Cost of capital: workbook
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York [u.a.]
Wiley
2002
|
| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Inhaltsverzeichnis |
| Beschreibung: | XXIV, 144 S. |
| ISBN: | 0471228966 |
Internformat
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| 264 | 1 | |a New York [u.a.] |b Wiley |c 2002 | |
| 300 | |a XXIV, 144 S. | ||
| 336 | |b txt |2 rdacontent | ||
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| 650 | 4 | |a Valuation |v Problems, exercises, etc. | |
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| 650 | 4 | |a Capital investments |v Problems, exercises, etc. | |
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Datensatz im Suchindex
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| adam_text | Contents
List of Exhibits xv
Foreword xvii
Preface xix
Acknowledgments xxiii
Introduction xxv
Notation System Used in This Book xxviii
Part I. Cost of Capital Basics 1
1. Defining Cost of Capital 3
Components of a Company s Capital Structure 4
Cost of Capital Is a Function of the Investment 5
Cost of Capital Is Forward Looking 5
Cost of Capital Is Based on Market Value, Not Book Value 6
Cost of Capital Is Usually Stated in Nominal Terms 6
Cost of Capital Equals Discount Rate 6
Discount Rate Is Not the Same as Capitalization Rate 7
Summary 7
2. Introduction to Cost of Capital Applications: Valuation and
Project Selection 9
Net Cash Flow Is the Preferred Economic Income Measure 9
Cost of Capital Is the Proper Discount Rate 10
Present Value Formula 11
Example: Valuing a Bond 11
Relationship of Discount Rate to Capitalization Rate 12
Applications to Businesses, Business Interests, Projects, and
Divisions 13
Summary 13
3. Net Cash Flow: The Preferred Measure of Return 15
Defining Net Cash Flow 15
x Contents
Net Cash Flows Should Be Probability Weighted Expected
Values 17
Why Net Cash Flow Is the Preferred Measure of Economic
Income 19
Summary 20
4. Discounting versus Capitalizing 21
Capitalization Formula 22
Example: Valuing a Preferred Stock 22
Functional Relationship between Discount Rate and
Capitalization Rate 23
Major Difference between Discounting and Capitalizing 25
Gordon Growth Model 25
Combining Discounting and Capitalizing (Two stage Model) 26
Equivalency of Discounting and Capitalizing Models 29
Midyear Convention 30
Converting from After tax Rate to Pretax Rate 32
Summary 32
5. Relationship between Risk and the Cost of Capital 34
Defining Risk 34
Types of Risk 35
How Risk Impacts the Cost of Capital 36
Cost of Equity Capital 37
Cost of Conventional Debt and Preferred Equity Capital 37
Cost of Overall Invested Capital 37
Summary 37
6. Cost Components of a Company s Capital Structure 39
Debt 40
Preferred Equity 41
Convertible Debt or Preferred Stock 42
Common Stock or Partnership Interests 42
Summary 43
7. Weighted Average Cost of Capital 45
When to Use Weighted Average Cost of Capital 45
Weighted Average Cost of Capital Formula 46
Computing WACC for a Public Company 46
Computing WACC for a Private Company 48
Should an Actual or a Hypothetical Capital Structure Be Used? 52
Summary 52
Contents xi
Part II. Estimating the Cost of Equity Capital 55
8. Build up Models 57
Formula for the Equity Cost of Capital Build up Model 58
Risk free Rate 58
Equity Risk Premium 60
Small Stock Premium 64
Company specific Risk Premium 65
Example of a Build up Model 67
Summary 68
9. Capital Asset Pricing Model 70
Concept of Systematic Risk 70
Background of the Capital Asset Pricing Model 71
Systematic and Unsystematic Risk 71
Using Beta to Estimate Expected Rate of Return 72
Expanding CAPM to Incorporate Size Premium and Specific Risk 75
Expanded CAPM Cost of Capital Formula 76
Assumptions Underlying the Capital Asset Pricing Model 77
Recent Research on the Equity Risk Premium 78
Summary 78
10. Proper Use of Betas 80
Estimation of Beta 80
Differences in Estimation of Beta 82
Levered and Unlevered Betas 83
Modified Betas: Shrunk and Lagged 86
Summary 87
11. Size Effect 90
Ibbotson Associates Studies 90
Standard Poor s Corporate Value Consulting Studies
(formerly the PricewaterhouseCoopers Studies) 93
Extension of Data to Smaller Size Categories:
Results from the Pratt s Stats™ Database 99
Summary 107
12. DCF Method of Estimating Cost of Capital 109
Theory of the DCF Method 109
Mechanics of the DCF Method 110
Single stage DCF Model 110
Multistage DCF Models 113
Sou rces of I nformation 115
Summary 115
xii Contents
13. Using Ibbotson Associates Cost of Capital Data 116
Michael W. Barad and Tara McDowell
Stocks, Bonds, Bills and Inflation 117
Cost of Capital Yearbook 128
Ibbotson Beta Book 134
Cost of Capital Center 139
14. Arbitrage Pricing Model 143
Explanation of the APT Model 143
APM Formula 144
Summary 147
Part III. Other Topics Related to Cost of Capital 149
15. Minority versus Control Implications of Cost of Capital Data 151
Minority versus Control Has Little or No Impact on
Cost of Capital 153
Company Efficiency versus Shareholder Exploitation 154
Impact of the Standard of Value 155
Under What Circumstances Should a Control Premium
Be Applied? 155
A Tale of Two Markets 156
Many Takeovers at Less Than Public Trading Price 157
Summary 163
16. Handling the Discount for Lack of Marketability 165
Discrete Percentage Discount for Lack of Marketability 165
Building the Discount for Lack of Marketability into the
Discount Rate 173
Summary 174
17. How Cost of Capital Relates to the Excess Earnings
Method of Valuation 176
Basic Excess Earnings Valuation Method 178
Cost of Capital Reasonableness Check 18°
Vagaries of the Excess Earnings Method 182
Summary 183
18. Common Errors in Estimation and Use of Cost of Capital 184
Confusing Discount Rates with Capitalization Rates 1®5
Using the Firm s Cost of Capital to Evaluate a More or Less
Risky Acquisition or Project 185
Contents xiii
Mistaking Historical Rates of Return for Expected Rates of
Return 185
Mismatching the Discount Rate with the Economic Income
Measure 186
Performing an Excess Earnings Method Valuation That Results
in an Unrealistic Cost of Capital 188
Projecting Growth beyond That Which the Capital Being
Valued Will Support 189
Internally Inconsistent Capital Structure Projection 190
Assumptions That Produce a Standard of Value Other Than
That Specified in the Valuation Engagement 190
Incorrect or Inadequately Supported Data in Estimating the
Cost of Equity 190
Summary 191
19. Cost of Capital in the Courts 193
Cost of Capital in Shareholder Disputes 193
Cost of Capital in the Tax Court 194
Cost of Capital in Family Law 197
Cost of Capital in Bankruptcy Reorganizations 198
Cost of Capital Included in Damages 202
Cost of Capital in Utility Rate setting 203
Taxicab Lease Rates 204
Summary 205
20. Cost of Capital in Ad Valorem Taxation 207
Carl R.E. Hoemke
Introduction to Ad Valorem Taxation 208
Some Examples of Law That Promulgates the Definition of
Income to Discount 209
General Categories of Legislative Constraints Where
Adjustments to the Cost of Capital Are Necessary 209
Cost of Capital in a Constant, Perpetual Cash Flow Scenario 210
Different Types of Adjustments 210
Other Adjustments to the Cost of Capital 221
Summary 223
21. Capital Budgeting and Feasibility Studies 224
Invest for Returns above Cost of Capital 224
DCF Is Best Corporate Decision Model 225
Focus on Net Cash Flow 225
Adjusted Present Value Analysis 225
Use Target Cost of Capital over Life of Project 227
Summary 227
xiv Contents
22. Central Role of Cost of Capital in Economic Value Added 229
Joel M. Stern, G. Bennett Stewart III, and Donald H. Chew Jr.
EVA Financial Management System 232
EVA and the Corporate Reward System 233
Summary 237
Appendixes 239
Appendix A Bibliography 241
Appendix B Courses and Conferences 252
Appendix C Data Resources 254
Appendix D Developing Cost of Capital (Capitalization Rates
and Discount Rates) Using ValuSource PRO
Software 264
Z. Christopher Mercer, ASA, CFA
Appendix E Iterative Process Using CAPM to Calculate the
Cost of Equity Component of the Weighted
Average Cost of Capital 274
Harold G. Martin, Jr., MBA, CPA/ABV, ASA, CFE
Appendix F International Glossary of Business Valuation 292
Terms
Appendix G Converting After tax Discount Rates to Pretax
Discount Rates 300
CPE Self study Examination 303
Index 314
|
| adam_txt |
Contents
List of Exhibits xv
Foreword xvii
Preface xix
Acknowledgments xxiii
Introduction xxv
Notation System Used in This Book xxviii
Part I. Cost of Capital Basics 1
1. Defining Cost of Capital 3
Components of a Company's Capital Structure 4
Cost of Capital Is a Function of the Investment 5
Cost of Capital Is Forward Looking 5
Cost of Capital Is Based on Market Value, Not Book Value 6
Cost of Capital Is Usually Stated in Nominal Terms 6
Cost of Capital Equals Discount Rate 6
Discount Rate Is Not the Same as Capitalization Rate 7
Summary 7
2. Introduction to Cost of Capital Applications: Valuation and
Project Selection 9
Net Cash Flow Is the Preferred Economic Income Measure 9
Cost of Capital Is the Proper Discount Rate 10
Present Value Formula 11
Example: Valuing a Bond 11
Relationship of Discount Rate to Capitalization Rate 12
Applications to Businesses, Business Interests, Projects, and
Divisions 13
Summary 13
3. Net Cash Flow: The Preferred Measure of Return 15
Defining Net Cash Flow 15
x Contents
Net Cash Flows Should Be Probability Weighted Expected
Values 17
Why Net Cash Flow Is the Preferred Measure of Economic
Income 19
Summary 20
4. Discounting versus Capitalizing 21
Capitalization Formula 22
Example: Valuing a Preferred Stock 22
Functional Relationship between Discount Rate and
Capitalization Rate 23
Major Difference between Discounting and Capitalizing 25
Gordon Growth Model 25
Combining Discounting and Capitalizing (Two stage Model) 26
Equivalency of Discounting and Capitalizing Models 29
Midyear Convention 30
Converting from After tax Rate to Pretax Rate 32
Summary 32
5. Relationship between Risk and the Cost of Capital 34
Defining Risk 34
Types of Risk 35
How Risk Impacts the Cost of Capital 36
Cost of Equity Capital 37
Cost of Conventional Debt and Preferred Equity Capital 37
Cost of Overall Invested Capital 37
Summary 37
6. Cost Components of a Company's Capital Structure 39
Debt 40
Preferred Equity 41
Convertible Debt or Preferred Stock 42
Common Stock or Partnership Interests 42
Summary 43
7. Weighted Average Cost of Capital 45
When to Use Weighted Average Cost of Capital 45
Weighted Average Cost of Capital Formula 46
Computing WACC for a Public Company 46
Computing WACC for a Private Company 48
Should an Actual or a Hypothetical Capital Structure Be Used? 52
Summary 52
Contents xi
Part II. Estimating the Cost of Equity Capital 55
8. Build up Models 57
Formula for the Equity Cost of Capital Build up Model 58
Risk free Rate 58
Equity Risk Premium 60
Small Stock Premium 64
Company specific Risk Premium 65
Example of a Build up Model 67
Summary 68
9. Capital Asset Pricing Model 70
Concept of Systematic Risk 70
Background of the Capital Asset Pricing Model 71
Systematic and Unsystematic Risk 71
Using Beta to Estimate Expected Rate of Return 72
Expanding CAPM to Incorporate Size Premium and Specific Risk 75
Expanded CAPM Cost of Capital Formula 76
Assumptions Underlying the Capital Asset Pricing Model 77
Recent Research on the Equity Risk Premium 78
Summary 78
10. Proper Use of Betas 80
Estimation of Beta 80
Differences in Estimation of Beta 82
Levered and Unlevered Betas 83
Modified Betas: Shrunk and Lagged 86
Summary 87
11. Size Effect 90
Ibbotson Associates Studies 90
Standard Poor's Corporate Value Consulting Studies
(formerly the PricewaterhouseCoopers Studies) 93
Extension of Data to Smaller Size Categories:
Results from the Pratt's Stats™ Database 99
Summary 107
12. DCF Method of Estimating Cost of Capital 109
Theory of the DCF Method 109
Mechanics of the DCF Method 110
Single stage DCF Model 110
Multistage DCF Models 113
Sou rces of I nformation 115
Summary 115
xii Contents
13. Using Ibbotson Associates Cost of Capital Data 116
Michael W. Barad and Tara McDowell
Stocks, Bonds, Bills and Inflation 117
Cost of Capital Yearbook 128
Ibbotson Beta Book 134
Cost of Capital Center 139
14. Arbitrage Pricing Model 143
Explanation of the APT Model 143
APM Formula 144
Summary 147
Part III. Other Topics Related to Cost of Capital 149
15. Minority versus Control Implications of Cost of Capital Data 151
Minority versus Control Has Little or No Impact on
Cost of Capital 153
Company Efficiency versus Shareholder Exploitation 154
Impact of the Standard of Value 155
Under What Circumstances Should a Control Premium
Be Applied? 155
A Tale of Two Markets 156
Many Takeovers at Less Than Public Trading Price 157
Summary 163
16. Handling the Discount for Lack of Marketability 165
Discrete Percentage Discount for Lack of Marketability 165
Building the Discount for Lack of Marketability into the
Discount Rate 173
Summary 174
17. How Cost of Capital Relates to the Excess Earnings
Method of Valuation 176
Basic "Excess Earnings" Valuation Method 178
Cost of Capital Reasonableness Check 18°
Vagaries of the Excess Earnings Method 182
Summary 183
18. Common Errors in Estimation and Use of Cost of Capital 184
Confusing Discount Rates with Capitalization Rates 1®5
Using the Firm's Cost of Capital to Evaluate a More or Less
Risky Acquisition or Project 185
Contents xiii
Mistaking Historical Rates of Return for Expected Rates of
Return 185
Mismatching the Discount Rate with the Economic Income
Measure 186
Performing an Excess Earnings Method Valuation That Results
in an Unrealistic Cost of Capital 188
Projecting Growth beyond That Which the Capital Being
Valued Will Support 189
Internally Inconsistent Capital Structure Projection 190
Assumptions That Produce a Standard of Value Other Than
That Specified in the Valuation Engagement 190
Incorrect or Inadequately Supported Data in Estimating the
Cost of Equity 190
Summary 191
19. Cost of Capital in the Courts 193
Cost of Capital in Shareholder Disputes 193
Cost of Capital in the Tax Court 194
Cost of Capital in Family Law 197
Cost of Capital in Bankruptcy Reorganizations 198
Cost of Capital Included in Damages 202
Cost of Capital in Utility Rate setting 203
Taxicab Lease Rates 204
Summary 205
20. Cost of Capital in Ad Valorem Taxation 207
Carl R.E. Hoemke
Introduction to Ad Valorem Taxation 208
Some Examples of Law That Promulgates the Definition of
Income to Discount 209
General Categories of Legislative Constraints Where
Adjustments to the Cost of Capital Are Necessary 209
Cost of Capital in a Constant, Perpetual Cash Flow Scenario 210
Different Types of Adjustments 210
Other Adjustments to the Cost of Capital 221
Summary 223
21. Capital Budgeting and Feasibility Studies 224
Invest for Returns above Cost of Capital 224
DCF Is Best Corporate Decision Model 225
Focus on Net Cash Flow 225
Adjusted Present Value Analysis 225
Use Target Cost of Capital over Life of Project 227
Summary 227
xiv Contents
22. Central Role of Cost of Capital in Economic Value Added 229
Joel M. Stern, G. Bennett Stewart III, and Donald H. Chew Jr.
EVA Financial Management System 232
EVA and the Corporate Reward System 233
Summary 237
Appendixes 239
Appendix A Bibliography 241
Appendix B Courses and Conferences 252
Appendix C Data Resources 254
Appendix D Developing Cost of Capital (Capitalization Rates
and Discount Rates) Using ValuSource PRO
Software 264
Z. Christopher Mercer, ASA, CFA
Appendix E Iterative Process Using CAPM to Calculate the
Cost of Equity Component of the Weighted
Average Cost of Capital 274
Harold G. Martin, Jr., MBA, CPA/ABV, ASA, CFE
Appendix F International Glossary of Business Valuation 292
Terms
Appendix G Converting After tax Discount Rates to Pretax
Discount Rates 300
CPE Self study Examination 303
Index 314 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Pratt, Shannon P. 1933-2021 |
| author_GND | (DE-588)142483109 |
| author_facet | Pratt, Shannon P. 1933-2021 |
| author_role | aut |
| author_sort | Pratt, Shannon P. 1933-2021 |
| author_variant | s p p sp spp |
| building | Verbundindex |
| bvnumber | BV022403362 |
| classification_rvk | QP 720 |
| ctrlnum | (OCoLC)452115769 (DE-599)BVBBV022403362 |
| dewey-full | 658.1522 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.1522 |
| dewey-search | 658.1522 |
| dewey-sort | 3658.1522 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| genre | (DE-588)4143389-0 Aufgabensammlung gnd-content |
| genre_facet | Aufgabensammlung |
| geographic | USA (DE-588)4078704-7 gnd |
| geographic_facet | USA |
| id | DE-604.BV022403362 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T17:19:09Z |
| indexdate | 2024-07-09T20:56:50Z |
| institution | BVB |
| isbn | 0471228966 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-015611965 |
| oclc_num | 452115769 |
| open_access_boolean | |
| owner | DE-N2 DE-188 |
| owner_facet | DE-N2 DE-188 |
| physical | XXIV, 144 S. |
| publishDate | 2002 |
| publishDateSearch | 2002 |
| publishDateSort | 2002 |
| publisher | Wiley |
| record_format | marc |
| spelling | Pratt, Shannon P. 1933-2021 Verfasser (DE-588)142483109 aut Cost of capital workbook Shannon P. Pratt 2. ed. New York [u.a.] Wiley 2002 XXIV, 144 S. txt rdacontent n rdamedia nc rdacarrier Valuation Problems, exercises, etc. Private companies Valuation Problems, exercises, etc. Capital investments Problems, exercises, etc. Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Kostenschätzung (DE-588)4114297-4 gnd rswk-swf Kapitalkosten (DE-588)4135348-1 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf USA (DE-588)4078704-7 gnd rswk-swf (DE-588)4143389-0 Aufgabensammlung gnd-content USA (DE-588)4078704-7 g Kapitalkosten (DE-588)4135348-1 s DE-604 Kostenschätzung (DE-588)4114297-4 s Finanzmanagement (DE-588)4139075-1 s DE-188 Unternehmensbewertung (DE-588)4078594-4 s http://digitool.hbz-nrw.de:1801/webclient/DeliveryManager?application=DIGITOOL-3&owner=resourcediscovery&custom_att_2=simple_viewer&user=GUEST&pid=1567276 Cost of capital workbook Inhaltsverzeichnis HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015611965&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Pratt, Shannon P. 1933-2021 Cost of capital workbook Valuation Problems, exercises, etc. Private companies Valuation Problems, exercises, etc. Capital investments Problems, exercises, etc. Finanzmanagement (DE-588)4139075-1 gnd Kostenschätzung (DE-588)4114297-4 gnd Kapitalkosten (DE-588)4135348-1 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4139075-1 (DE-588)4114297-4 (DE-588)4135348-1 (DE-588)4078594-4 (DE-588)4078704-7 (DE-588)4143389-0 |
| title | Cost of capital workbook |
| title_auth | Cost of capital workbook |
| title_exact_search | Cost of capital workbook |
| title_exact_search_txtP | Cost of capital workbook |
| title_full | Cost of capital workbook Shannon P. Pratt |
| title_fullStr | Cost of capital workbook Shannon P. Pratt |
| title_full_unstemmed | Cost of capital workbook Shannon P. Pratt |
| title_short | Cost of capital |
| title_sort | cost of capital workbook |
| title_sub | workbook |
| topic | Valuation Problems, exercises, etc. Private companies Valuation Problems, exercises, etc. Capital investments Problems, exercises, etc. Finanzmanagement (DE-588)4139075-1 gnd Kostenschätzung (DE-588)4114297-4 gnd Kapitalkosten (DE-588)4135348-1 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Valuation Problems, exercises, etc. Private companies Valuation Problems, exercises, etc. Capital investments Problems, exercises, etc. Finanzmanagement Kostenschätzung Kapitalkosten Unternehmensbewertung USA Aufgabensammlung |
| url | http://digitool.hbz-nrw.de:1801/webclient/DeliveryManager?application=DIGITOOL-3&owner=resourcediscovery&custom_att_2=simple_viewer&user=GUEST&pid=1567276 http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015611965&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT prattshannonp costofcapitalworkbook |
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Inhaltsverzeichnis