Shannon P. Pratt

Business Valuation Discounts and Premiums (eBook, ePUB)

• Format: ePub

Produktbeschreibung

Business Valuation Discounts and Premiums SECOND EDITION Discounts and premiums do not just affect the value of a company; they play a crucial role in influencing a host of other factors and conditions that can make or break a deal. When it comes to business valuations, it's the business appraiser's responsibility to be intimately knowledgeable with every aspect of discounts and premiums: the different types, the situations when they may or may not apply, and how to quantify them. In this newly updated edition of Business Valuation: Discounts and Premiums, Shannon Pratt--one of the nation's most recognized and respected business valuation consultants--brings together the latest collective wisdom and knowledge about all major business discounts and premiums. Addressing the three basic approaches to conducting a valuation--the income approach, the market approach, and the asset approach--Shannon Pratt deftly and logically details the different discounts or premiums that may be applicable, depending on the basic valuation approach used, and how the valuation approaches used affect the level. Clearly written and thorough, Business Valuation: Discounts and Premiums, Second Edition provides business appraisers, accountants, attorneys, and business owners with an arsenal of information for their professional toolkit that can be applied to every major evaluation case they might face in any deal. This updated edition features timely, comprehensive coverage on: * Strategic acquisitions * Extensive empirical data * Pre-IPO marketability discount studies * Merger and acquisition negotiations, empirical evidence from completed transactions, and positions taken by courts in litigations * Strategic acquisition premiums * Studies on minority discounts Detailed, authoritative, and complete in its coverage, Business Valuation: Discounts and Premiums, Second Edition gets to the core of one of the more complex challenges faced by business appraisers, and arms readers with the understanding and techniques needed to successfully meet and exceed their job expectations.

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 512
• Erscheinungstermin: 9. April 2009
• Englisch
• ISBN-13: 9780470485453
• Artikelnr.: 37293023

Autorenporträt

SHANNON P. PRATT, CFA, FASA, MCBA, CM&AA, is the Chairman and CEO of Shannon Pratt Valuations, Inc., a premier business valuation firm, and is the founder and Editor Emeritus of Business Valuation Resources, LLC. Over a distinguished career of close to four decades, he has performed valuation engagements for M&A, ESOPs, gift and estate taxation, marital dissolution, shareholder oppression and dissent, and numerous other purposes. He has conducted many fairness and solvency opinions, has testified in a wide variety of federal and state courts across the country, and frequently participates in arbitration and mediation proceedings. Dr. Pratt is one of the most successful and respected authors in his field. He is the author or coauthor of several industry standards, including The Market Approach to Valuing Businesses, Standards of Value, Business Valuation and Taxes, Cost of Capital, Business Valuation Body of Knowledge, all published by Wiley, as well as PPC's Guide to Business Valuation, Valuing a Business: The Analysis and Appraisal of Closely Held Companies, Valuing Small Businesses and Professional Practices, and The Lawyer's Business Valuation Handbook.

Inhaltsangabe

List of Exhibits. About the Author. About the Contributing Authors.
Foreword. Preface. Acknowledgments. 1 Overview of Business Valuation
Discounts and Premiums and the Bases to Which They Are Applied. 2 Minority
Discounts and Control Premiums. 3 Empirical Data Regarding Minority
Discounts and Control Premiums. 4 Minority Discounts and Control Premiums
in the Courts. 5 Discounts for Lack of Marketability for Minority
Interests: Concept and Evidence. 6 Synopsis of Restricted Stock Studies. 7
LiquiStat Database (Restricted Stocks, Options, Warrants, and Convertible
Securities). 8 Blockage Discounts. 9 John Emory Pre-Initial Public Offering
Discount for Lack of Marketability Studies--Complete Underlying Data. 10
Valuation Advisors Discount for Lack of Marketability Study. 11 Factors
Affecting Discounts for Lack of Marketability for Minority Interests. 12
Discounts for Lack of Marketability for Controlling Interests. 13 The
Quantitative Marketability Discount Model: A Shareholder Level DCF Model.
14 Marketability Discounts in the Courts--Minority Interests. 15
Marketability Discounts in the Courts--Controlling Interests. 16 Voting
versus Nonvoting Stock. 17 Key Person Discounts and Premiums. 18 Discounts
for Trapped-In Capital Gains Taxes. 19 Nonhomogeneous Assets ("Portfolio")
Discounts. 20 Discounts for Environmental, Litigation, and Other Contingent
Liabilities. 21 Discount Adjustments for Limited Partnership Interests and
Other Asset Management Entities. 22 Adjusting Values for Differences in
Size. 23 Discounts and Premiums in Esop Valuations. 24 Discounts and
Premiums In Divorce Disputes. 25 Discounts and Premiums In Corporate and
Partnership Dissolution and Oppression Cases. 26 Discounts and Premiums in
Fair Value for Financial Reporting. 27 Premium and Discount Issues in
Undivided Interest Valuations. 28 Common Errors in Applying Discounts and
Premiums. Appendix A Bibliography. Appendix B Data Resources. Appendix C
How Much Can Marketability Affect Security Values? Appendix D Internal
Revenue Service Revenue Ruling 77-287. Appendix E Securities and Exchange
Commission Rules 144 and 144A. Appendix F Table of Cases. Index.