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Business valuation

About: Business valuation is a research topic. Over the lifetime, 492 publications have been published within this topic receiving 5564 citations. The topic is also known as: valuation.


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Book
29 Sep 2000
TL;DR: In this article, the authors present a framework for valuing companies based on the fundamental principles of value creation, including return on invested capital, growth, and flexibility of capital structure.
Abstract: Part One: Foundations of Value. 1. Why Maximize Value? 2. The Value Manager. 3. Fundamental Principles of Value Creation. 4. Do Fundamentals Really Drive the Stock Market? Part Two: Core Valuation Techniques. 5. Frameworks for Valuation. 6. Thinking about Return on Invested Capital and Growth. 7. Analyzing Historical Performance. 8. Forecasting Performance. 9. Estimating Continuing Value. 10. Estimating the Cost of Capital. 11. Calculating and Interpreting Results. 12. Using Multiples for Valuation. Part Three: Making Value Happen. 13. Performance Measurement. 14. Performance Management. 15. Creating Value through Mergers and Acquisitions. 16. Creating Value through Divestitures. 17. Capital Structure. 18. Investor Communications. Part Four: Advanced Valuation Issues. 19. Valuing Multibusiness Companies. 20. Valuing Flexibility. 21. Cross-Border Valuation. 22. Valuation in Emerging Markets. 23. Valuing High-Growth Companies. 24. Valuing Cyclical Companies. 25. Valuing Financial Institutions. Appendix A: Economic Profit and the Key Value Driver Formula. Appendix B: Discounted Economic Profit Equals Discounted Free Cash Flow. Appendix C: Adjusted Present Value Equals Discounted Free Cash Flow. Appendix D: Levering and Unlevering the Cost of Equity. Appendix E: Leverage and the Price-Earnings Multiple. Index.

2,241 citations

Journal ArticleDOI
TL;DR: In this article, the authors introduce a formula to assess the total value of privately held family businesses from the owner's perspective, based on the assumption that emotional returns (ER) positively affect total value, whereas emotional costs (EC) negatively affect overall value.
Abstract: This article introduces a formula to assess the total value of privately held family businesses from the owner's perspective. It is argued that the total value of a business is not only composed of its financial worth and private benefits, as is usually assumed by traditional financial theory, but that emotional components also have an impact on valuation. In particular, it is assumed that emotional returns (ER) positively affect total value, whereas emotional costs (EC) negatively affect total value. Even though every stakeholder faces emotional costs and returns, it is solely the family business owner who ultimately decides on the worth of a business and consequently factors ER-EC into his or her valuation. The presented formula provides a better understanding of investment decisions in family businesses and a more accurate valuation of these businesses.

428 citations

Book
01 Jan 1983
TL;DR: In this paper, the authors assess the financial health of the firm and assess its financial performance using financial instruments and markets, and then use financial instruments to manage risks in investment decisions.
Abstract: Part I: Assessing the Financial Health of the Firm Chapter 1: Interpreting Financial Statements Chapter 2: Evaluating Financial Performance Appendix: International Differences in Financial Structure Part II: Planning Future Financial Performance Chapter 3: Financial Forecasting Chapter 4: Managing Growth Part III: Financing Operations Chapter 5: Financial Instruments and Markets Appendix: Using Financial Instruments to Manage Risks Chapter 6: The Financing Decision Appendix: The Irrelevance Proposition Part IV: Evaluating Investment Opportunities Chapter 7: Discounted Cash Flow Techniques Appendix: Mutually Exclusive Alternatives and Capital Rationing Chapter 8: Risk Analysis in Investment Decisions Appendix: Asset Beta and Adjusted Present Value Chapter 9: Business Valuation and Corporate Restructuring Appendix: The Venture Capital Method of Valuation Appendix A: Present Value of $1 Appendix B: Present Value of an Annuity of $1 Glossary Suggested Answers to Odd-Numbered End-of-Chapter Problems

309 citations

Book
01 Jan 1981
TL;DR: The Fifth Edition of the Valuing a Business (VBA) as discussed by the authors is a comprehensive compendium of information on the full range of business valuation concepts and methods, with a detailed answer to virtually all valuation questions.
Abstract: Capitalize on All the Latest Legal, Financial, and ComplianceInformation Needed to Analyze and Appraise Any Business For over 25 years, Valuing a Business has provided professionals and students with expert business valuation information, offering clear, concise coverage of valuation principles and methods. Over the decades, the book's unsurpassed explanations of all valuation issues have made it the definitive text in the field, against which every other business valuation book is measured. Now updated with new legal, financial, and compliance material, the Fifth Edition of Valuing a Business presents detailed answers to virtually all valuation questions_ranging from executive compensation and lost profits analysis...to ESOP issues and valuation discounts. Written by Shannon Pratt, one of the world's leading authorities on business valuation, this updated classic offers a complete "one-stop" compendium of information on the full range of valuation concepts and methods. Valuing a Business contains step-by-step discussions and analyses of: Business Valuation Standards and Credentials Defining the Assignment Business Valuation Theory and Principles Gathering Company Data Site Visits and Interviews Researching Economic and Industry Information Analyzing Financial Statements Financial Statement Ratio Analysis Income, Market, and Asset-Based Approaches to Valuation The Capitalized Excess Earnings Method Premiums and Discounts Writing and Reviewing Business Valuation Reports Valuing Debt Securities, Preferred Stock, Stock Options, and S Corporation Stock Valuations for Estate and Gift Tax Purposes Buy-Sell Agreements Valuations for Income Tax Purposes Valuation with Employee Stock Ownership Plans Valuations for Ad Valorem Taxation Dissenting Stockholder and Minority Oppression Actions Valuations for Marital Dissolution Purposes Litigation Support Services Expert Testimony Arbitration and Mediation This landmark reference also presents a wealth of recent court cases for each valuation area, which together provide a comprehensive overview of all the legal rulings and trends in the field of business valuation.

131 citations

Book
11 Apr 2003
TL;DR: This book discusses valuation issues in the Divorce Setting, Strategic Benchmarking for Value, and Marketing, Managing, and Making Money in a Valuation Services Group.
Abstract: About the Editor. About the Authors. Acknowledgments. Preface. Chapter 1: Introduction to Financial Valuation. Chapter 2: Research and Its Presentation. Chapter 3: Financial Statement and Company Risk Analysis. Chapter 4: Income Approach. Chapter 5: Cost of Capital/Rates of Return. Chapter 6: Market Approach. Chapter 7: Asset Approach. Chapter 8: Valuation Discounts and Premiums. Chapter 9: Report Writing. Chapter 10: Business Valuation Standards. Chapter 11: Valuation of Pass-Through Entities. Chapter 12: Estate, Gift, and Income Tax Valuations. Chapter 13: Valuation of Family Limited Partnerships. Chapter 14: Summary of Court Case Issues. Chapter 15: Shareholder Disputes. Chapter 16: Valuation Issues in Employee Stock Ownership Plans. Chapter 17: Valuation in the Divorce Setting. Chapter 18: Valuation Issues in Small Businesses. Chapter 19: Valuation Issues in Professional Practices. Chapter 20: Strategic Benchmarking for Value. 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. INDEX.

124 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
202319
202229
202122
202028
201923
201829