Business valuation: an integrated theory (Record no. 2939)
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| 000 -LEADER | |
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| 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 |
| 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 | Total Renewals | Full call number | Accession Number | Date last seen | Date checked out | Copy number | Cost, replacement price | Price effective from | Koha item type |
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| 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 | 3 | 1 | 658.155 MER | 002611 | 10/22/2024 | 10/04/2024 | 1 | 9196.00 | 07/04/2022 | Book |