Business valuation: an integrated theory (Record no. 2939)

MARC details
000 -LEADER
fixed length control field 06579nam a22002297a 4500
005 - DATE AND TIME OF LATEST TRANSACTION
control field 20220704150041.0
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 220704b ||||| |||| 00| 0 eng d
020 ## - INTERNATIONAL STANDARD BOOK NUMBER
International Standard Book Number 9781119583097
082 ## - DEWEY DECIMAL CLASSIFICATION NUMBER
Classification number 658.155
Item number MER
100 ## - MAIN ENTRY--PERSONAL NAME
Personal name Mercer, Z. Christopher
245 ## - TITLE STATEMENT
Title Business valuation: an integrated theory
250 ## - EDITION STATEMENT
Edition statement 3rd
260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT)
Name of publisher, distributor, etc. John Wiley & Sons, Inc.
Place of publication, distribution, etc. New Jersey
Date of publication, distribution, etc. 2021
300 ## - PHYSICAL DESCRIPTION
Extent xix, 492 p.
365 ## - TRADE PRICE
Price type code USD
Price amount 114.95
504 ## - BIBLIOGRAPHY, ETC. NOTE
Bibliography, etc. note TABLE OF CONTENTS<br/>Introduction xiii<br/><br/>What’s New in the Third Edition? xiv<br/><br/>Who Should Read This Book? xvii<br/><br/>Part One Conceptual Overview of the Integrated Theory<br/><br/>Chapter 1 The World of Value 3<br/><br/>Introduction 3<br/><br/>Common Questions 3<br/><br/>The World of Value 4<br/><br/>The Organizing Principles 5<br/><br/>Summary 16<br/><br/>Chapter 2 The Integrated Theory (Equity Basis) 19<br/><br/>Introduction 19<br/><br/>Common Questions 20<br/><br/>The Fundamental Valuation Model 21<br/><br/>The Conceptual Levels of Value 23<br/><br/>Symbolic Notation for the Integrated Theory 27<br/><br/>The Marketable Minority Interest Level of Value 29<br/><br/>Introduction to the Control Levels of Value 35<br/><br/>Strategic Control Level of Value 51<br/><br/>Firmwide Levels versus the Shareholder Level of Value 58<br/><br/>The Nonmarketable Minority Level of Value 60<br/><br/>The Integrated Theory of Business Valuation on an Equity Basis 67<br/><br/>Summary 67<br/><br/>Chapter 3 The Integrated Theory (Enterprise Basis) 71<br/><br/>Introduction 71<br/><br/>Comparing the Levels of Value: Equity and Enterprise Bases 73<br/><br/>Final Comparisons of the Equity and Enterprise Bases 77<br/><br/>Summary 79<br/><br/>Part Two Valuing Enterprise Cash Flows<br/><br/>Chapter 4 Income Approach (Cash Flows) 83<br/><br/>Introduction 83<br/><br/>Reconciling Single-Period Capitalization and Discounted Cash Flow Methods 84<br/><br/>Defining Enterprise Cash Flows 90<br/><br/>Defining Equity Cash Flows 95<br/><br/>Reinvestment Rates and Interim Growth Rates 99<br/><br/>Terminal Growth Rates 104<br/><br/>Expected Cash Flows and the Integrated Theory 108<br/><br/>Marketable Minority Interest Level: Public Company Equivalent 115<br/><br/>Financial Control Level: Private Equity Cash Flows 124<br/><br/>Strategic Control Level: Strategic Acquirer Cash Flows 128<br/><br/>Assessing the Reasonableness of Projected<br/><br/>Enterprise Cash Flows 136<br/><br/>Conclusion 139<br/><br/>Chapter 5 Income Approach (Discount Rate) 141<br/><br/>Introduction 141<br/><br/>Return Basics: Realized versus Required Returns 142<br/><br/>Components of the Weighted Average Cost of Capital 148<br/><br/>Market Participants and the WACC 165<br/><br/>The Levels of Value and the WACC 169<br/><br/>Assessing Overall Reasonableness 175<br/><br/>Chapter 6 Market Approach (Guideline Public Companies) 177<br/><br/>Introduction 177<br/><br/>Relationship of the Income and Market Approaches 178<br/><br/>What Do Observed Public Company Valuation Multiples Mean? 180<br/><br/>Adjusting Valuation Multiples for Differences in Risk and Growth 199<br/><br/>Guideline Public Company Multiples and the Enterprise Levels of Value 214<br/><br/>Assessing Overall Reasonableness 219<br/><br/>Chapter 7 Market Approach (Guideline Transactions) 221<br/><br/>Introduction 221<br/><br/>Attributes of Guideline Transaction Data 222<br/><br/>Drawing Valuation Inferences from Guideline Transaction Data 225<br/><br/>Minority Interest Discounts Inferred from Observed Control Premiums 240<br/><br/>Guideline Transaction Multiples and the Levels of Value 242<br/><br/>Assessing Overall Reasonableness 244<br/><br/>Appendix 7-A: A Historical Perspective on the Control Premium and Minority Interest Discount 247<br/><br/>Part Three Valuing Shareholder Cash Flows<br/><br/>Chapter 8 Restricted Stock Discounts and Pre-IPO Studies 271<br/><br/>Introduction 271<br/><br/>An Overview of Restricted Stock Discounts 275<br/><br/>Review of the FMV/Stout Restricted Stock Database 306<br/><br/>Pre-IPO Discounts 317<br/><br/>Conclusion 325<br/><br/>Chapter 9 Introduction to the QMDM (Quantitative Marketability Discount Model) 327<br/><br/>Introduction 327<br/><br/>Potential Valuation Approaches at the Shareholder Level 328<br/><br/>A Shareholder Level Discounted Cash Flow Model in Outline 331<br/><br/>Economic Factors Giving Rise to the Marketability Discount 338<br/><br/>Conclusion 346<br/><br/>Appendix 9-A: Liquidity and Marketability 349<br/><br/>Chapter 10 The QMDM Assumptions in Detail 359<br/><br/>Introduction 359<br/><br/>Assumption 1: Expected Holding Period for the Investment (HP) 360<br/><br/>Assumption 2A: Expected Dividend Yield (D %) 368<br/><br/>Assumption 2B: Expected Growth of Dividends (GD) 377<br/><br/>Assumption 2C: Timing of Dividend Receipt 378<br/><br/>Assumption 3A: The Expected Growth Rate in Value (GV) 379<br/><br/>Assumption 3B: Adjustments to the Terminal Value 385<br/><br/>Assumption 4: Required Holding Period Return (Rhp) 385<br/><br/>Conclusion 399<br/><br/>Chapter 11 Applying the QMDM 401<br/><br/>Introduction 401<br/><br/>Comprehensive Example of the QMDM in Use 401<br/><br/>Condensed QMDM Examples 414<br/><br/>The Uniform Standards of Professional Appraisal Practice and the QMDM 427<br/><br/>Chapter 12 Applying the Integrated Theory to Tax Pass-Through Entities 435<br/><br/>Introduction 435<br/><br/>The Nature of the S Corporation Benefit 437<br/><br/>The Firmwide Level Value of S Corporations 440<br/><br/>Other Observations Regarding Relative Value at the Firmwide Levels 443<br/><br/>The Shareholder Level Value of S Corporations 446<br/><br/>S Corporations and the Tax Cuts and Jobs Act of 2017 458<br/><br/>Conclusion 467<br/><br/>About the Authors 469<br/><br/>Index 477
520 ## - SUMMARY, ETC.
Summary, etc. A guide that demystifies modern valuation theory and shows how to apply fundamental valuation concepts<br/><br/>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.<br/><br/>In this third edition of their book, the authors—two experts on the topic of business valuation—help readers translate valuation theory into everyday valuation practice. This important updated book:<br/><br/>Includes an extended review of the core concepts of the integrated theory of business valuation and applies the theory on a total capital basis<br/>Explains “typical” valuation discounts (marketability and minority interest) and premiums (control premiums) in the context of financial theory, institutional reality and the behavior of market participants<br/>Explores evolving valuation perspectives in the context of the integrated theory<br/>Written by two experts on valuation theory from Mercer Capital<br/>The third edition of Business Valuation is the only book available regarding an integrated theory of business valuation—offering an essential, unprecedented resource for business professionals.
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Corporations--Valuation
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name as entry element Business enterprises--Valuation
700 ## - ADDED ENTRY--PERSONAL NAME
Personal name Harms, Travis W.
942 ## - ADDED ENTRY ELEMENTS (KOHA)
Source of classification or shelving scheme Dewey Decimal Classification
Koha item type Book
Holdings
Withdrawn status Lost status Source of classification or shelving scheme Damaged status Not for loan Collection code Bill No Bill Date Home library Current library Shelving location Date acquired Source of acquisition Cost, normal purchase price Total Checkouts Full call number Accession Number Date last seen Date checked out Copy number Cost, replacement price Price effective from Koha item type
    Dewey Decimal Classification     Finance & Accounting TB675 10-06-2022 Indian Institute of Management LRC Indian Institute of Management LRC General Stacks 07/04/2022 Technical Bureau India Pvt. Ltd. 6046.37 2 658.155 MER 002611 04/30/2024 03/05/2024 1 9196.00 07/04/2022 Book

©2019-2020 Learning Resource Centre, Indian Institute of Management Bodhgaya

Powered by Koha