer pricing analyses and ad valorem property tax appraisals. Like its predecessor volume VALUING A BUSINESS—which covered basic business valuation concepts and practices in authoritative, all-encompassing fashion—The HANDBOOK OF ADVANCED BUSINESS VALUATION provides a new benchmark of advanced, contemporary discussions for investors and experienced business valuation practitioners. Valuation experts from PricewaterhouseCoopers, Ernst & Young, Willamette Management Associates, Arthur Andersen, American Appraisal Associates, and more combine their expertise in this well-written, thoughtful, and convincing reference—one with absolutely no close rival in the flourishing field of business valuation and security analysis.

Valuation for Financial Reporting

Fair Value, Business Combinations, Intangible Assets, Goodwill and Impairment Analysis
Author: Michael J. Mard,James R. Hitchner,Steven D. Hyden
Publisher: John Wiley & Sons
ISBN: 9780470933350
Category: Business & Economics
Page: 256
View: 7033

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Praise for Valuation for Financial Reporting, Third Edition "Writing a book on financial reporting is a challenge in and of itself, let alone to focus on the shifting sands of valuation in financial reporting. Yet, Mard and company have done it again, and this time, it is even more user-friendly, easy to read, and topical. If you intend to wade into the swift currents of providing valuation services for financial reporting, you must have Valuation for Financial Reporting in your library or on your desk!" —Neil J. Beaton, CPA/ABV, CFA, ASA, National Partner in Charge of Valuation Services, Grant Thornton, LLP "I really like the flowcharts. The authors take the complex world of fair value measurement for business combinations and convert it to easily understandable and usable flowcharts, worksheets, and checklists." —Gordon Goodman, Trading Control Officer, Occidental Petroleum, and member of the FASB Valuation Resource Group "The comments on efficient markets and faithful representation in the first chapter were very (very) helpful and well written. Masterful! Great book and I look forward to adding it to the library!" —Robin E. Taylor, CPA/ABV, CFE, CVA, CBA, Dixon Hughes PLLC, and Chairman, AICPA Business Valuation Committee

THE HANDBOOK OF BUSINESS VALUATION AND INTELLECTUAL PROPERTY ANALYSIS


Author: Robert F. Reilly,Robert Schweihs
Publisher: McGraw Hill Professional
ISBN: 9780071429672
Category: Business & Economics
Page: 662
View: 1259

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Provides professionals with the latest information and knowledge on key aspects of business and intellectual property valuation, damages, and transfer price analyses, as well as answers to transaction, financing, taxation, litigation, and corporate planning questions. Compiled and organized by valuation authorities Robert Reilly and Robert Schweihs with contributions from leading experts.

Valuation for Financial Reporting

Fair Value Measurement in Business Combinations, Early Stage Entities, Financial Instruments and Advanced Topics
Author: Mark Edwards,James R. Hitchner,Michael J. Mard
Publisher: Wiley
ISBN: 9781118797402
Category: Business & Economics
Page: 304
View: 3064

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Practical guidance toward FASB ASC compliance, with expert interpretation and helpful tools Valuation for Financial Reporting provides clear guidance toward transactions and fair value, in full alignment with the latest Financial Accounting Standards Board Accounting Standards Codification. Written by recognized valuation authorities, this useful guide provides preparers, auditors, and investors with detailed coverage of the latest accounting requirements, complete with interpretations and application advice. This updated fourth edition includes new information on fair value elements for early stage entities and financial instruments, and the companion website provides worksheets, flowcharts, checklists, and valuation models that help ease implementation. Readers will find complete information, clear explanation, and easy navigation, making this book suitable for both quick reference and deep study. Valuation practitioners need to understand and interpret accounting requirements on valuation for financial reporting for business combinations, early stage entities, and financial instruments, and apply these requirements according to specific facts and circumstances. Valuation for Financial Reporting presents complete guidance toward FASB ASC application, with clear interpretations and expert insight. Review different methodologies for identifying and valuing intangible assets Examine the valuation aspects of new financial reporting requirements Learn which requirements apply to specific situations Find direct interpretations of FASB ASC, including 805, 820, 825, and 350 FASB standards are always evolving, and practitioners must stay up to date. Clear explanations and logical organization make this guide a convenient desk reference, and the tools provided help streamline the often complex valuation process. When used alongside the robust companion website, Valuation for Financial Reporting is a one-stop resource for compliance with the latest valuation standards.

Advanced Topics in Accounting

Equity Valuation Using Accounting Numbers in the Context of Cyclical and Defensive Industries that are in Economic Growth or Recession
Author: Mark Brown
Publisher: GRIN Verlag
ISBN: 3656428603
Category: Business & Economics
Page: 89
View: 594

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Master's Thesis from the year 2012 in the subject Business economics - Investment and Finance, grade: 1, Lancaster University, course: MSc Finance, language: English, abstract: The empirical research in this thesis aims to better understand two complimentary components. First, whether there is a significant difference in the performance of accounting-based valuation models when examined across different industry types (i.e. cyclical or acyclical) and economic states (i.e. growth or recession). Second, how analysts use accounting-based valuation to justify investment recommendations and whether this changes across the samples aforementioned.

Business Valuation

An Integrated Theory
Author: Z. Christopher Mercer,Travis W. Harms
Publisher: John Wiley & Sons
ISBN: 9780470178669
Category: Business & Economics
Page: 320
View: 1757

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Praise for Business Valuation, Second Edition "The Second Edition of Business Valuation: An Integrated Theory manages to present the theoretical analysis of valuation from the first edition and expand on that discussion by providing additional guidance on implementing the relevant valuation theories, notably in its expanded discussion of the Quantitative Marketability Discount Model." -Dr. David Tabak NERA Economic Consulting Your Essential Valuations Reference Whether you are an accountant, auditor, financial planner, or attorney, Business Valuation: An Integrated Theory, Second Edition enables you to understand and correctly apply fundamental valuation concepts. Thoroughly revised and expanded, the Second Edition demystifies modern valuation theory, bringing together various valuation concepts to reveal a comprehensive picture of business valuation. With the implementation of new accounting pronouncements mandating the recognition of numerous assets and liabilities at fair value, it has become critical for CPAs charged with auditing financial statements to understand valuation concepts. With thoughtful and balanced treatment of both theory and application, this essential guide reveals: * The "GRAPES of Value"-Growth, Risk and Reward, Alternative Investments, Present Value, Expectations, and Sanity * The relationship between the Gordon Model and the discounted cash flow model of valuation * The basis for commonly applied, but commonly misunderstood valuation premiums and discounts * A practical perspective on the analysis of potential business acquisitions Grounded in the real world of market participants, Business Valuation, Second Edition addresses your need to understand business valuation, providing a means of articulating valuation concepts to help you negotiate value-enhancing transactions. If you want to get back to valuation basics, this useful reference will become your guide to defining the various levels of value and developing a better understanding of business appraisal reports.

Business Valuation and Federal Taxes

Procedure, Law and Perspective
Author: David Laro,Shannon P. Pratt
Publisher: John Wiley & Sons
ISBN: 1118023188
Category: Business & Economics
Page: 560
View: 4658

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Praise for Business Valuation and Federal Taxes Procedure, Law, and Perspective Second Edition "The Honorable David Laro and Dr. Shannon Pratt present a comprehensive primer on federal tax valuation controversies that will benefit both tax practitioners (attorneys and CPAs) and valuation practitioners. . . . It serves as a valued reference source and an introductory text for legal and valuation training." —Roger J. Grabowski, Duff & Phelps Corp. from the Foreword "[I]t is refreshing to see these two close observers of valuation issues collaborate on this intriguing volume. What the reader gets is something like a mural—depicting the life of a business appraisal from conception to preparation to the occasional ultimate use by a trier of fact." —Ronald D. Aucutt, Esq.McGuireWoods LLP, from the Foreword "This offering from Judge David Laro and Dr. Shannon Pratt fills in some persistent gaps in the business valuation literature, as well as a surprisingly fresh treatment of perennial themes." —John A. Bogdanski, Professor of LawLewis & Clark Law School, from the Foreword Straightforward guidance and perspective on business valuation from two of the nation's top authorities Written by Senior Judge David Laro and Shannon Pratt, both leading experts on the subject, Business Valuation and Federal Taxes, Second Edition provides a comprehensive overview of business valuation procedures. The new edition offers: Insightful perspectives of personal versus enterprise goodwill New materials on transfer pricing and customs valuations and how recent markets have affected both the income and market approaches Timely coverage of FAS 157 and its many changes to penalties and sanctions affecting both taxpayers and appraisers Exploration of new court cases Presenting knowledge and guidance to those who perform valuations as well as those who are affected by them, Business Valuation and Federal Taxes, Second Edition is the essential guide to federal taxes and valuation, and specifically valuations relating to business interests.

Valuing Intangible Assets


Author: Robert F. Reilly,Robert P. Schweihs
Publisher: McGraw Hill Professional
ISBN: 007137924X
Category: Business & Economics
Page: 518
View: 1982

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When partnerships change hands, the valuation of intangible assets can be a financial maze. This in-depth book, working through each of the basic valuation approaches: cost, market, and income, provides professionals with complete guidelines and industry standards. It's a must-have for financial analysts and attorneys!

The Economics of Business Valuation

Towards a Value Functional Approach
Author: Patrick Anderson
Publisher: Stanford University Press
ISBN: 0804783225
Category: Business & Economics
Page: 440
View: 9101

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For decades, the market, asset, and income approaches to business valuation have taken center stage in the assessment of the firm. This book brings to light an expanded valuation toolkit, consisting of nine well-defined valuation principles hailing from the fields of economics, finance, accounting, taxation, and management. It ultimately argues that the "value functional" approach to business valuation avoids most of the shortcomings of its competitors, and more correctly matches the actual motivations and information set held by stakeholders. Much of what we know about corporate finance and mathematical finance derives from a narrow subset of firms: publicly traded corporations. The value functional approach can be readily applied to both large firms and companies that do not issue publicly traded stocks and bonds, cannot borrow without constraints, and often rely upon entrepreneurs to both finance and manage their operations. With historical side notes from an international set of sources and real-world exemplars that run throughout the text, this book is a future-facing resource for scholars in economics and finance, as well as the academically minded valuation practitioner.

Business Valuation Demystified


Author: Edward Nelling
Publisher: McGraw Hill Professional
ISBN: 0071759484
Category: Business & Economics
Page: 256
View: 7319

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Priceless business valuation methods made easy! Business valuation is one of the toughest classes in any business curriculum. And it's one of the most important. Master this critical topic, and you've removed a major obstacle standing between you and a 4.0, and taken a major step toward a successful career in business. Breaking down business valuation methods into easy-to-digest parts, this self-teaching guide provides all the skills you need to determine a company's worth--easily and accurately. Business Valuation DeMYSTiFieD offers expert insight from both buyers' and sellers' points of view and provides examples and exercises illustrating the concepts driving the practices. This fast and easy guide features: In-depth coverage of the three main methods of valuing businesses: discounted cash flow, price multiple, and liquidation Easy-to-understand descriptions of financial ratios Tools and techniques for deciphering valuation reports, financial statements, and guidelines for specific businesses Chapter-ending practice exercises and a quiz for testing and reinforcing what you've learned Simple enough for a beginner but challenging enough for a more advanced student, Business Valuation DeMYSTiFieD is your shortcut to building a solid foundation in this critical business topic.

Security Analysis on Wall Street

A Comprehensive Guide to Today's Valuation Methods
Author: Jeffrey C. Hooke
Publisher: John Wiley & Sons
ISBN: 9780471177418
Category: Business & Economics
Page: 434
View: 3466

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Explains the basics of security analysis, discussing the research report, the valuation, and the investment decision, plus coverage of special cases