HANDBOOK OF ADVANCED BUSINESS VALUATION REILLY R., SCHWEIHS R. Księgarnia

Handbook of Advanced Business Valuation

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 today's toughest business valuation problems.

Do you have a specific question on estimating the cost of capital? Shannon Pratt, the "dean" of business valuation experts, describes the components of the cost of capital and presents invaluable methods to estimate the value. Wondering whether S corporation status will add a premium to your company's value? Gary Trugman discusses the factors that influence this critical business decision.

Are you a minority or dissenting shareholder fighting for the fair value of your shares? Jay Fishman and Anne Singer describe how recent courts have decided these matters and the common methods used for determining fair value. For investors and investment analysts, James Rabe and Tracy Lefteroff outline ways to resolve valuation difficulties and discover unseen opportunities in emerging growth companies.

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 an 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.

Content of the Book

We explore and debunk controversial topics unlike any other book. Handbook of Advanced Business Valuation sheds light on critical issues such as:

• What is the best way to estimate the required return on an investment and how is that estimate different if the investment is not in the United States?

• How is the value of securities that are not traded on organized stock markets affected by their lack of liquidity?

• What business valuation opportunities exist for wealthy individuals?

• How are business valuation techniques used and abused in litigation over economic damages or the fair value of a minority shareholder's interest?

• What are the essential factors that drive the value of sports franchises?

• How can business valuation techniques be used to reduce property taxes?

• What are ESOPs and why are they valued differently from other business interests?

• Will my company be worth more if I make the S election?

This book is presented in four parts. The earlier parts include more general topics. The later chapters present more specific topics.

Part I presents general technical topics that may be applicable to most complex business valuations. These topics include estimating the appropriate cost of capital (for both domestic and international valuation analyses), estimating equity risk premiums, and quantifying various valuation discounts.

Part II presents examples of special applications of valuation methods. These special applications include S corporation valuations, family limited partnership valuations, and in-process research and development valuations.

Part III discusses the conceptualization and conduct of business valuations for specific purposes. These specific purposes include estate planning and intergenerational wealth transfer, ESOP formation and financing, ad valorem taxation assessment, estimation of economic damages, fair value analyses in oppressed shareholder litigation, fairness and solvency analyses, and transaction planning and structuring.

Part IV presents special valuation issues related to specific industries. These chapters discuss advanced valuation issues in such diverse industries as sports franchises, automobile dealerships, radio broadcasting companies, health care, emerging and technology companies, and government contractors.

Audience for the Book

This book should be useful to a variety of constituencies who are interested in specialized business valuation topics, including:

1. Experienced business valuation analysts who want to remain current with the most up-to-date professional developments.

2. Less experienced valuation analysts who want to prepare for a specialized valuation assignment.

3. Investment bankers, business brokers, accountants, and other transactional intermediaries who participate in the valuations and sales of businesses and business interests.

4. Commercial bankers and merchant bankers who finance the purchases of businesses and business interests.

5. Lawyers, judges, regulators, and other members of the legal community who have to interpret business valuations.

6. Business owners, stockbrokers, chief financial officers, tax managers, and investors who rely upon business valuations for transactional, taxation, financing, and strategic planning purposes.

Each audience may have a different level of interest in the theoretical concepts, practical applications, and empirical data presented in this book. One word of caution is in order, however. Casual readers of a book like this may read only a few chapters and convince themselves that they have a rigorous comprehension of this complex subject. The valuation and economic analysis of businesses and business interests is an evolving discipline. Even the serious reader of the entire book will begin but not complete an exploration of this complex topic.

About the Editors

Robert F. Reilly and Robert P. Schweihs are

managing directors of Willamette Management Associates, a national valuation consulting, economic analysis, and financial advisory firm. They are both accredited senior appraisers in business valuation of the American Society of Appraisers and coauthors of a number of highly regarded valuation books, including Valuing a Business, Valuing Small Businesses and Professional Practices, Valuing Intangible Assets, and Valuing Accounting Practices.

Mr. Reilly is a certified public accountant, a chartered financial analyst, a certified review appraiser, a state certified general real estate appraiser, and a state certified affiliate of the Appraisal Institute. He currently serves as a member of the Issues Resource Panel of the Appraisal Foundation. As an appraiser and economist, Mr. Reilly is often called upon to testify in domestic and international courts regarding the valuation of businesses and business interests along with various economic damages issues.

Mr. Schweihs serves as a Trustee of The Appraisal Foundation and as a member of the Industry Advisory Council of The Appraisal Foundation. He, too, is often called upon to testify as an expert witness in contested valuation and economic analysis matters.

520 pages

Po otrzymaniu zamówienia poinformujemy,
czy wybrany tytuł polskojęzyczny lub anglojęzyczny jest aktualnie na półce księgarni.