Financial Valuation, + Website: Applications and Models


Praise for the Third Edition of Financial Valuation Applications and Models

"Financial Valuation: Applications and Models, Third Edition is a must-have resource for every appraiser's library. There is something for everyone in this book, from fundamental concepts for the beginning appraiser, to the most cutting-edge thinking on complex issues for the experienced practitioner. The authors of this book are well-respected, nationally known professionals who are thought leaders for ...

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Praise for the Third Edition of Financial Valuation Applications and Models

"Financial Valuation: Applications and Models, Third Edition is a must-have resource for every appraiser's library. There is something for everyone in this book, from fundamental concepts for the beginning appraiser, to the most cutting-edge thinking on complex issues for the experienced practitioner. The authors of this book are well-respected, nationally known professionals who are thought leaders for the industry."
—Carol Carden, CPA/ABV, ASA, CFE, Chair, AICPA Business Valuation Committee, Shareholder, PYA

"This book is a must for valuation analysts of all experience levels! The new edition includes current valuation and economic information in an easy-to-comprehend format that includes more 'ValTips.' It is amazing how Hitchner and his team continue to improve upon this valuable resource with every edition."
—Scott R. Saltzman, CPA, CVA, ASA, CFFA Managing Member, Saltzman LLC President, National Association of Certified Valuation Analysts Denver, Colorado

"Though the second edition of Mr. Hitchner's book was excellent in all regards, this Third Edition squarely puts Hitchner and his team of authors at the top of the list of authorities in the field of business valuation. Few publications on the subject even come close to the book's thorough coverage of the topic, but equally impressive is the clarity with which Hitchner depicts and explains highly complex subject matters. So impressed were they with Financial Valuation: Applications and Models, the National Association of Certified Valuation Analysts has developed a three-day course based upon this book, entitled 'Advanced Valuation Workshop,' which is now a cornerstone training program for our organization."
—Parnell Black, MBA, CPA, CVA Chief Executive Officer NACVA

"Jim Hitchner has again assembled respected business valuation practitioners who have contributed their specialized BV knowledge and wisdom to create a book that provides both valuation theory and practice guidance. Those just entering the profession will find the book an essential resource. Experienced appraisers will find some in depth discussions of current research. For example, the Cost of Capital chapter is an excellent overview of various required rate of return developmental schemas. But it also delves into more advanced, and necessary, topics, including the recent discussions regarding how to deal with government manipulation of risk free market rates and the leverage issues associated with using market betas to estimate industry risk. I highly recommend this book."
—William C. Quackenbush, MBA, ASA, CBA, ABAR Chair, American Society of Appraisers Business Valuation Committee Managing Director, Advent Valuation Advisors, LLC

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What People Are Saying

Gary R. Trugman
This book takes the consensus of many talented appraisers and presents topics in a fashion that has not been seen before in any other valuation treatise. Many of the same old topics are presented, but this time, even I was forced to take a much closer look. This unique approach to many of these topics is a must for the well-rounded appraiser.
Parnell Black
The book sets a fine example in technical yet readable exposition. As the text flows, it is evident [the twenty-five authors] have taken great steps toward achieving uniformity reflecting the various opinions within the profession. This goes a long way toward reinforcing proven methodologies and validating their 'real world' application. The well-thought-through categories–starting with Standards of Value–and legal insights with 'tried and true' cases reveal and attest to the depth of [the authors'] experience in business valuation and litigation consulting.
All of the topics appeal to practitioners of all levels. Value-adding 'ValTips' are quite helpful in stimulating broader consideration of each subject and elevating the reader's perspective.
Shannon Pratt
The book has a wealth of detail, practice tips, examples, and extra information, plus sections on business valuation situations not addressed elsewhere. A valuable addition to the literature of business valuation.
Thomas E. Hilton
This is a unique publication in that it brings together twenty-five nationally recognized names in the valuation industry to provide practitioners with their consensus 'school of thought' on many commonly encountered valuation issues. The author list includes analysts from all the valuation organizations with many current or former members of the AICPA Business Valuation Subcommittee and the AICPA BV Hall of Fame. An excellent reference source for CPAs looking for guidance from some of the top valuators in the nation.
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Product Details

  • ISBN-13: 9780470506875
  • Publisher: Wiley
  • Publication date: 4/5/2011
  • Series: Wiley Finance Series , #545
  • Edition number: 3
  • Pages: 1320
  • Product dimensions: 7.10 (w) x 10.10 (h) x 2.30 (d)

Meet the Author

JAMES R. HITCHNER, CPA/ABV/CFF, ASA, is Managing Director of Financial Valuation Advisors, Inc., President of The Financial Consulting Group, and CEO of Valuation Products and Services and has over thirty years of valuation experience. He is also Editor in Chief of Financial Valuation and Litigation Expert journal. Mr. Hitchner is editor/coauthor of the books Financial Valuation Workbook, Third Edition, and Valuation for Financial Reporting: Fair Value, Business Combinations, Intangible Assets, Goodwill and Impairment Analysis, Third Edition, both published by Wiley, and coauthor of PPC's Guide to Business Valuations. He has been recognized as a qualified expert witness and has provided testimony on valuations in numerous state and federal courts. An inductee in the AICPA Business Valuation Hall of Fame, he is one of only four members of the original AICPA Business Valuation Standards Writing Task Force, in which he served for the entire six years up to the June 2007 official release of the standards.

Coauthors: Mel H. Abraham, Jim Alerding, Neil Beaton, Marci Bour, Stacy Collins, Larry Cook, Don Drysdale, Robert E. Duffy, Ed Dupke, Jay Fishman, Chris Hamilton, Tom Hilton, James R. Hitchner, Steven D. Hyden, Gregory S. Koonsman, Mark Kucik, Eva Lang, Derald Lyons, Michael J. Mard, Harold Martin, Ed Moran, Ray Moran, Pat Perzel, Shannon Pratt, Ron Seigneur, Robin E. Taylor, Linda Trugman, Samuel Y. Wessinger, Don Wisehart, Kevin R. Yeanoplos

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Table of Contents

About The Editor.

About The Authors.



CHAPTER 1 Introduction to Financial Valuation.

CHAPTER 2 Standards of Value.

CHAPTER 3 Research and Its Presentation.

CHAPTER 4 Financial Statement and Company Risk Analysis.

CHAPTER 5 Income Approach.

CHAPTER 6 Cost of Capital/Rates of Return.

CHAPTER 7 Market Approach.

CHAPTER 8 Asset Approach.

CHAPTER 9 Valuation Discounts and Premiums.

CHAPTER 10 Report Writing.

CHAPTER 11 Business Valuation Standards.

CHAPTER 12 Valuation of Pass-Through Entities.

CHAPTER 13 Estate, Gift, and Income Tax Valuations.

CHAPTER 14 Valuation of Family Limited Partnerships.

CHAPTER 15 Summary of Tax Court Cases Issues.

CHAPTER 16 Shareholder Disputes.

CHAPTER 17 Employee Stock Ownership Plans.

CHAPTER 18 Valuation in the Divorce Setting.

CHAPTER 19 Valuation Issues in Small Businesses.

CHAPTER 20 Valuation Issues in Professional Practices.

CHAPTER 21 Valuation of Intangible Assets.

CHAPTER 22 Marketing, Managing, and Making Money in a Valuation Services Group.

CHAPTER 23 Business Damages.

CHAPTER 24 Other Valuation Services Areas.

CHAPTER 25 Valuation of Healthcare Service Businesses.

CHAPTER 26 Special Industry Valuations.

CHAPTER 27 Valuation Views and Controversial Issues: An Illustration.


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