This book provides a clear understanding of the nuts and bolts of valuation approaches for business investments, including market, income and asset-based methods.
Author: Mark Kantor
Publisher: Kluwer Law International B.V.
This book provides a clear understanding of the nuts and bolts of valuation approaches for business investments, including market, income and asset-based methods. It reviews tools that arbitrators may employ to reach their final compensation assessment on a principled basis. The bookands many practical recommendations explore the decision making processes entailed in three central aspects of the arbitratorands role: and advance planning to enhance understanding of expert valuation evidence; and identification of andapples-to-orangesand miscomparisons; and and recognition of the true comparability between the business at issue and other examples offered in the expert evidence. The presentation focuses not only on the legal standards applicable to the valuation (full or adequate compensation, reparations, restitution, actual loss, fair market value, fair or reasonably equivalent value, lost profits, etc.), but also on the informed judgment and reasonableness that must enter into the process of weighing the facts of each case and determining its aggregate significance. The book considers common valuation methods like discounted cash flows, adjusted present values, capitalized cash flows, adjusted book values and comparable sales and transactions. Additionally, it addresses means for arbitrators to assess expert valuation evidence in complex business investment disputes. andquot;Best book 2008 of the OGEMID awards!andquot;
Author: Horacio Grigera NaonPublish On: 2019-09-13
63 « Pt. I», «Ch. 6A», « § 6A.04», «• 1 International Commercial Arbitration
Practice § 6A.04 (2019)  Practitioner's Checklist: Date of Valuation [a]
Assuming there was no breach, did any events occur after the date of breach that
Author: Horacio Grigera Naon
The scope and importance of International Commercial Arbitration (ICA) has expanded exponentially in the last few decades and has become the natural and logical method to resolve international business and economic disputes. This collective work captures the development of ICA from different perspectives and uniquely brings together the ideas, suggestions and perspectives of in-house counsel as the most important users of ICA, along with outside counsel, arbitrators themselves, and major arbitration organizations who all help provide the service. Most, if not all, of the contributing authors have served as counsel or arbitrator in arbitrations and have further contributed, through their writings, teachings or activities in arbitral and other institutions, to the evolution of ICA covered by this collective work. Accordingly, International Commercial Arbitration Practice: 21st Century Perspectives is an indispensable tool for the reader–practitioner, arbitrator, academic, magistrate or student–not only to obtain useful general information on ICA practice today but to gain insightful views as to the influence of this institution in the settlement of international commercial disputes in specific economic areas, industries and commercial activities. International Commercial Arbitration Practice: 21st Century Perspectives brings the process alive and provides the reader with a useful practice guide whether he or she represents a client participating in an international commercial arbitration, is in-house counsel for a company considering arbitration as a possible method of dispute resolution, or is an arbitrator with cases at hand. The book is organized by Parts which contain thematically related chapters. Part I deals with an overview of key elements in ICA practice and includes chapters on how arbitration is conducted under different legal systems such as common law, civil law, and shari'a law, as well as a chapter on cultural issues in international arbitration. Part II contains geographical regional overviews covering most regions of the world (Western Europe, Russia/NIS countries, Asia (particularly China & Hong Kong and the Indian Subcontinent), Middle East & North Africa, Latin America, the U.S., Canada, and Australia & New Zealand. Part III includes individual industry sector views of how ICA is conducted in individual industry and business sectors such as oil & gas, LNG, mining, construction, telecommunications, satellite communications, intellectual property, sports, banking & finance, insurance & reinsurance, securities, shipping & maritime, corporate shareholder and bankruptcy settings. These chapters are highly instructive because many of them were written by current or former in-house counsel in these industries or, in some cases, by outside counsel who focus on these industries. Part IV of the book describes recent trends at several major global commercial arbitration institutions such as the ICC, ICDR, LCIA, CPR and WIPO. Part V deals with questions of how technology has been changing ICA practice in recent years, including chapters relating to the use of technology by some major arbitral institutions, videoconferencing in ICA, and online arbitration of internet domain name and e-commerce cases.
This section examines various issues relating to the determination of fair market
value as well as other valuation methods and techniques used by arbitral
tribunals such as book value and sunk investment costs. 5.6.1 Fair market value ...
Author: Borzu Sabahi
Publisher: Oxford University Press
Category: Business & Economics
This is a concise guide for lawyers, valuation experts, academics, and students of the remedies that foreign investors may seek in international investment disputes. It provides an overview of the legal rules applicable in such circumstances and numerous case studies to show how they are used.
Author: Christina L. BeharryPublish On: 2018-04-12
Contemporary and Emerging Issues on the Law of Damages and Valuation in International Investment Arbitration, edited by Christina L. Beharry, examines a broad range of damages topics, building on basic principles and surveying current ...
Author: Christina L. Beharry
Contemporary and Emerging Issues on the Law of Damages and Valuation in International Investment Arbitration, edited by Christina L. Beharry, examines a broad range of damages topics, building on basic principles and surveying current developments to identify trends in the jurisprudence.
234 MARK KANTOR, VALUATION FOR ARBITRATION: COMPENSATION
STANDARDS, VALUATION METHODS, AND EXPERT EVIDENCE (2008), at p.
164. 235 MARK KANTOR, VALUATION FOR ARBITRATION: COMPENSATION ...
Author: Diane Desierto
Publisher: OUP Oxford
States reject inequality when they choose to ratify the International Covenant on Economic, Social and Cultural Rights (ICESCR), but to date the ICESCR has not yet figured prominently in the policy calculus behind States' international economic decisions. This book responds to the modern challenge of operationalizing the ICESCR, particularly in the context of States' decisions within international trade, finance, and investment. Differentiating between public policy mechanisms and institutional functional mandates in the international trade, finance, and investment systems, this book shows legal and policy gateways for States to feasibly translate their fundamental duties to respect, protect, and fulfil economic, social and cultural rights into their trade, finance, and investment commitments, agreements, and contracts. It approaches the problem of harmonizing social protection objectives under the ICESCR with a State's international economic treaty obligations, from the designing and interpreting international treaty texts, up to the institutional monitoring and empirical analysis of ICESCR compliance. In examining public policy options, the book takes into account around five decades of States' implementation of social protection commitments under the ICESCR; its normative evolution through the UN Committee on Economic, Social and Cultural Rights, and the Committee's expanded fact-finding and adjudicative competences under the Optional Protocol to the ICESCR; as well as the critical, dialectical, and deliberative roles of diverse functional interpretive communities within international trade, finance, and investment law. Ultimately, the book shoes how States' ICESCR commitments operate as the normative foundation of their trade, finance, and investment decisions.
In May 2012, Repsol announced that it was filing for international arbitration
before the World Bank's International Centre for Settlement of Investment
Disputes (ICSID) and would seek compensation in the amount of $10.5 billion.
The financial ...
Author: Barbara S. Petitt
Publisher: FT Press
Category: Business & Economics
Master the latest insights, lessons, and best practice techniques for accurately valuing companies for potential mergers, acquisitions, and restructurings. Concise, realistic, and easy to use, Valuation for Mergers and Acquisitions, Second Edition has been fully updated to reflect the field's latest and most useful "rules of thumb," compare every modern approach to valuation, offering practical solutions for today's most complex and important valuation challenges. Treating valuation as both an art and a science, it covers the entire process, offering up-to-the-minute real-world advice, examples, and case studies. Leading valuation experts Barbara S. Petitt and Kenneth R. Ferris introduce and compare leading techniques including discounted cash flow analysis, earnings multiples analysis, adjusted present value analysis, economic value analysis, and real option analysis. They fully address related concerns such as the accounting structure of deals, accounting for goodwill, tax considerations, and more. Throughout, they identify common errors that lead to inaccurate valuation, and show how to avoid them. From start to finish, this guide doesn't just make valuation comprehensible: it provides the tools and insight to make valuation work. For all financial professionals concerned with valuation, especially those involved in potential mergers, acquisitions, and restructurings; and for corporate finance instructors and students in Executive MBA programs concerned with valuation.
1: Introduction 2: The Function of Compensation and Damages 3: Valuation Standards and Criteria 4: International Valuation Standards and Bases of Value 5: Methods of Valuation 6: Interest 7: Conclusions Annex 1: Table of ICSID cases since ...
Author: Irmgard Marboe
Publisher: Oxford International Arbitrati
Fully revised and updated from the successful first edition, this title analyses the practice of international courts and tribunals with regard to the valuation of investment claims against states, paying specific attention to the question of interest. This new edition incorporates new jurisprudence, updates existing cases, and includes a new section on immaterial damage. The new edition also contains extensive annexes devoted to ICSID cases and non-ICSID investment cases, as well as a table on methods of valuation in international practice. This issue of valuation represents one of the most important aspects of international investment disputes. The parties involved have an obvious interest in an appropriate solution to the question of the quantum of damages. The sums involved are high and this is particularly true in the context of private foreign investment. With the increase in international investment both in the developing as well as the developed world, there is a growing need for a stable and predictable approach to quantum. This new edition meets the needs of foreign investors and host states by setting the issue of valuation on more solid ground. It provides an analysis of how international courts and tribunals have handled cases until now. The emphasis lies on the correct identification of the legal basis claim to inform the valuation method. The author concludes with suggestions and proposals as to how valuation should be handled by legal councils, experts, judges, and arbitrators in international judicial proceedings.
Damages in Investor-State Arbitration: Current Issues and Challenges addresses specificities of the assessment of damages in investor-state disputes, reflecting the tensions between the sovereignty and self-determination of states and their ...
Author: Irmgard Marboe
Publisher: Brill Research Perspectives
Damages in Investor-State Arbitration: Current Issues and Challenges addresses specificities of the assessment of damages in investor-state disputes, reflecting the tensions between the sovereignty and self-determination of states and their legal obligations towards foreign investors. These tensions are primarily present in the context of compensation for expropriation, but other commitments of host states undertaken in bilateral investment treaties and contracts with foreign investors may also be in conflict with changing political and economic circumstances. With this background, the calculation of damages becomes a complex endeavor in each case. The lack of valuation principles that are uniformly accepted and implemented leads to uncertainty and unpredictability in practice. The present analysis tries to identify the most important issues and challenges, such as the choice of the valuation date, appropriate valuation methods, moral damages, and the awarding of interest.
For this work, editors Stephen K. Huber and Ben H. Sheppard, Jr. and the University of Houston Law Center collaborate with the American Arbitration Association (AAA), to revive the tradition of publishing an annual survey of important ...
Author: Stephen K. Huber
Publisher: Juris Publishing, Inc.
For this work, editors Stephen K. Huber and Ben H. Sheppard, Jr. and the University of Houston Law Center collaborate with the American Arbitration Association (AAA), to revive the tradition of publishing an annual survey of important developments in arbitration and the law. Initially published as the "AAA General Counsel's Annual Report" and later as "ADR & the Law," the annual survey has not been published since 2007. The Yearbook will once again be produced on an annual basis. The AAA Yearbook on Arbitration and the Law provides arbitrators and busy practitioners a practical, relevant and readily accessible resource, organized into two parts: Part One contains digests of important decisions of the United States Supreme Court, the United States Court of Appeals and state supreme courts. This volume includes digests of selected judicial decisions from 2007 through 2009, and is current through October 1, 2010. The book contains 130 case digests, together with citations and descriptive cross-references to more than 400 related decisions. Recognizing the important role of arbitration in the global economy, there is a separate chapter containing digests and cross-references to cases dealing with the unique issues presented in international arbitrations. Part Two consists of articles that address a wide range of timely and important arbitration topics, including a comprehensive report on the extraordinary range of services that the AAA provides and a detailed overview of the international activities of the AAA/ICDR, including a report on the successful implementation of the ICDR's pre-arbitral emergency arbitrator procedure, the first such procedure to be adopted by any arbitral institution as a standard part of its rules. Other articles address some of the hottest topics in domestic and international arbitration, such as a survey on the status of "manifest disregard of the law" as a basis to vacate an arbitral award; arbitral cost allocation decisions and whether guidelines should accompany arbitral discretion; a tenth anniversary reflection on experience under The Revised Uniform Arbitration Act; problems posed by arbitrator disclosure and implications of a duty to investigate; whether a private international arbitration falls within "foreign or international" tribunal under 28 U.S.C. Section 1782; and several timely practice pointers for parties seeking discovery in aid of arbitration. The AAA Yearbook re-establishes itself as the preeminent annual yearbook on Arbitration and Dispute Resolution in the United States. It is a required and necessary reference work for all who wish to stay on top of the latest trends, developments , cases and guidelines – accompanied by expert commentary and analysis – in Arbitration and Dispute Resolution.
There is less likelihood of an outlandish result in favor of one side over the other ,
provided the arbitrators are qualified ... in divorce and corporate or partnership
dissolutions decide ahead of time to resolve any valuation issues by arbitration ...
Author: Shannon P. Pratt
Publisher: McGraw-Hill Professional Publishing
The book serves three purposes: a comprehensive reference and update for currently active business appraisers, a complete self-contained text for both academic courses and beginning practitioners, and an easy-to-use reference for nonappraisers who use and/or evaluate business appraisals. Updated and revised, Valuing a Business, Third Edition, includes theoretical principles and practical techniques for effective business valuation, including the valuation of limited liability corporations, S corporations, and partnerships; greatly expanded treatment of valuation approaches and methods; new and expanded chapters on minority control and lack of marketability issues; a new checklist on reviewing a valuation report, designed for nonappraisers as well as active practitioners; hundreds of new data sources and bibliographical references; dozens of additional court case references; a new three-chapter section on valuing intangible assets; and new chapters on valuations for ad valorem taxes and income tax planning.
Being the Rating and Valuation Acts of 1925, 1928 and 1932; the Railways ( valuation for Rating) Act, 1930; the Rating ... 45 ] ( which relate to arbitration ) ,
shall not apply in the case of an appeal under this section , but the appellant and
Expert Witnesses, Valuation, and Damages discusses how to best use experts, when to hire them, how to find good ones, and how to test whether they have adequate knowledge.
Author: Weston Anson
Publisher: Amer Bar Assn
Expert Witnesses, Valuation, and Damages discusses how to best use experts, when to hire them, how to find good ones, and how to test whether they have adequate knowledge. It can be used whenever expert skills in economics, IP valuation analysis, and IP business management issues are needed.
15.13.11 WRITTEN REPRESENTATION AND ARBITRATION Regulation 25
allows valuation tribunals to dispose of appeals on the basis of written
representations if all parties agree. This provision is rarely used in practice.
Regulation 4 of the ...
Author: Patrick H. Bond
Publisher: Taylor & Francis
Category: Business & Economics
Since its publication this book has become the standard for both students studying for their examinations and practitioners needing a comprehensive reference book covering rating law, valuation and, importantly, practice. This third edition brings the reader up to date with the changes for the 2010 Rating Revaluation, developments in case law, the new appeals regulations and current approaches to valuing many classes of hereditament, as well as highlighting the differences between cases in England and Wales. The book is well illustrated with example valuations showing both methods of valuation and the variety of property surveyors come across in practice. The authors have extensive experience in the subject and regularly lecture on rating, valuation and taxation matters.
This method is commonly used by treaty arbitration tribunals when they have
been tasked with valuing a ' going concern'.202 This method is often supported
by other valuation tools such as comparative transactions or book value .
Author: Nigel Blackaby
Publisher: Oxford University Press
Reviewing the legal context within which international commercial arbitration operates, this text has been updated to reflect recent developments in international law.
The distinction between arbitration and valuation depends on the task the parties
have entrusted to the third person . If this task consists in the determination of a
factual situation , the third person acts as valuer . The legal difference between ...
Before answering the question several possibilities must be explored : ( 1 ) If the arbitration agreement or submission entered into by the agency provides for the
agency's minimum per diem rate then the agency's rate would prevail , whether ...
... judged as entitled to challenge the accuracy of a certificate in arbitration, the
contract being in the JCT prime cost form. ... the contractor has no specific
remedy to promote realism, other than adjucation and arbitration, if the valuation
for a ...
Author: Dennis F. Turner
The second edition of Building Contract Claims and Disputes (first published as Building Contract Disputes) provides a study of the causes of contractual disputes, particularly of claims in construction projects and of how they can be resolved successfully. It examines contracts, decisions, documentation and project operation from the points of view of clients, contractors, subcontractors and professional advisers. Readers in practice will find this book an invaluable and comprehensive reference. Those taking professional examinations or degree and postgraduate courses will also benefit greatly from it. The book explains the background, preparation and settlement of claims, with negotiation and dispute resolution from mediation to adjudication, arbitration and legal proceedings. The interrelations of variations, extension of time and loss and expense are considered. Three specially structured case studies of construction projects illustrate and apply the principles to detailed practical situations. This edition deals with a considerably expanded range of contracts, including JCT, GC/Works/1, design and build, minor works, ICE and innovative NEC. It covers recent legal rulings and changes in the law and contract forms, as well as parts of the Housing Grants, Construction and Regeneration Act 1996 and the Arbitration Act 1996.
Studies have shown that Lewis was right about the valuation of high OPS players
. ... I contend that the mix of players on the A's roster, by pay grade— restricted, arbitration eligible, and free agents—had far more impact on their ability to
Author: Vince Gennaro
Publisher: Diamond Analytics
Category: Sports & Recreation
Diamond Dollars is a fresh, provocative, insightful, and analytical look at the business of baseball by author Vince Gennaro, a consultant to MLB teams. Gennaro addresses some key questions that affect how teams make decisions, how they assemble their roster, and ultimately, their bottom line: How does winning affect revenues for each team? How much value does a berth in the postseason generate for the Red Sox and Yankees? What is the Yankees’ marginal revenue vs. marginal cost of winning? What is the economic value of a highly productive Twins’ farm system? Why is a player’s value “situational”, depending on the competitiveness of his team and the market in which he plays? How much was Carlos Beltran worth to the Mets in 2006? How can we quantify Derek Jeter’s “marquee value”…his ability to draw fans? What is the relative cost of developing talent vs. buying it in the free agent market? How can we quantify Nomar Garciaparra’s injury risk and its impact on his dollar value? What is the dollar value of Cubs’ fans loyalty to their beloved team? How have the Red Sox, Yankees and Cubs built their team as a brand? How much Babe Ruth was worth to his Yankee teams of the 1920s and 1930s.? Baseball teams may have thought conceptually about some of these issues, but Diamond Dollars gives them the math to measure the effectiveness of their thinking and practices. This edition includes a 2013 preface by the author and a foreword by Jim Beattie, former Executive VP and General Manager of the Baltimore Orioles and Montreal Expos. “Diamond Dollars provides an insightful look at the business of baseball—at the free agent market, teams’ scouting and player development systems, and how clubs market their brands. The book mixes Vince’s business acumen as a top executive at a Fortune 50 company with his passion for the national pastime.” -Mark Attanasio, Chairman and Principal Owner, Milwaukee Brewers “Vince Gennaro shows a profound understanding of the economics of a team’s baseball decisions. His analyses of a team’s win-revenue relationship, the player development system and player valuation, make for a remarkably innovative examination of the baseball front office model that’s just as informative for a baseball executive as for a fan.” -Chris Antonetti, General Manager, Cleveland Indians “Diamond Dollars offers up exciting and stimulating new ideas about the business of baseball. It provides a set of metrics for decisions that have typically been a “gut feeling” for many organizations. I think teams should make this required reading for everyone in their organizations.” -Jim Beattie, former Executive VP and General Manager, Baltimore Orioles and Montreal Expos “Vince Gennaro has written the best book I’ve read on the business of baseball. It serves as both a “how-to manual” for baseball owners and a tour guide for fans who scratch their heads at the things their teams do. It should find plenty of readers in both camps.” -Dave Studenmund, Editor, The Hardball Times Annual