Quantitative business valuation: a mathematical approach for today's professionals
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hoboken, NJ
Wiley
2010
|
| Ausgabe: | 2. ed. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes index. |
| Beschreibung: | XXVIII, 636 Seiten Illustrationen, Diagramme |
| ISBN: | 9780470390160 |
Internformat
MARC
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| 100 | 1 | |a Abrams, Jay B. |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Quantitative business valuation |b a mathematical approach for today's professionals |c Jay B. Abrams |
| 250 | |a 2. ed. | ||
| 264 | 1 | |a Hoboken, NJ |b Wiley |c 2010 | |
| 300 | |a XXVIII, 636 Seiten |b Illustrationen, Diagramme | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes index. | ||
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| 650 | 0 | 7 | |a Unternehmensbewertung |0 (DE-588)4078594-4 |2 gnd |9 rswk-swf |
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Datensatz im Suchindex
| _version_ | 1805076013091127296 |
|---|---|
| adam_text |
Contents
List of Tables and Figures
Introduction
Acknowledgments
Xlii
xxi
xxvii
PART
Ι
FORECASTING CASH FLOW
CHAPTER
1
Cash Flow: A Mathematical Derivation
Introduction
The Mathematical Model
Analysis of the Mathematical Model
Summary
References
7
11
25
27
27
CHAPTER
2
Forecasting Cash Flow: Mathematics of the Payout Ratio
Introduction
The Mathematics
Forecasting Gross Cash Flow Is Incorrect
Conclusion
References
29
31
32
43
44
44
CHAPTER
3
Using Regression Analysis
Introduction
Forecasting Costs and Expenses
Performing Regression Analysis
Use of Regression Statistics to Test the Robustness of
the Relationship
Problems with Regression Analysis for Forecasting
Costs
Using Regression Analysis to Forecast Sales
Autocorrelation in Time Series Analysis
45
47
48
51
52
63
64
69
vu
Vlil
Contents
Application
of Regression Analysis to the Guideline Company
(GC) Methods
69
Summary
73
References
74
APPENDIX
ЗА
The ANOVA Table (Table A3.1, Rows
28-32) 75
CHAPTER
4
Annuity Discount Factors and the Gordon Model
79
Introduction
81
ADF with End-of-Year Cash Flows
83
Midyear Cash Flows
91
Starting Periods Other Than Year
1 93
Periodic Perpetuity Factors (PPFs): Perpetuities for Periodic
Cash Flows
101
ADFs in Loan Mathematics
107
Relationship of the Gordon Model to the Price/Earnings and
Price/Sales Ratios
110
The Bias in Annual (versus Monthly) Discounting
Is Immaterial
113
Conclusions
119
References
121
APPENDIX 4A Mathematical Appendix
123
APPENDIX 4B Mathematical Appendix: Monthly ADFs
141
PART II CALCULATING DISCOUNT RATES
CHAPTER
5
Discount Rates as a Function of Log Size
Research Included in the First Edition
Table
5.1:
Analysis of Historical Stock Returns
Application of the Log Size Model
Discussion of Models and Size Effects
Industry Effects
The Wedge between Public and Private Firm
Valuations
Satisfying Revenue Ruling
59-60
Summary and Conclusions
References
145
149
151
152
167
181
191
192
196
198
199
APPENDIX 5A Automating Iteration Using Newton's Method
203
Contents
їх
APPENDIX
5В
Mathematical Appendix
207
APPENDIX 5C Abbreviated Review and Use
211
CHAPTER
6
Arithmetic versus Geometric Means: Empirical Evidence
and Theoretical Issues
223
Introduction
225
Theoretical Superiority of the Arithmetic Mean
226
Empirical Evidence of the Superiority of the
Arithmetic Mean
227
Indro
and Lee Article
232
References
233
CHAPTER
7
An Iterative Valuation Approach
235
Introduction
237
Equity Valuation Method
237
Invested Capital Approach
243
Log Size
245
Summary
245
References
247
PART III ADJUSTING FOR CONTROL AND MARKETABILITY
CHAPTER
8
Adjusting for Levels of Control and Marketability
Introduction
The Value of Control and Adjusting for Level
of Control
Discount for Lack of Marketability (DLOM)
Conclusion
References
APPENDIX 8A Mathematical Appendix
249
253
257
257
301
358
359
365
PART IV PUTTING IT ALL TOGETHER
CHAPTER
9
Empirical Testing of Abrams's Valuation Theory
Introduction
Table
9.1:
Log Size for
1938-1986
Table
9.2:
Reconciliation to the
IBA
Database
Calculation of DLOM
375
377
379
380
382
387
Contents
Interpretation
of the Error
Conclusion
References
CHAPTER
10
Measuring Valuation Uncertainty and Error
Introduction
Measuring Valuation Uncertainty
Measuring the Effects of Valuation Error
Summary and Conclusions
Reference
400
401
401
403
405
406
410
422
423
PART V
CHAPTER
11
LmGATION
425
CHAPTERS
Demonstrating Expert Bias
427
Introduction
429
Market Methods
429
A Balanced DCF Valuation
432
Summary
434
Lost Inventory and Lost Profits Damage Formulas in Litigation
435
Introduction
437
Commentary to Table
12.1:
Sample Damage Calculations with
VM=
$95
438
Table
12.
IB·. Lost Profits Formulas Based on EBITDA for Lost
Sales on Inventory Never Produced
445
When Reality May Vary with Our Assumptions
446
Modification of Formulas for Wholesale
and Retail Businesses
447
Legal Treatment
447
Summary
448
Reference
448
PART VI VALUING ESOPs AND BUYOUTS OF PARTNERS AND
SHAREHOLDERS
CHAPTER
13
ESOPs: Measuring and Apportioning Dilution
Introduction
Definitions of Dilution
Table
13.1:
Calculation of Lifetime ESOP Costs
The Direct Approach
449
451
453
454
456
457
Contents
XI
The Iterative
Approach
466
Summary
469
References
474
APPENDIX 13A Mathematical Appendix
475
CHAPTER
14
The Trade-off in Selling to an ESOP versus an Outside Buyer
477
Section
1:
Introduction
479
Section
2:
Advantages and Disadvantages of Selling to an
ESOP versus a Third Party
480
Section
3:
The Mathematics
481
Section
4:
Sample Calculations in the Tables
486
Section
5:
Conclusion
494
References
494
CHAPTER
15
Buyouts of Partners and Shareholders
497
Introduction
499
Table
15.1:
Pre-
and Post-Transaction Valuations
499
Table
15.2:
Dilution in
FMV
as a Result of the Partner Buyout
501
Sharing the Dilution
503
Conclusion
506
PART
VII
PROBABILISTIC METHODS
507
CHAPTER
16
Valuing Start-Ups
511
Issues Unique to Start-Ups
513
Organization of the Chapter
513
Part
1:
First Chicago Approach
514
Venture Capital Valuation Approach
520
Part
2:
Debt Restructuring Study
521
Part
3:
Exponentially Declining Sales Growth Model
534
References
536
CHAPTER
17
Monte Carlo Risk Simulation, by Dr. Johnathan
Mun
539
What Is Monte Carlo Risk Simulation?
541
Comparing Simulation with Traditional Analyses
543
Running a Monte Carlo Simulation Using Risk Simulator
543
Using Forecast Charts and Confidence Intervals
554
Tornado and Sensitivity Tools in Simulation
556
Sensitivity Analysis
563
Distributional Fitting: Single Variable and Multiple Variables
567
Getting the Risk Simulator Software
571
XU
Contents
CHAPTER
18
Real Options, by Dr. Johnathan
Mun
Part
1:
Introduction to Real Options
Part
2:
Traditional Valuation Approaches
Part
3:
Application: Real Options SLS Software
573
575
585
597
Glossary
About the Author
Index
617
621
623 |
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| id | DE-604.BV036456283 |
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| isbn | 9780470390160 |
| language | English |
| lccn | 2009042697 |
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| spelling | Abrams, Jay B. Verfasser aut Quantitative business valuation a mathematical approach for today's professionals Jay B. Abrams 2. ed. Hoboken, NJ Wiley 2010 XXVIII, 636 Seiten Illustrationen, Diagramme txt rdacontent n rdamedia nc rdacarrier Includes index. Methode (DE-588)4038971-6 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 s Methode (DE-588)4038971-6 s b DE-604 Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020328268&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Abrams, Jay B. Quantitative business valuation a mathematical approach for today's professionals Methode (DE-588)4038971-6 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4038971-6 (DE-588)4078594-4 |
| title | Quantitative business valuation a mathematical approach for today's professionals |
| title_auth | Quantitative business valuation a mathematical approach for today's professionals |
| title_exact_search | Quantitative business valuation a mathematical approach for today's professionals |
| title_full | Quantitative business valuation a mathematical approach for today's professionals Jay B. Abrams |
| title_fullStr | Quantitative business valuation a mathematical approach for today's professionals Jay B. Abrams |
| title_full_unstemmed | Quantitative business valuation a mathematical approach for today's professionals Jay B. Abrams |
| title_short | Quantitative business valuation |
| title_sort | quantitative business valuation a mathematical approach for today s professionals |
| title_sub | a mathematical approach for today's professionals |
| topic | Methode (DE-588)4038971-6 gnd Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Methode Unternehmensbewertung |
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