Business Valuations

Advanced Topics

Author: Larry J. Kasper

Publisher: Greenwood Publishing Group

ISBN: 9780899309545

Category: Business & Economics

Page: 325

View: 7097

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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.
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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: 8631

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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.
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Quantitative Business Valuation

A Mathematical Approach for Today's Professionals

Author: Jay B. Abrams

Publisher: John Wiley & Sons

ISBN: 9780470594513

Category: Business & Economics

Page: 672

View: 8763

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Quantitative Business Valuation A Mathematical Approach for Today's Professionals Essential reading for the serious business appraiser, Quantitative Business Valuation, Second Edition is the definitive guide to quantitative measurements in the valuation process. No other book written on business valuation is as well researched, innovative, and bottom-line beneficial to you as a practitioner. Written by leading valuation and litigation economist Jay B. Abrams, this text is a rigorous and eye-opening treatment filled with applications for a wide variety of scenarios in the valuation of your privately held business. Substantially revised for greater clarity and logical flow, the Second Edition includes new coverage of: Converting forecast net income to forecast cash flow Damages in manufacturing firms Regressing scaled y-variables as a way to control for heteroscedasticity Mathematical derivation of the Price-to-Sales (PS) ratio Monte Carlo Simulation (MCS) and Real Options (RO) Analysis Venture capital and angel investor rates of return Lost inventory and lost profits damage formulas in litigation Organized into seven sections, the first three parts of this book follow the chronological sequence of performing a discounted cash flow. The fourth part puts it all together, covering empirical testing of Abrams' valuation theory and measuring valuation uncertainty and error. Parts five to seven round it all out with discussion of litigation, valuing ESOPs and partnership buyouts, and probabilistic methods including valuing start-ups. The resulting work, solidly grounded in economic theory and including all necessary mathematics, integrates existing science into the valuation profession—and develops valuation formulas and models that you will find useful on a daily basis.
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A Reviewer's Handbook to Business Valuation

Practical Guidance to the Use and Abuse of a Business Appraisal

Author: L. Paul Hood, Jr.,Timothy R. Lee

Publisher: John Wiley & Sons

ISBN: 0470603402

Category: Business & Economics

Page: 408

View: 1714

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Thorough guidance and detailed analysis of the valuation business engagement Discussing the practical aspects of business valuation that arise in the context of a tax valuation, this book provides you with detailed analysis of the valuation business engagement process. Detailed discussion is included of various cases outlining errors that appraisers have made in appraisal reports, as well as in-depth discussion of the current appraisal industry issues that are impacting tax valuations. Examines concepts and topics including level of value, the role of estate planners in the business valuation process, the use of appraisers in estate planning and litigation, and the appraiser identification/selection process Provides insight into the nature of the major appraisal trade associations Offers insights into preventing errors from getting into appraisal reports This helpful guide provides you with the detailed discussion you need on the various business valuation standards that have been promulgated by the Appraisal Standards Board as well as several appraisal trade associations.
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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: 9239

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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.
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The Handbook of Advanced Business Valuation

Author: Robert F. Reilly

Publisher: McGraw Hill Professional

ISBN: 9780071379038

Category: Business & Economics

Page: 512

View: 4666

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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.
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Valuing Intangible Assets

Author: Robert F. Reilly,Robert P. Schweihs

Publisher: McGraw Hill Professional

ISBN: 007137924X

Category: Business & Economics

Page: 518

View: 2531

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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!
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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: 3095

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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.
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Advanced Topics in Accounting

Author: Konrad Leithäuser,Konrad Leithauser

Publisher: GRIN Verlag

ISBN: 364082220X

Category:

Page: 76

View: 9929

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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.
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