Table Of ContentAbout the Editor xvii About the Authors xix Acknowledgments xxxv Preface xxxvii Chapter 1 Introduction to Financial Valuation 1 Chapter 2 Standards of Value 131 Chapter 3 Research and Its Presentation 163 Chapter 4 Financial Statement and Company Risk Analysis 181 Chapter 5 Income Approach 219 Chapter 6 Cost of Capital/Rates of Return 291 Chapter 7 International Cost of Capital 377 Chapter 8 Market Approach 403 Chapter 9 Asset Approach 455 Chapter 10 Valuation Discounts and Premiums 507 Chapter 11 Addendum-- Sample Valuation Report 617 Chapter 12 Business Valuation Standards 709 Chapter 13 Valuation of Pass-Through Entities 737 Chapter 14 Estate, Gift, and Income Tax Valuations 777 Chapter 15 Valuation of Family Limited Partnerships 821 Chapter 16 Summary of Tax Court Case Valuation Issues 877 Chapter 17 Shareholder Disputes 881 Chapter 18 Employee Stock Ownership Plans 915 Chapter 19 Valuation in the Divorce Setting 951 Chapter 20 Valuation Issues in Small Businesses 977 Chapter 21 Valuation Issues in Professional Practices 993 Chapter 22 Reasonable Compensation 1015 Chapter 23 The Valuator as Expert Witness 1039 Chapter 24 Fair Value Measurement and the Valuation of Intangible Assets 1059 Chapter 25 Marketing, Managing, and Making Money in a Valuation Services Group 1139 Chapter 26 Business Damages 1141 Chapter 27 Other Valuation Service Areas 1175 Chapter 28 Valuation of Healthcare Service Businesses 1181 Chapter 29 Determination of Compensation in the Healthcare Industry 1235 Chapter 30 Special Industry Valuations 1245 Chapter 31 Buy- Sell Agreements 1303 Chapter 32 Valuation Views and Controversial Issues: an Illustration 1335 About the Website 1453 Index 1457
SynopsisA comprehensive guide to the theory and application of valuation, along with useful models, tools, and tips for analysts Financial Valuation: Applications and Models provides authoritative reference and practical guidance on the appropriate, defensible way to prepare and present business valuations. With contributions by 30 top experts in the field, this updated edition provides an essential resource for those seeking the most up-to-date methods, with a strong emphasis on applications and models. Coverage includes the latest approaches to the valuation of closely held businesses, nonpublic entities, intangibles, and other assets, with comprehensive discussion on valuation theory, a consensus view on application, and the tools to make it happen. This 5th edition has been revised throughout, introducing new and extended coverage of essential topics like: S Corps, discounts for lack of marketability, cost of capital resources, cash flow methods, depositions and trials, and more. Packed with examples, checklists, and models to help navigate valuation projects, this book is an excellent practical tool for working professionals. It also provides hundreds of expert tips and best practices in clear, easy-to-follow language. The companion website provides access to extensive appendix materials, and the perspectives of valuation thought leaders add critical insight. Learn the art and science of estimating the value of businesses, including closely held businesses and nonpublic entities Determine the monetary value of intangible assets like goodwill, intellectual property, and brand recognition Update your knowledge with the latest valuation methods, approaches, and tools Use checklists, templates, models, and examples to make your valuations easier Business valuation analysts, CPAs, appraisers, and attorneys--as well as anyone aspiring to those careers--will appreciate the comprehensive theory and thorough practical guidance in Financial Valuation: Applications and Models.