Financial Valuation: Applications and Models / Edition 2

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Exploring valuation theory, the consensus view on application, and the tools to apply it

Financial Valuation workbook shows the appropriate way to prepare and present business valuations with a strong emphasis on applications and models. A wealth of examples, checklists, and models helps the reader understand the material and design real valuation projects-a must-have reference for all valuation professionals. A special section includes hundreds of short, concise valuation tips for quick guidance, and the author also includes a set of best practices designed by top professionals.

Wiley Finance series and its wide array of bestselling books for the knowledge, insights, and techniques that are essential to success in financial markets. As the pace of change in financial markets and instruments quickens, Wiley Finance continues to respond. With critically acclaimed books by leading thinkers on value investing, risk management, asset allocation, and many other critical subjects, the Wiley Finance series provides the financial community with information they want. Written to provide professionals and individuals with the most current thinking from the best minds in the industry, it is no wonder that the Wiley Finance series is the first and last stop for financial professionals looking to increase their financial expertise.

James R. Hitchner, CPA, ABV, ASA (Atlanta, GA), is with Phillips Hitchner and the Financial Consulting Group. He has coauthored over ten books, taught over 100 courses, and published over twenty-five articles in the valuation field. He is also an inductee in the AICPA Business Valuation Hall of Fame. Financial Valuation: Applications and Models.

Michael J.Mard, CPA/ABV, ASA is a managing director of The Financial Valuation Group (FVG) in Tampa, Florida.

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Editorial Reviews

From the Publisher
"What sets this text apart from others is its focus on applications and methods…two enthusiastic thumbs up!" - AICPA ABV Newsletter
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Product Details

  • ISBN-13: 9780471761174
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 9/29/2006
  • Series: Wiley Finance Series, #332
  • Edition description: Revised Edition
  • Edition number: 2
  • Pages: 1368
  • Product dimensions: 7.00 (w) x 10.10 (h) x 1.90 (d)

Table of Contents

About the Editor
About the Authors
Ch. 1 Introduction to Financial Valuation 1
Ch. 2 Research and its Presentation 18
Ch. 3 Financial Statement and Company Risk Analysis 49
Ch. 4 Income Approach 85
Ch. 5 Cost of Capital/Rates of Return 126
Ch. 6 Market Approach 184
Ch. 7 Asset Approach 232
Ch. 8 Valuation Discounts and Premiums 272
Ch. 9 Report Writing 342
Ch. 10 Business Valuation Standards 423
Ch. 11 Estate, Gift, and Income Tax Valuations 446
Ch. 12 Valuation of Family Limited Partnerships 502
Ch. 13 Summary of Court Cases Issues 540
Ch. 14 Shareholder Disputes 577
Ch. 15 Valuation Issues in Employee Stock Ownership Plans 593
Ch. 16 Valuation in the Divorce Setting 615
Ch. 17 Valuation Issues in Small Businesses 633
Ch. 18 Valuation Issues in Professional Practices 646
Ch. 19 Valuation of Healthcare Service Businesses 677
Ch. 20 Valuation of Intangible Assets 749
Ch. 21 Marketing, Managing, and Making Money in a Valuation Services Group 821
Ch. 22 Business (Commercial) Damages 834
Ch. 23 Other Valuation Services Areas 850
Ch. 24 Valuation Views and Controversial Issues: An Illustration 955
Index 999
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  • Posted May 14, 2009

    more from this reviewer

    Financial Valuation Applications and Models (Second Edition): A Titanic Tour de Force

    James Hitchner and his 29 well-respected peers from the valuation industry have realized an impressive tour de force in describing and commenting on the proper methods of valuations for a wide variety of public and private business entities such as C corporations, S corporations, and other pass-through entities. Valuations can be needed for a wide variety of purposes such as internal planning, mergers and acquisitions, estate, gift, and income taxes, shareholder disputes, marital dissolution, buy-sell agreements, etc.

    Whoever believes that financial valuation is an exact science will quickly change his/her mind by reading only the last chapter that focuses on controversial issues that still prevail in the valuation industry (pp. 1261-1304). Hitchner and his peers want their audience to use their book as a guide that cannot be construed as a substitute for professional judgment. Furthermore, financial valuations do not exist in a vacuum. Facts and circumstances underlie well-done financial valuations.

    The greatest value of the authors' book lies in their in-depth analysis of applications in the valuation industry. Their thorough examination of sample evaluation reports (pp. 469-549; 1261-1304) and their review of case laws (pp. 451-468; 731-777) come top of mind. Although Hitchner and his peers do a great job at cross-referencing their manual, readers are advised to connect additional dots on their own to derive the most value from this guide.

    In a third edition of "Financial Valuation Applications and Models," Hitchner and his peers could consider the following suggestions:

    1) Introduce readers in chapter 1 not only to concepts such as the purpose of valuation, standards of value, premises of value, and approaches to value (pp. 2-8), but also to the different levels of value applicable to a business or a business interest (pp. 376-378; 1156).

    2) Move forward chapter 21 (pp. 935-1014) dedicated to the valuation of intangible assets and place it for example after chapter 7 (pp. 317-374) that focuses on the asset approach to valuation. Intangible assets are an increasingly important contributor to value in more and more business entities as the authors themselves note repeatedly.

    3) Dedicate a separate chapter for each of the topics of chapter 24 (pp. 1047-1131) such as the valuation of early-stages technology companies and real option valuations.

    4) Make chapter 20 (pp. 883-933) about strategic benchmarking for value more practical through the use of real examples. Whoever has already used scorecards in his/her job will derive little value from this chapter.

    5) Add a CD-Rom to the book with a sample of evaluation reports for the different purposes mentioned in the introduction to financial valuation (p. 2). Furthermore, the CD-Rom could contain the Excel files that are behind a number of exhibits across the book

    6) Use a more flexible jacket that will give the book a longer shelf life to better withstand its regular use over time.

    To summarize, the book under review clearly does not target readers who have a short attention span, lack persistence, or are looking for some magic, simplistic formulas in the area of financial valuations. This book could benefit anyone interested in attaining a deep understanding of financial valuations.

    1 out of 1 people found this review helpful.

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  • Anonymous

    Posted November 4, 2009

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