{"product_id":"business-valuation-9781119583097","title":"Business Valuation","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eA guide that demystifies modern valuation theory and shows how to apply fundamental valuation concepts The revised and updated third edition of Business Valuation: An Integrated Theory explores the core concepts of the integrated theory of business valuation and adapts the theory to reflect how the market for private business actually works.    In this third edition of their book, the authorstwo experts on the topic of business valuationhelp readers translate valuation theory into everyday valuation practice. This important updated book: Includes an extended review of the core concepts of the integrated theory of business valuation and applies the theory on a total capital basisExplains typical valuation discounts (marketability and minority interest) and premiums (control premiums) in the context of financial theory, institutional reality and the behavior of market participantsExplores evolving valuation perspectives in the context of the integrated theoryWritten by two experts on valuation theory from Mercer Capital The third edition of Business Valuation is the only book available regarding an integrated theory of business valuationoffering an essential, unprecedented resource for business professionals.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e\u003cp\u003eIntroduction xiii\u003c\/p\u003e \u003cp\u003eWhat’s New in the Third Edition? xiv\u003c\/p\u003e \u003cp\u003eWho Should Read This Book? xvii\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart One Conceptual Overview of the Integrated Theory\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 The World of Value 3\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 3\u003c\/p\u003e \u003cp\u003eCommon Questions 3\u003c\/p\u003e \u003cp\u003eThe World of Value 4\u003c\/p\u003e \u003cp\u003eThe Organizing Principles 5\u003c\/p\u003e \u003cp\u003eSummary 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 The Integrated Theory (Equity Basis) 19\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 19\u003c\/p\u003e \u003cp\u003eCommon Questions 20\u003c\/p\u003e \u003cp\u003eThe Fundamental Valuation Model 21\u003c\/p\u003e \u003cp\u003eThe Conceptual Levels of Value 23\u003c\/p\u003e \u003cp\u003eSymbolic Notation for the Integrated Theory 27\u003c\/p\u003e \u003cp\u003eThe Marketable Minority Interest Level of Value 29\u003c\/p\u003e \u003cp\u003eIntroduction to the Control Levels of Value 35\u003c\/p\u003e \u003cp\u003eStrategic Control Level of Value 51\u003c\/p\u003e \u003cp\u003eFirmwide Levels versus the Shareholder Level of Value 58\u003c\/p\u003e \u003cp\u003eThe Nonmarketable Minority Level of Value 60\u003c\/p\u003e \u003cp\u003eThe Integrated Theory of Business Valuation on an Equity Basis 67\u003c\/p\u003e \u003cp\u003eSummary 67\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 The Integrated Theory (Enterprise Basis) 71\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 71\u003c\/p\u003e \u003cp\u003eComparing the Levels of Value: Equity and Enterprise Bases 73\u003c\/p\u003e \u003cp\u003eFinal Comparisons of the Equity and Enterprise Bases 77\u003c\/p\u003e \u003cp\u003eSummary 79\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Two Valuing Enterprise Cash Flows\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Income Approach (Cash Flows) 83\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 83\u003c\/p\u003e \u003cp\u003eReconciling Single-Period Capitalization and Discounted Cash Flow Methods 84\u003c\/p\u003e \u003cp\u003eDefining Enterprise Cash Flows 90\u003c\/p\u003e \u003cp\u003eDefining Equity Cash Flows 95\u003c\/p\u003e \u003cp\u003eReinvestment Rates and Interim Growth Rates 99\u003c\/p\u003e \u003cp\u003eTerminal Growth Rates 104\u003c\/p\u003e \u003cp\u003eExpected Cash Flows and the Integrated Theory 108\u003c\/p\u003e \u003cp\u003eMarketable Minority Interest Level: Public Company Equivalent 115\u003c\/p\u003e \u003cp\u003eFinancial Control Level: Private Equity Cash Flows 124\u003c\/p\u003e \u003cp\u003eStrategic Control Level: Strategic Acquirer Cash Flows 128\u003c\/p\u003e \u003cp\u003eAssessing the Reasonableness of Projected\u003c\/p\u003e \u003cp\u003eEnterprise Cash Flows 136\u003c\/p\u003e \u003cp\u003eConclusion 139\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Income Approach (Discount Rate) 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 141\u003c\/p\u003e \u003cp\u003eReturn Basics: Realized versus Required Returns 142\u003c\/p\u003e \u003cp\u003eComponents of the Weighted Average Cost of Capital 148\u003c\/p\u003e \u003cp\u003eMarket Participants and the WACC 165\u003c\/p\u003e \u003cp\u003eThe Levels of Value and the WACC 169\u003c\/p\u003e \u003cp\u003eAssessing Overall Reasonableness 175\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Market Approach (Guideline Public Companies) 177\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 177\u003c\/p\u003e \u003cp\u003eRelationship of the Income and Market Approaches 178\u003c\/p\u003e \u003cp\u003eWhat Do Observed Public Company Valuation Multiples Mean? 180\u003c\/p\u003e \u003cp\u003eAdjusting Valuation Multiples for Differences in Risk and Growth 199\u003c\/p\u003e \u003cp\u003eGuideline Public Company Multiples and the Enterprise Levels of Value 214\u003c\/p\u003e \u003cp\u003eAssessing Overall Reasonableness 219\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Market Approach (Guideline Transactions) 221\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 221\u003c\/p\u003e \u003cp\u003eAttributes of Guideline Transaction Data 222\u003c\/p\u003e \u003cp\u003eDrawing Valuation Inferences from Guideline Transaction Data 225\u003c\/p\u003e \u003cp\u003eMinority Interest Discounts Inferred from Observed Control Premiums 240\u003c\/p\u003e \u003cp\u003eGuideline Transaction Multiples and the Levels of Value 242\u003c\/p\u003e \u003cp\u003eAssessing Overall Reasonableness 244\u003c\/p\u003e \u003cp\u003eAppendix 7-A: A Historical Perspective on the Control Premium and Minority Interest Discount 247\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart Three Valuing Shareholder Cash Flows\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eChapter 8 Restricted Stock Discounts and Pre-IPO Studies 271\u003c\/p\u003e \u003cp\u003eIntroduction 271\u003c\/p\u003e \u003cp\u003eAn Overview of Restricted Stock Discounts 275\u003c\/p\u003e \u003cp\u003eReview of the FMV\/Stout Restricted Stock Database 306\u003c\/p\u003e \u003cp\u003ePre-IPO Discounts 317\u003c\/p\u003e \u003cp\u003eConclusion 325\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 Introduction to the QMDM (Quantitative Marketability Discount Model) 327\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 327\u003c\/p\u003e \u003cp\u003ePotential Valuation Approaches at the Shareholder Level 328\u003c\/p\u003e \u003cp\u003eA Shareholder Level Discounted Cash Flow Model in Outline 331\u003c\/p\u003e \u003cp\u003eEconomic Factors Giving Rise to the Marketability Discount 338\u003c\/p\u003e \u003cp\u003eConclusion 346\u003c\/p\u003e \u003cp\u003eAppendix 9-A: Liquidity and Marketability 349\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 The QMDM Assumptions in Detail 359\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 359\u003c\/p\u003e \u003cp\u003eAssumption 1: Expected Holding Period for the Investment (\u003ci\u003eHP\u003c\/i\u003e) 360\u003c\/p\u003e \u003cp\u003eAssumption 2A: Expected Dividend Yield (D %) 368\u003c\/p\u003e \u003cp\u003eAssumption 2B: Expected Growth of Dividends (\u003ci\u003eGD\u003c\/i\u003e) 377\u003c\/p\u003e \u003cp\u003eAssumption 2C: Timing of Dividend Receipt 378\u003c\/p\u003e \u003cp\u003eAssumption 3A: The Expected Growth Rate in Value (\u003ci\u003eGV\u003c\/i\u003e) 379\u003c\/p\u003e \u003cp\u003eAssumption 3B: Adjustments to the Terminal Value 385\u003c\/p\u003e \u003cp\u003eAssumption 4: Required Holding Period Return (\u003ci\u003eRhp\u003c\/i\u003e) 385\u003c\/p\u003e \u003cp\u003eConclusion 399\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Applying the QMDM 401\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 401\u003c\/p\u003e \u003cp\u003eComprehensive Example of the QMDM in Use 401\u003c\/p\u003e \u003cp\u003eCondensed QMDM Examples 414\u003c\/p\u003e \u003cp\u003eThe Uniform Standards of Professional Appraisal Practice and the QMDM 427\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12 Applying the Integrated Theory to Tax Pass-Through Entities 435\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 435\u003c\/p\u003e \u003cp\u003eThe Nature of the S Corporation Benefit 437\u003c\/p\u003e \u003cp\u003eThe Firmwide Level Value of S Corporations 440\u003c\/p\u003e \u003cp\u003eOther Observations Regarding Relative Value at the Firmwide Levels 443\u003c\/p\u003e \u003cp\u003eThe Shareholder Level Value of S Corporations 446\u003c\/p\u003e \u003cp\u003eS Corporations and the Tax Cuts and Jobs Act of 2017 458\u003c\/p\u003e \u003cp\u003eConclusion 467\u003c\/p\u003e \u003cp\u003eAbout the Authors 469\u003c\/p\u003e \u003cp\u003eIndex 477\u003c\/p\u003e","brand":"John Wiley \u0026 Sons Inc","offers":[{"title":"Default Title","offer_id":49407090917719,"sku":"9781119583097","price":70.5,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781119583097.jpg?v=1730498144","url":"https:\/\/bookcurl.com\/products\/business-valuation-9781119583097","provider":"Book Curl","version":"1.0","type":"link"}