The Valuation Handbook: Valuation Techniques from Today's Top Practitioners

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John Wiley & Sons, 2010 - Business & Economics - 630 pages
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The definitive guide to valuation written by a who's who of today's top practitioners

The Valuation Handbook differs significantly from other related books on this topic because the contributors are practitioners, academics, and investment firms that explain how they value companies and other assets. It concentrates on specific and innovative valuation techniques, rather than the theoretical approaches more generally accepted and discussed. Given the extreme volatility of the stock market, valuation is a critical issue for analysts, investors, and businesses. Here, various professional contributors explain how their firms approach the valuation process, while academic contributors share their valuation consulting and research experience.

  • Examines how to value assets in today's dynamic market setting
  • Offers a broad spectrum of ideas from some of the top practitioners and academics in this field
  • Highlights state-of-the-art approaches to company valuation

Filled with in-depth insights and expert advice, The Valuation Handbook puts this difficult discipline in perspective.

 

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Contents

CHAPTER 1
1
Firms 9
9
Techniques of Communicating Value Can Demonstrate
15
Valuation Techniques for Private Companies Are Also
26
The Value Edge Begins at the Strategic Business Unit Level
33
CONTENTS
40
Inflation Adjustments and Economic Returns
49
Insights and Plausibility Judgments
56
Conclusion and Future Research
365
The Beginning of All Things
371
GRAPES System for Valuing Companies
378
Notes
385
CONTENTS
386
XBRL Format
395
Conclusion
411
CHAPTER 16
417

Conclusion
63
Brief Description of the Valuation Models That
69
Initial Sample 1395 Valuations
77
Straw Man Horse Races Comparison of Three Models
86
Notes
107
Data and Initial Parameterization
114
Contents ix
127
CHAPTER 6
135
The Magnifier
147
Financial Drivers
154
The Proper Focus
162
Note
171
Conclusion
178
Identifying the Problem
186
General Notes on Stock Picking
195
CHAPTER 9
226
Reconciliation of EVA Models
238
JLG Dow Fundamental
245
Summary
251
Current Environment
257
Conclusions
270
Contents xi
274
CHAPTER 12
305
Intrinsic Value
317
Conclusion
331
Basic Option Pricing Applications for Real Assets
345
Advanced Option Pricing Applications for Real Assets
351
Valuation Adjustments for Risk
424
Valuation Approaches Methods and Techniques
430
Discounts and Premiums
439
Normalization
445
Trend Analysis
451
Contents xiii
452
CHAPTER 18
474
Empirical Studies
480
Historical Market Liquidity Statistics
487
Application of TimeVolatility Option Models
495
Conclusions
504
Predicting Future Financial Results
510
Mathematical Models Guiding Practical Action
522
What Is EBITDA?
526
EBITDA in Europe
533
Conclusions
540
The Investment Relations Officer as the Resident Investment
547
What ItTakestoDotheJob
553
CHAPTER 22
559
Automated Valuation Models
565
Contents xv
566
CHAPTER 23
583
Mark to Market Mark to Model
589
Financial Management Association Practitioner
596
About the Editors
603
Index
619
Copyright

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About the author (2010)

Rawley Thomas is President of LifeCycle Returns, Inc. He is Vice President of Practitioner Services for the Financial Management Association International (FMA) and Chairman of the FMA PDDARI (Practitioner Demand Driven Academic Research Initiative) Advisory Committee. Currently, Thomas serves on the Northern Illinois Accountancy Board and chairs the FMA PDDARI as supported by the CFA Society of Chicago.

Benton E. Gup, PhD, has served as a staff economist for the Federal Reserve Bank of Cleveland and currently holds the Robert Hunt Cochrane/Alabama Bankers Association Chair of Banking at the University of Alabama. Gup worked in bank research for the Office of the Comptroller of the Currency while on sabbatical in 1997. He is also the author or editor of a number of books in the area of finance.

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