The handbook of business valuation and intellectual property analysis:
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| Other Authors: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York, NY [u.a.]
McGraw-Hill
2004
|
| Series: | Irwin library of investment & finance
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis Klappentext |
| Item Description: | Includes index |
| Physical Description: | XLI, 662 S. graph. Darst. |
| ISBN: | 0071429670 9780071429672 |
Staff View
MARC
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| 245 | 1 | 0 | |a The handbook of business valuation and intellectual property analysis |c [ed. by] Robert F. Reilly ... |
| 246 | 1 | 3 | |a Business valuation and intellectual property analysis |
| 264 | 1 | |a New York, NY [u.a.] |b McGraw-Hill |c 2004 | |
| 300 | |a XLI, 662 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 0 | |a Irwin library of investment & finance | |
| 500 | |a Includes index | ||
| 650 | 7 | |a Bedrijfswaarde |2 gtt | |
| 650 | 4 | |a Entreprises - Évaluation | |
| 650 | 7 | |a Intellectuele eigendom |2 gtt | |
| 650 | 4 | |a Propriété intellectuelle - Évaluation | |
| 650 | 4 | |a Unternehmen | |
| 650 | 4 | |a Business enterprises |x Valuation | |
| 650 | 4 | |a Intellectual property |x Valuation | |
| 650 | 0 | 7 | |a Intellektuelles Kapital |0 (DE-588)4694285-3 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Unternehmensbewertung |0 (DE-588)4078594-4 |2 gnd |9 rswk-swf |
| 655 | 7 | |0 (DE-588)4143413-4 |a Aufsatzsammlung |2 gnd-content | |
| 689 | 0 | 0 | |a Unternehmensbewertung |0 (DE-588)4078594-4 |D s |
| 689 | 0 | 1 | |a Intellektuelles Kapital |0 (DE-588)4694285-3 |D s |
| 689 | 0 | |C b |5 DE-604 | |
| 700 | 1 | |a Reilly, Robert F. |4 edt | |
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Record in the Search Index
| _version_ | 1804135179786125312 |
|---|---|
| adam_text | Contents
List of Exhibits
About the Editors
About the Contributors
Preface
Acknowledgments
Introduction
PARTI Business Valuation Technical Topics
1.
Roger J. Grabowski and David W. King
Introduction. Realized Return or Ex Post Approach. The Selection of the
Observation Period. Which Average: Arithmetic or Geometric? Expected
ERP versus Realized Equity Return Premiums. Noncontrolling Ownership
or Controlling Ownership Interest Returns? Forward-Looking Methods.
Bottom-Up Methods. Projected Real Equity Returns. Surveys. Other Sources.
Realized Returns and the Size Effect. Criticisms of the Small Stock Effect.
The January Effect. Bid/Ask Bounce Bias. Geometric versus Arithmetic Averages.
Infrequent Trading and Small Stock Betas. Delisting Bias. Transaction Costs.
No Small Stock Premium Since
2.
Control Premium
M. Mark Lee
Introduction. Determinants of the Discount for Lack of Control.
Management of the Firm. Treatment of Passive Equity Holders. Valuing
Ownership Control and Passive Ownership Interests in Operating
Companies. Ownership Control Premium Procedures. Direct Procedures.
Discount for Lack of Control in Investment Companies. Valuing Passive
Ownership Interests in Family Investment Companies. Public Closed-End
Fund Data. The Partnership Spectrum Data. Conclusion.
3.
Jacob P. Roosma
Introduction. Base Case. Discussion of Methodology. Financial Model of the
Investment Alternatives. Sensitivity Analyses. Spread between the Investment
Rate of Return and the Debt Interest Rate. Investment Rate of Return. Corporate
Income Tax Rate. Individual Income Tax Rate. Inside Tax Basis. Preliminary
Conclusions of Sensitivity Analyses. Some Real-World Assumptions.
Assumptions Regarding Expected Rates of Return. Using Put Options to
Address the Contingencies of Direct Asset Purchase. Reasonableness Check
Using the Price of the Put Option. Investment Holding Period Adjustment.
vi
Dividends. Potential Value of the
S
Election Analysis. Debt Interest Rate. Spread between Investment Rate of
Return and Debt Interest Rate. Corporate Income Tax Rate. Individual
Income Tax Rate. Inside Tax Basis. Conclusion of Sensitivity Analyses.
Amortizable/Depreciable Appreciating Assets. Short-Cuts Taken and Other
Potential Criticisms. Summary and Conclusion. Other Implications for
Business Valuations Involving the BIG Tax.
4.
Daniel R. Van
Introduction. Basic Premises. Business Valuation Approaches. Income-Based
Approaches. Asset-Based Approach. Conceptual Mismatch between
Corporations and
S
Assumptions and Potential Adjustments.
Cash Investment Returns and Unrealized Capital Gains. Recognition of
Capital Gains Taxes. Tax Status of Buyers and Sellers. Current Income Tax
Law. Profitability Assumption. Summary and Conclusion.
5.
Pass-Through Entity Valuations
Roger J. Grabowski and William P. McFadden
Introduction. Pass-Through Entities. General Advantages of Pass-Through
Entities. Restrictions and Benefits of an
Considering Income Taxes. Considerations in the Valuation of Pass-Through
Entities. Fair Market Value and the Pool of Likely Buyers for
Shares. Controlling Ownership Interest Valuation Considerations.
Noncontrolling Ownership Interest Valuation Considerations. How Should
Corporations Be Valued Using the DCF Method? Three Suggested Methods
of
Corporation. Traditional Method. The Gross Method. Valuing a Controlling
Ownership Interest. The Modified Gross Method.
Method. The Pretax Discount Rate Method. Valuing a Noncontrolling
Ownership Interest. Summary of Before Lack of Marketability Discount
Example. Summary of Example with
Assumed. Effect of Jobs and Growth Tax Relief Reconciliation Act of
Proposals to Simplify Subchapter S. Conclusion.
6.
David Ackerman and Susan E. Gould
Introduction. The Current Tax Laws. Authorization of
Repeal of Unrelated Business Income Tax. New Distribution Rules. Exemption
from Prohibited Transaction Rules. Denial of Special ESOP Tax Incentives.
No Section
for Dividends. New Antiabuse Rules for
Abuses. Disqualified Persons. Nonallocation Year. Penalties for Violation of
the Nonallocation Rules. Regulations. Effective Dates. The
Election. Taxation of
to Make the
Contents
Avoidance of Double Tax. Tax Savings on the Sale or Liquidation of a
Business. Pass-Through of Losses. Other Benefits. Disadvantages of the
S
Limitation. Limitation on Other Benefits. Fiscal Year. State Income Tax
Considerations. Advantages of an
S
Value.
Conventional Method. Recent Judicial Precedent. Range of Value.
Percent
Should ESOP Companies Make the
Limits on Plan Contributions. Corporate-Level Income Tax. Should
Corporations Adopt ESOPs? Unresolved Issues. Use of
Distributions to Pay Off an ESOP Loan. Distribution of
Earnings to Plan Participants. Special Issues for
Lack of Marketability Discount. Repurchases
Income Tax Shield. Sale of an
and Step Transactions.
S
an
PART II Business Valuation Special Applications
7.
Alex W. Howard and William H. Frazier
Introduction. The Partnership Structure. Rationale Behind FLPs. Internal
Revenue Code Chapter
Discounts. Valuation Parameters. FLPs That Own Primarily Marketable
Securities. FLPs That Own Primarily Real Estate. Lack of Marketability.
Summary. Understanding and Interpreting the Partnership Agreement.
Business Purpose. Contributions. Management Prerogatives. Distributions to
the Partners. Control and Lack of Control. Transferability of Family Limited
Partnership Interests. Section
Court Cases. Strangi v. Commissioner. McCord v. Commissioner. Other
Relevant Cases. Estate of Thompson v. Commissioner. Estate of Morton B.
Harper v. Commissioner. Estate ofKimbell v. United States. Church v. United
States. Knight v. Commissioner. Kerr v. Commissioner.
8.
Gilbert E. Matthews
Introduction. Calculation and Miscalculation of Aggregate Market Value.
Diluted Shares. Long-Term and Short-Term Debt. Preferred Stock and
Minority Interests. Cash. Selection and Use of Guideline Companies and
Guideline Acquisitions. Acquisition Price Premiums. Overstating Averages
by Using the Arithmetic Mean. Irrational Pricing Multiples. Limitations of
the Application of the Discounted Cash Flow Method. Unreliability of
Financial Projections. Sensitivity to the Present Value Discount Rate.
Sensitivity to Terminal Value. Depreciation and Capital Expenditures. Asset
Value. Proper Standards of Value. Stock-for-Stock. Consideration to Other
Class Members. High-Vote versus Low-Vote Shares. Structural Fairness.
Presentation of Fairness Opinions. Updating Fairness Opinions. Conclusion.
viii Contents
9.
Canadian Laws to Be Considered
Richard M. Wise and Sheri-Anne Doyle
Introduction. Foreign Ownership Considerations. Acquisition of a Canadian
Corporation
Canadian Withholding Taxes. Other. Business Corporations Acts
Shareholder Rights. Dissent and Oppression Remedies. Take-Over Bids and
Follow-Up Offers. Canadian Publicly Traded Securities. Formal Valuations
Ontario Securities Commission. Environmental Laws. Intellectual Property.
Conclusion.
10.
Roger J. Grabowski, Jack Huber, and Robert Canton
Introduction. The State of the Major Professional Sports Leagues. Economics
of the Four Major Sports Leagues. National Broadcasting Revenue. Local
Broadcasting Revenue. Ticket Revenue. Stadium Leases. Naming Rights.
Sponsorships. Collective Bargaining Agreement. Buyers of Professional
Sports Teams. Sports Team Values. National Football League. Major League
Baseball. National Basketball Association. National Hockey League. Income
Tax Consequences of Professional Sports Team Acquisitions. Acquired
Assets. Player Contracts. Stadium Lease/Premium Seat Agreements. Season
Ticket Holders. Broadcasting Agreements. Sponsorship Agreements.
Nonplayer Contracts and Noncontractual Employees. Draft Picks. Other
Intangible Assets. Venue Feasibility Analysis. The Study Process for the
Franchise Owner Considering a New Market. Income from Operations.
Venue Financing Alternatives. Economic Impact on the State and/or Local
Community. Conclusion.
11.
Charles A. Wilhoite
Introduction. Health Care Entity Valuation Methodology. Valuation
Approaches. Asset-Based Approach. Income Approach. Market Approach.
Significant Valuation Issues. Managing Expectations. Identifying and
Rationalizing Value Trade-Offs. Issues of Management/Operational Control.
Complying with Regulatory Constraints. Impact of Market Activity on Current
Practice Values. Shift toward Gainsharing. Summary and Conclusion.
PART
12.
View of the Firm, Value Creation, and Strategy
Warren D. Miller
Introduction. Michael Porter. Edith Penrose. People. The Resource-Based
View of the Firm, Value Creation, and Strategy. External Sources of
Investment-Specific Risk. Macroenvironmental Analysis. Industry Dynamics.
Competitive Analysis. Internal Sources of Investment-Specific Risk. Ratio
Analysis. Tool
Chain. Tool
Strategy. Tool
Afterword: Competitive Analysis.
Contents
13.
Business Valuation
Michael K. Dunbar and Michael Joseph Wagner
Introduction. Value the Whole or Just a Part? Use All Valuation
Approaches? Damages Before or After Taxes? The Income Tax-Affect
Procedure. Complications to the Tax-Affect Procedure. Typical Lost Profits
Claim. Value Only the Future? Know Only the Past? Background for the
Ex Ante and Ex Post Discussion. Expectancy versus Outcome Damages.
Advantages and Disadvantages of the Ex Ante Analysis. Advantages and
Disadvantages of the Ex Post Analysis. Hybrid Analysis. Projected or
Expected Cash Flow. Differences in Reporting Requirements. Use of
Legal Precedent. Conclusion.
PART IV Intellectual Property Valuation Issues
14.
Jacquelyn Dal Santo
Objective of Intellectual Property Income Projection. Reliability of Income
Projections. Alternative Scenario Income Projections. Extrapolation Methods.
Linear Extrapolation Method. Multicollinearity. Curvilinear Extrapolation
Method. Multiple Regression-Based Extrapolation Method. Tabula Rasa
Methods. Life Cycle Analyses. Product Life Cycle Stages. Product Life
Cycles Vary in Length. Sensitivity Analyses. Simulation Analyses.
Judgmental Methods. Summary and Conclusion.
15.
Timothy J.
Introduction and Overview. Discount Rate versus Capitalization Rate.
Valuation of an Intellectual Property Using a Discount Rate. Valuation of an
Intellectual Property Using a Capitalization Rate. Sensitivity Analysis Using
Alternative Discount Rates and Growth Rates. Using Discount Rates to
Quantify Economic Damages and Transfer Prices. Economic Damages
Example. Transfer Price Example. Estimating Discount Rates and Capitalization
Rates for Intellectual Property. Capital Asset Pricing Model. The Build-Up
Model. The Discounted Cash Flow Model. Arbitrage Pricing Theory Model.
Weighted Average Cost of Capital. Using the WACC to Estimate Discount
Rates for Intellectual Properties. Summary. Suggested Reading.
16.
Pamela J. Garland
Introduction. Importance of Life Estimation. Performing a Life Estimation
Analysis. Topics Covered in This Chapter. Reasons to Perform a Life
Estimation Analysis. Valuation. Economic Damages. Transfer
Price/Licensing. Intellectual Property Life Measurements. Statutory Life.
Contract Life. Judicial Life. Economic Life. Technological Life. Analytical
Life. Other Life Measurements. Data Used in Intellectual Property Life
Estimation. Registration Documents. Contracts. Judicial Decisions/Orders.
Financial Statements. Usage Data. Operational Documents. Technology
Data. Age/Life Data Summary. Definitions and Analytical Methods. Age.
Average Life. Total Life. Probable Life. Average Remaining Useful Life.
Survivor Curve. Probable Life Curve. Survivor Curve and Probable Life
Contents
Curve Example. Turnover or Retirement Rate. Expected Decay or
Depreciation.
Illustrative Examples. Patent Infringement Example. Trade Secret Valuation
Example. Trademark Licensing Example. Copyrighted Software Example.
Summary and Conclusion. Suggested Reading and Resources.
17.
Robert F. Reilly
Introduction. Importance of Residual Value Analyses. Valuation Analysis.
Intellectual Property Liquidation Value. Alternative Types of Liquidation
Analyses. Intellectual Properties within a Bankruptcy Context. Summary and
Conclusion.
18.
Pamela J. Garland
Introduction. The Case Study Problem. Purpose and Objective of the Analysis.
Description of the Subject Intellectual Property. Data and Data Sources.
Analytical Approaches and Methods. Cost Approach. Income Approach.
Market Approach. Analytical Approaches and Methods Considered and
Selected. Analytical Variables. Analyses and Results. Cost per Person-Month.
COCOMO Analyses. KnowledgePLAN Analyses. Synthesis and Conclusion.
Analysis Work Product. Purpose and Objective. Description of the Subject
Property and of the Subject Data Sources. Valuation Methods and Procedures.
Valuation Synthesis and Conclusion. Appendixes. Illustrative Narrative
Valuation Opinion Report Outline. Schedules and Exhibits.
19.
James G.
Introduction. The Case Problem. Overview of the Licensee. Overview of the
Licensor. Importance of the Appropriate Royalty Rate. Objective of the
Analysis. Description of Subject Intellectual Property. Data and Data Sources.
Alternative Analytical Methods Considered. Comparable Uncontrolled
Transaction Method. Comparable Profits Method. Profit Split Method.
Summary of Royalty Rate Estimation Methods. Discounted Cash How
Method. Base Case Analysis Discounted Cash Flow Method. Alternative
Case Analysis Discounted Cash Flow Method. Synthesis and Conclusion.
PART V Intellectual Property Transfer Price Analysis Issues
20.
Kenneth R. Button and Jerrie V. Mirga
Introduction: When Are Transfer Prices Likely to Be a Valuation Issue? The
Regulatory Framework. Fair Market Value. Financial Reporting and FASB
Statement No.
Do Non-Arm s-Length Transactions Distort an Entity s Financial
Statements? The Identification of the Subject Company Related-Party
Transfer Prices. Methods of Determining Arm s-Length Transaction Prices.
The Comparable Uncontrolled Price Method. The Comparable Uncontrolled
Transaction Method. Resale Price Method. Cost Plus Method. The
Comparable Profits Method. Profit Split Methods. Use of Comparable
Companies in Determining the Arm s-Length Price. Adjusting the Financial
Statements to Reflect Arm s-Length Prices. Sales of Product A and the
CUP Method. Sales of Product
Contents xi
CPM. Administrative
Loan. Use of Parent Manufacturing Technology with the CUT Method and the
CPM. Overall Impact on Financial Statements. Conclusion.
21.
Thomas J.
Introduction. The Nature of Intercompany Transfer Pricing. Income Tax
Consequences. Key Features of Section
Income. The Arm s-Length Standard. The Best Method Rule. The Arm s-
Length Range. Determining Comparable Circumstances. Summary of the
Section
Intangible Asset Transfer Pricing Methods. Comparable Uncontrolled
Transaction Method. The Comparable Profits Method. Other Methods.
Transfer Pricing for Domestic Taxation Purposes. Transfer Pricing-Related
Valuation Misstatement Penalties. Valuation Misstatement. Transfer Pricing
Penalty Safe Harbor Provisions. The Role of Transfer Pricing Analysts.
Exposure Analysis and Defense. Planning and Compliance.
22.
Thomas J.
Introduction. Membership. Leadership Division. Publications. Events.
Endorsed Vendors. IGTMA Services. Endorsed Vendor Royalty Income.
Рифове
Statement Analysis. Consolidated Balance Sheets. Consolidated Income
Statements. Adjusted Financial Fundamentals. Analytical Procedures.
Description of the Intellectual Property Subject to Analysis. Definition of
Trademarks. Attributes to Consider in the Economic Assessment of
Trademarks. Trademark Analysis. Company-Specific Analyses. Industry-
Specific and Guideline Company-Specific Royalty Rate Analysis. Market-
Derived Royalty Rate Analysis. Economic Analysis Synthesis and Conclusion.
PART VI Intellectual Property Economic Damages Issues
23.
Economic Analysis
Victoria A. Platt
Introduction. Data Categories. Owner/Operator Financial Statements.
Comparative Companies, Transactions, and Empirical Market Data. Industry
Statistics and Economic Indicators. Securities Analyst Research Reports.
Remaining Useful Life Data. Prospectuses and Other SEC Documents. Trade
Association Publications and Materials. Guideline/Subject Company Public
Relations Information. Information Requirements by Purpose.
24.
Terry G. Whitehead and Dennis M. Mandell
Introduction. Background. The Case Problem. Purpose and Objective of the
Analysis. Description of the Subject Intellectual Property. Data and Data
Sources. Alternative Analytical Methods Considered. Analyses and Conclusions.
Comparison of Operating Results with and without Infringement.
Historical Lost Profits Method. Discounted Cash Flow Method. Reasonable
Royalty Method. Synthesis and Conclusion. Analysis Work Product.
Bibliography
Index
Estimating business, security, and intellectual
property values is increasingly difficult in
today s transformed economy. From employee
stock options to intellectual property license
agreements, analysts, investors, accountants,
lawyers, and regulators must understand com¬
plex new factors and confront important new
challenges. In addition, governmental and reg¬
ulatory changes combine with recent judicial
precedent to impact both the theory and prac¬
tice of valuation.
The Handbook of Business Valuation and
Intellectual Property Analysis provides practition¬
ers with the latest information and knowledge
on key aspects of business and intellectual
property valuation, damages, and transfer price
analyses. Contributions from today s leading
experts, compiled and organized by valuation
authorities Robert Reilly and Robert
make this the essential volume for anyone
looking for answers to transaction, financing,
taxation, litigation, and corporate planning
questions, such as:
•
applied in family limited partnerships, and
what is the appropriate evidence for quan¬
tification of these discounts?
•
for arriving at an arm s-length transfer price
in intercompany transactions?
•
influences that create, destroy, and transfer
value in intellectual property?
•
on organized stock markets affected by their
lack of liquidity?
•
rations (and other pass-through entities)
may now be more accurate than the tradi¬
tional method, and why?
The Handbook of Business Valuation and
Intellectual Property Analysis updates and
expands the professional literature related to
business/intellectual property valuation, eco¬
nomic damages, and intercompany transfer
price analyses. Controversial issues are demys¬
tified, and, advanced topics are explained in
ways that are illuminating for experienced
practitioners while still remaining understand¬
able for newer professionals. This latest
Reilly and Schweihs anthology is certain to
become a welcome and required addition to
the libraries of valuation analysts, investment
bankers, financial accountants, bankruptcy
professionals, tax specialists, financial planners,
and litigation attorneys.
ROBERT R REILLY, MBA, and ROBERT P.
SCHWEIHS, MBA, are managing directors of
Willammette Management Associates, one of
the oldest and largest independent valuation
consulting, economic analysis, and financial
advisory firms. Reilly is a certified public
accountant/accredited in business valuation,
certified management accountant, certified
business appraiser, chartered financial analyst,
accredited senior appraiser (in business valua¬
tion), certified real estate appraiser, and state
certified general appraiser. Schweihs is an
accredited senior appraiser (in business valua¬
tion), a certified business appraiser, and a for¬
mer trustee of The Appraisal Foundation. They
have coauthored or coedited numerous profes¬
sional valuation books, including Valuing a
Business and Valuing Small Businesses and
Professional Practices (both with Shannon Pratt),
The Handbook of Advanced Business Valuation,
and Valuing Intangible Assets.
|
| adam_txt |
Contents
List of Exhibits
About the Editors
About the Contributors
Preface
Acknowledgments
Introduction
PARTI Business Valuation Technical Topics
1.
Roger J. Grabowski and David W. King
Introduction. Realized Return or Ex Post Approach. The Selection of the
Observation Period. Which Average: Arithmetic or Geometric? Expected
ERP versus Realized Equity Return Premiums. Noncontrolling Ownership
or Controlling Ownership Interest Returns? Forward-Looking Methods.
Bottom-Up Methods. Projected Real Equity Returns. Surveys. Other Sources.
Realized Returns and the Size Effect. Criticisms of the Small Stock Effect.
The January Effect. Bid/Ask Bounce Bias. Geometric versus Arithmetic Averages.
Infrequent Trading and Small Stock Betas. Delisting Bias. Transaction Costs.
No Small Stock Premium Since
2.
Control Premium
M. Mark Lee
Introduction. Determinants of the Discount for Lack of Control.
Management of the Firm. Treatment of Passive Equity Holders. Valuing
Ownership Control and Passive Ownership Interests in Operating
Companies. Ownership Control Premium Procedures. Direct Procedures.
Discount for Lack of Control in Investment Companies. Valuing Passive
Ownership Interests in Family Investment Companies. Public Closed-End
Fund Data. The Partnership Spectrum Data. Conclusion.
3.
Jacob P. Roosma
Introduction. Base Case. Discussion of Methodology. Financial Model of the
Investment Alternatives. Sensitivity Analyses. Spread between the Investment
Rate of Return and the Debt Interest Rate. Investment Rate of Return. Corporate
Income Tax Rate. Individual Income Tax Rate. Inside Tax Basis. Preliminary
Conclusions of Sensitivity Analyses. Some Real-World Assumptions.
Assumptions Regarding Expected Rates of Return. Using Put Options to
Address the Contingencies of Direct Asset Purchase. Reasonableness Check
Using the Price of the Put Option. Investment Holding Period Adjustment.
vi
Dividends. Potential Value of the
S
Election Analysis. Debt Interest Rate. Spread between Investment Rate of
Return and Debt Interest Rate. Corporate Income Tax Rate. Individual
Income Tax Rate. Inside Tax Basis. Conclusion of Sensitivity Analyses.
Amortizable/Depreciable Appreciating Assets. Short-Cuts Taken and Other
Potential Criticisms. Summary and Conclusion. Other Implications for
Business Valuations Involving the BIG Tax.
4.
Daniel R. Van
Introduction. Basic Premises. Business Valuation Approaches. Income-Based
Approaches. Asset-Based Approach. Conceptual Mismatch between
Corporations and
S
Assumptions and Potential Adjustments.
Cash Investment Returns and Unrealized Capital Gains. Recognition of
Capital Gains Taxes. Tax Status of Buyers and Sellers. Current Income Tax
Law. Profitability Assumption. Summary and Conclusion.
5.
Pass-Through Entity Valuations
Roger J. Grabowski and William P. McFadden
Introduction. Pass-Through Entities. General Advantages of Pass-Through
Entities. Restrictions and Benefits of an
Considering Income Taxes. Considerations in the Valuation of Pass-Through
Entities. Fair Market Value and the Pool of Likely Buyers for
Shares. Controlling Ownership Interest Valuation Considerations.
Noncontrolling Ownership Interest Valuation Considerations. How Should
Corporations Be Valued Using the DCF Method? Three Suggested Methods
of
Corporation. Traditional Method. The Gross Method. Valuing a Controlling
Ownership Interest. The Modified Gross Method.
Method. The Pretax Discount Rate Method. Valuing a Noncontrolling
Ownership Interest. Summary of Before Lack of Marketability Discount
Example. Summary of Example with
Assumed. Effect of Jobs and Growth Tax Relief Reconciliation Act of
Proposals to Simplify Subchapter S. Conclusion.
6.
David Ackerman and Susan E. Gould
Introduction. The Current Tax Laws. Authorization of
Repeal of Unrelated Business Income Tax. New Distribution Rules. Exemption
from Prohibited Transaction Rules. Denial of Special ESOP Tax Incentives.
No Section
for Dividends. New Antiabuse Rules for
Abuses. Disqualified Persons. Nonallocation Year. Penalties for Violation of
the Nonallocation Rules. Regulations. Effective Dates. The
Election. Taxation of
to Make the
Contents
Avoidance of Double Tax. Tax Savings on the Sale or Liquidation of a
Business. Pass-Through of Losses. Other Benefits. Disadvantages of the
S
Limitation. Limitation on Other Benefits. Fiscal Year. State Income Tax
Considerations. Advantages of an
S
Value.
Conventional Method. Recent Judicial Precedent. Range of Value.
Percent
Should ESOP Companies Make the
Limits on Plan Contributions. Corporate-Level Income Tax. Should
Corporations Adopt ESOPs? Unresolved Issues. Use of
Distributions to Pay Off an ESOP Loan. Distribution of
Earnings to Plan Participants. Special Issues for
Lack of Marketability Discount. Repurchases
Income Tax Shield. Sale of an
and Step Transactions.
S
an
PART II Business Valuation Special Applications
7.
Alex W. Howard and William H. Frazier
Introduction. The Partnership Structure. Rationale Behind FLPs. Internal
Revenue Code Chapter
Discounts. Valuation Parameters. FLPs That Own Primarily Marketable
Securities. FLPs That Own Primarily Real Estate. Lack of Marketability.
Summary. Understanding and Interpreting the Partnership Agreement.
Business Purpose. Contributions. Management Prerogatives. Distributions to
the Partners. Control and Lack of Control. Transferability of Family Limited
Partnership Interests. Section
Court Cases. Strangi v. Commissioner. McCord v. Commissioner. Other
Relevant Cases. Estate of Thompson v. Commissioner. Estate of Morton B.
Harper v. Commissioner. Estate ofKimbell v. United States. Church v. United
States. Knight v. Commissioner. Kerr v. Commissioner.
8.
Gilbert E. Matthews
Introduction. Calculation and Miscalculation of Aggregate Market Value.
Diluted Shares. Long-Term and Short-Term Debt. Preferred Stock and
Minority Interests. Cash. Selection and Use of Guideline Companies and
Guideline Acquisitions. Acquisition Price Premiums. Overstating Averages
by Using the Arithmetic Mean. Irrational Pricing Multiples. Limitations of
the Application of the Discounted Cash Flow Method. Unreliability of
Financial Projections. Sensitivity to the Present Value Discount Rate.
Sensitivity to Terminal Value. Depreciation and Capital Expenditures. Asset
Value. Proper Standards of Value. Stock-for-Stock. Consideration to Other
Class Members. High-Vote versus Low-Vote Shares. Structural Fairness.
Presentation of Fairness Opinions. Updating Fairness Opinions. Conclusion.
viii Contents
9.
Canadian Laws to Be Considered
Richard M. Wise and Sheri-Anne Doyle
Introduction. Foreign Ownership Considerations. Acquisition of a Canadian
Corporation
Canadian Withholding Taxes. Other. Business Corporations Acts
Shareholder Rights. Dissent and Oppression Remedies. Take-Over Bids and
Follow-Up Offers. Canadian Publicly Traded Securities. Formal Valuations
Ontario Securities Commission. Environmental Laws. Intellectual Property.
Conclusion.
10.
Roger J. Grabowski, Jack Huber, and Robert Canton
Introduction. The State of the Major Professional Sports Leagues. Economics
of the Four Major Sports Leagues. National Broadcasting Revenue. Local
Broadcasting Revenue. Ticket Revenue. Stadium Leases. Naming Rights.
Sponsorships. Collective Bargaining Agreement. Buyers of Professional
Sports Teams. Sports Team Values. National Football League. Major League
Baseball. National Basketball Association. National Hockey League. Income
Tax Consequences of Professional Sports Team Acquisitions. Acquired
Assets. Player Contracts. Stadium Lease/Premium Seat Agreements. Season
Ticket Holders. Broadcasting Agreements. Sponsorship Agreements.
Nonplayer Contracts and Noncontractual Employees. Draft Picks. Other
Intangible Assets. Venue Feasibility Analysis. The Study Process for the
Franchise Owner Considering a New Market. Income from Operations.
Venue Financing Alternatives. Economic Impact on the State and/or Local
Community. Conclusion.
11.
Charles A. Wilhoite
Introduction. Health Care Entity Valuation Methodology. Valuation
Approaches. Asset-Based Approach. Income Approach. Market Approach.
Significant Valuation Issues. Managing Expectations. Identifying and
Rationalizing Value Trade-Offs. Issues of Management/Operational Control.
Complying with Regulatory Constraints. Impact of Market Activity on Current
Practice Values. Shift toward Gainsharing. Summary and Conclusion.
PART
12.
View of the Firm, Value Creation, and Strategy
Warren D. Miller
Introduction. Michael Porter. Edith Penrose. People. The Resource-Based
View of the Firm, Value Creation, and Strategy. External Sources of
Investment-Specific Risk. Macroenvironmental Analysis. Industry Dynamics.
Competitive Analysis. Internal Sources of Investment-Specific Risk. Ratio
Analysis. Tool
Chain. Tool
Strategy. Tool
Afterword: Competitive Analysis.
Contents
13.
Business Valuation
Michael K. Dunbar and Michael Joseph Wagner
Introduction. Value the Whole or Just a Part? Use All Valuation
Approaches? Damages Before or After Taxes? The Income Tax-Affect
Procedure. Complications to the Tax-Affect Procedure. Typical Lost Profits
Claim. Value Only the Future? Know Only the Past? Background for the
Ex Ante and Ex Post Discussion. Expectancy versus Outcome Damages.
Advantages and Disadvantages of the Ex Ante Analysis. Advantages and
Disadvantages of the Ex Post Analysis. Hybrid Analysis. Projected or
Expected Cash Flow. Differences in Reporting Requirements. Use of
Legal Precedent. Conclusion.
PART IV Intellectual Property Valuation Issues
14.
Jacquelyn Dal Santo
Objective of Intellectual Property Income Projection. Reliability of Income
Projections. Alternative "Scenario" Income Projections. Extrapolation Methods.
Linear Extrapolation Method. Multicollinearity. Curvilinear Extrapolation
Method. Multiple Regression-Based Extrapolation Method. Tabula Rasa
Methods. Life Cycle Analyses. Product Life Cycle Stages. Product Life
Cycles Vary in Length. Sensitivity Analyses. Simulation Analyses.
Judgmental Methods. Summary and Conclusion.
15.
Timothy J.
Introduction and Overview. Discount Rate versus Capitalization Rate.
Valuation of an Intellectual Property Using a Discount Rate. Valuation of an
Intellectual Property Using a Capitalization Rate. Sensitivity Analysis Using
Alternative Discount Rates and Growth Rates. Using Discount Rates to
Quantify Economic Damages and Transfer Prices. Economic Damages
Example. Transfer Price Example. Estimating Discount Rates and Capitalization
Rates for Intellectual Property. Capital Asset Pricing Model. The Build-Up
Model. The Discounted Cash Flow Model. Arbitrage Pricing Theory Model.
Weighted Average Cost of Capital. Using the WACC to Estimate Discount
Rates for Intellectual Properties. Summary. Suggested Reading.
16.
Pamela J. Garland
Introduction. Importance of Life Estimation. Performing a Life Estimation
Analysis. Topics Covered in This Chapter. Reasons to Perform a Life
Estimation Analysis. Valuation. Economic Damages. Transfer
Price/Licensing. Intellectual Property Life Measurements. Statutory Life.
Contract Life. Judicial Life. Economic Life. Technological Life. Analytical
Life. Other Life Measurements. Data Used in Intellectual Property Life
Estimation. Registration Documents. Contracts. Judicial Decisions/Orders.
Financial Statements. Usage Data. Operational Documents. Technology
Data. Age/Life Data Summary. Definitions and Analytical Methods. Age.
Average Life. Total Life. Probable Life. Average Remaining Useful Life.
Survivor Curve. Probable Life Curve. Survivor Curve and Probable Life
Contents
Curve Example. Turnover or Retirement Rate. Expected Decay or
Depreciation.
Illustrative Examples. Patent Infringement Example. Trade Secret Valuation
Example. Trademark Licensing Example. Copyrighted Software Example.
Summary and Conclusion. Suggested Reading and Resources.
17.
Robert F. Reilly
Introduction. Importance of Residual Value Analyses. Valuation Analysis.
Intellectual Property Liquidation Value. Alternative Types of Liquidation
Analyses. Intellectual Properties within a Bankruptcy Context. Summary and
Conclusion.
18.
Pamela J. Garland
Introduction. The Case Study Problem. Purpose and Objective of the Analysis.
Description of the Subject Intellectual Property. Data and Data Sources.
Analytical Approaches and Methods. Cost Approach. Income Approach.
Market Approach. Analytical Approaches and Methods Considered and
Selected. Analytical Variables. Analyses and Results. Cost per Person-Month.
COCOMO Analyses. KnowledgePLAN Analyses. Synthesis and Conclusion.
Analysis Work Product. Purpose and Objective. Description of the Subject
Property and of the Subject Data Sources. Valuation Methods and Procedures.
Valuation Synthesis and Conclusion. Appendixes. Illustrative Narrative
Valuation Opinion Report Outline. Schedules and Exhibits.
19.
James G.
Introduction. The Case Problem. Overview of the Licensee. Overview of the
Licensor. Importance of the Appropriate Royalty Rate. Objective of the
Analysis. Description of Subject Intellectual Property. Data and Data Sources.
Alternative Analytical Methods Considered. Comparable Uncontrolled
Transaction Method. Comparable Profits Method. Profit Split Method.
Summary of Royalty Rate Estimation Methods. Discounted Cash How
Method. Base Case Analysis Discounted Cash Flow Method. Alternative
Case Analysis Discounted Cash Flow Method. Synthesis and Conclusion.
PART V Intellectual Property Transfer Price Analysis Issues
20.
Kenneth R. Button and Jerrie V. Mirga
Introduction: When Are Transfer Prices Likely to Be a Valuation Issue? The
Regulatory Framework. Fair Market Value. Financial Reporting and FASB
Statement No.
Do Non-Arm's-Length Transactions Distort an Entity's Financial
Statements? The Identification of the Subject Company Related-Party
Transfer Prices. Methods of Determining Arm's-Length Transaction Prices.
The Comparable Uncontrolled Price Method. The Comparable Uncontrolled
Transaction Method. Resale Price Method. Cost Plus Method. The
Comparable Profits Method. Profit Split Methods. Use of "Comparable"
Companies in Determining the Arm's-Length Price. Adjusting the Financial
Statements to Reflect Arm's-Length Prices. Sales of Product A and the
CUP Method. Sales of Product
Contents xi
CPM. Administrative
Loan. Use of Parent Manufacturing Technology with the CUT Method and the
CPM. Overall Impact on Financial Statements. Conclusion.
21.
Thomas J.
Introduction. The Nature of Intercompany Transfer Pricing. Income Tax
Consequences. Key Features of Section
Income." The Arm's-Length Standard. The Best Method Rule. The Arm's-
Length Range. Determining Comparable Circumstances. Summary of the
Section
Intangible Asset Transfer Pricing Methods. Comparable Uncontrolled
Transaction Method. The Comparable Profits Method. Other Methods.
Transfer Pricing for Domestic Taxation Purposes. Transfer Pricing-Related
Valuation Misstatement Penalties. Valuation Misstatement. Transfer Pricing
Penalty Safe Harbor Provisions. The Role of Transfer Pricing Analysts.
Exposure Analysis and Defense. Planning and Compliance.
22.
Thomas J.
Introduction. Membership. Leadership Division. Publications. Events.
Endorsed Vendors. IGTMA Services. Endorsed Vendor Royalty Income.
Рифове
Statement Analysis. Consolidated Balance Sheets. Consolidated Income
Statements. Adjusted Financial Fundamentals. Analytical Procedures.
Description of the Intellectual Property Subject to Analysis. Definition of
Trademarks. Attributes to Consider in the Economic Assessment of
Trademarks. Trademark Analysis. Company-Specific Analyses. Industry-
Specific and Guideline Company-Specific Royalty Rate Analysis. Market-
Derived Royalty Rate Analysis. Economic Analysis Synthesis and Conclusion.
PART VI Intellectual Property Economic Damages Issues
23.
Economic Analysis
Victoria A. Platt
Introduction. Data Categories. Owner/Operator Financial Statements.
Comparative Companies, Transactions, and Empirical Market Data. Industry
Statistics and Economic Indicators. Securities Analyst Research Reports.
Remaining Useful Life Data. Prospectuses and Other SEC Documents. Trade
Association Publications and Materials. Guideline/Subject Company Public
Relations Information. Information Requirements by Purpose.
24.
Terry G. Whitehead and Dennis M. Mandell
Introduction. Background. The Case Problem. Purpose and Objective of the
Analysis. Description of the Subject Intellectual Property. Data and Data
Sources. Alternative Analytical Methods Considered. Analyses and Conclusions.
Comparison of Operating Results "with" and "without" Infringement.
Historical Lost Profits Method. Discounted Cash Flow Method. Reasonable
Royalty Method. Synthesis and Conclusion. Analysis Work Product.
Bibliography
Index
Estimating business, security, and intellectual
property values is increasingly difficult in
today's transformed economy. From employee
stock options to intellectual property license
agreements, analysts, investors, accountants,
lawyers, and regulators must understand com¬
plex new factors and confront important new
challenges. In addition, governmental and reg¬
ulatory changes combine with recent judicial
precedent to impact both the theory and prac¬
tice of valuation.
The Handbook of Business Valuation and
Intellectual Property Analysis provides practition¬
ers with the latest information and knowledge
on key aspects of business and intellectual
property valuation, damages, and transfer price
analyses. Contributions from today's leading
experts, compiled and organized by valuation
authorities Robert Reilly and Robert
make this the essential volume for anyone
looking for answers to transaction, financing,
taxation, litigation, and corporate planning
questions, such as:
•
applied in family limited partnerships, and
what is the appropriate evidence for quan¬
tification of these discounts?
•
for arriving at an arm's-length transfer price
in intercompany transactions?
•
influences that create, destroy, and transfer
value in intellectual property?
•
on organized stock markets affected by their
lack of liquidity?
•
rations (and other pass-through entities)
may now be more accurate than the tradi¬
tional method, and why?
The Handbook of Business Valuation and
Intellectual Property Analysis updates and
expands the professional literature related to
business/intellectual property valuation, eco¬
nomic damages, and intercompany transfer
price analyses. Controversial issues are demys¬
tified, and, advanced topics are explained in
ways that are illuminating for experienced
practitioners while still remaining understand¬
able for newer professionals. This latest
Reilly and Schweihs anthology is certain to
become a welcome and required addition to
the libraries of valuation analysts, investment
bankers, financial accountants, bankruptcy
professionals, tax specialists, financial planners,
and litigation attorneys.
ROBERT R REILLY, MBA, and ROBERT P.
SCHWEIHS, MBA, are managing directors of
Willammette Management Associates, one of
the oldest and largest independent valuation
consulting, economic analysis, and financial
advisory firms. Reilly is a certified public
accountant/accredited in business valuation,
certified management accountant, certified
business appraiser, chartered financial analyst,
accredited senior appraiser (in business valua¬
tion), certified real estate appraiser, and state
certified general appraiser. Schweihs is an
accredited senior appraiser (in business valua¬
tion), a certified business appraiser, and a for¬
mer trustee of The Appraisal Foundation. They
have coauthored or coedited numerous profes¬
sional valuation books, including Valuing a
Business and Valuing Small Businesses and
Professional Practices (both with Shannon Pratt),
The Handbook of Advanced Business Valuation,
and Valuing Intangible Assets. |
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| building | Verbundindex |
| bvnumber | BV021456933 |
| callnumber-first | H - Social Science |
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| discipline | Rechtswissenschaft Wirtschaftswissenschaften |
| discipline_str_mv | Rechtswissenschaft Wirtschaftswissenschaften |
| format | Book |
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| spelling | The handbook of business valuation and intellectual property analysis [ed. by] Robert F. Reilly ... Business valuation and intellectual property analysis New York, NY [u.a.] McGraw-Hill 2004 XLI, 662 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Irwin library of investment & finance Includes index Bedrijfswaarde gtt Entreprises - Évaluation Intellectuele eigendom gtt Propriété intellectuelle - Évaluation Unternehmen Business enterprises Valuation Intellectual property Valuation Intellektuelles Kapital (DE-588)4694285-3 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Unternehmensbewertung (DE-588)4078594-4 s Intellektuelles Kapital (DE-588)4694285-3 s b DE-604 Reilly, Robert F. edt Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014677033&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014677033&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | The handbook of business valuation and intellectual property analysis Bedrijfswaarde gtt Entreprises - Évaluation Intellectuele eigendom gtt Propriété intellectuelle - Évaluation Unternehmen Business enterprises Valuation Intellectual property Valuation Intellektuelles Kapital (DE-588)4694285-3 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4694285-3 (DE-588)4078594-4 (DE-588)4143413-4 |
| title | The handbook of business valuation and intellectual property analysis |
| title_alt | Business valuation and intellectual property analysis |
| title_auth | The handbook of business valuation and intellectual property analysis |
| title_exact_search | The handbook of business valuation and intellectual property analysis |
| title_exact_search_txtP | The handbook of business valuation and intellectual property analysis |
| title_full | The handbook of business valuation and intellectual property analysis [ed. by] Robert F. Reilly ... |
| title_fullStr | The handbook of business valuation and intellectual property analysis [ed. by] Robert F. Reilly ... |
| title_full_unstemmed | The handbook of business valuation and intellectual property analysis [ed. by] Robert F. Reilly ... |
| title_short | The handbook of business valuation and intellectual property analysis |
| title_sort | the handbook of business valuation and intellectual property analysis |
| topic | Bedrijfswaarde gtt Entreprises - Évaluation Intellectuele eigendom gtt Propriété intellectuelle - Évaluation Unternehmen Business enterprises Valuation Intellectual property Valuation Intellektuelles Kapital (DE-588)4694285-3 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Bedrijfswaarde Entreprises - Évaluation Intellectuele eigendom Propriété intellectuelle - Évaluation Unternehmen Business enterprises Valuation Intellectual property Valuation Intellektuelles Kapital Unternehmensbewertung Aufsatzsammlung |
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