Business valuation discounts and premiums:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
New York
Wiley
2009
|
| Edition: | 2. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis Klappentext |
| Physical Description: | XXIX, 472 S. |
| ISBN: | 9780470371480 |
Staff View
MARC
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Record in the Search Index
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| adam_text | Contents
List of Exhibits
xv
About the Author
xix
About the Contributing Authors
xxi
Foreword
xxv
Preface
xxvii
Acknowledgments
xxix
1
Overview of Business Valuation Discounts and Premiums
and the Bases to Which They Are Applied
1
Discounts and Premiums Are Big-Money Issues
2
Entity Level versus Shareholder Level Discounts and Premiums
3
How the Valuation Approaches Used Affect the Level of Value
8
Use of Public Company Data to Quantify Discounts and Premiums
9
How the Standard of Value Affects Discounts and Premiums
10
American Society of Appraisers Business Valuation Standard
VII:
Valuation Discounts and Premiums
12
Summary
13
2
Minority Discounts and Control Premiums
15
Relevant Definitions
16
Basic Minority/Control Value Relationship
16
Prerogatives of Control
17
Factors Affecting Degree of Control
18
How the Valuation Methodology Affects the Minority Discount
or Control Premium
75
Do Publicly Traded Minority Stock Prices Reflect Control Value ?
¿9
Treatment of Control Premiums in the Delaware Courts
35
How the Purpose of the Valuation Affects Minority Discounts
or Control Premiums
3/
Summary
38
3
Empirical Data Regarding
Minorit}
Discounts
and Control Premiums
41
Premiums Paid in Acquisitions
41
Identifying Industries with Higher or Lower Control Premiums
62
Caveats Regarding Use of Control Premium Data
63
Are Control Premiums Too High?
65
Percentage Discounts from Net Asset Value
66
Summary
66
4
Minority Discounts and Control Premiums in the Courts
68
Gift, Estate, and Income Tax Cases
70
Discounts for Lack of Control in Employee Stock Ownership Plan Cases
74
Dissenting Shareholder Cases
75
Shareholder Oppression Cases
80
Marital Dissolution Cases
80
Bankruptcy Case
82
Summary
82
5
Discounts for Lack of Marketability for Minority Interests:
Concept and Evidence
86
Public Market Benchmark for Marketability
86
Empirical Evidence to Quantify Discounts for Lack of Marketability
87
Restricted Stock Studies
88
Pre-Initial Public Offering Discount for Lack of Marketability Studies
90
Courts Aversion to Benchmarking
91
Regulatory and Court Recognition of Empirical Marketability
Discount Studies
92
Summary
92
6
Synopsis of Restricted Stock Studies
95
Securities and Exchange Commission Institutional Investor Study
96
Gelman Study
100
Trout Study
100
Moroney Study
101
Maher Study
101
Standard Research Consultants Study
101
Silber
Study
101
FMV
Opinions Study
103
Management Planning Study
104
Johnson Study
110
Columbia Financial Advisors Study
110
LiquiStat Database
111
Summary
111
7
LiquiStat Database (Restricted Stocks, Options, Warrants, and
Convertible Securities)
113
Restricted Stock as a Basis
114
Biases Beyond Illiquidity in Traditional Restricted Stock Studies
114
How LiquiStat Is Different
115
Options and Warrants in LiquiStat
116
Convertible Securities in LiquiStat
117
Summary
117
8
Blockage
Discounts 118
Blockage Is Distinct from Restricted Stock
119
Factors to Analyze in Quantifying Blockage Discounts 1
19
Must Consider Ways of Selling Stock
122
Price Pressure and Market Exposure
122
Block Buyer Could Ameliorate Blockage Discount
1
Ύ?
Blockage Discounts Recognized in Estate and Gift Tax Regulations 1
7 .)
Blockage Discounts in U.S. Tax Court
і
23
Financial Accounting Standards That May Affect
Blockage Discounts
126
Blockage Discounts Used to Estimate
Illiquidi
ty Discounts
126
Summary
126
9
John Emory Pre-Initial Public Offering Discount for Lack
of Marketability Studies
—
Complete Underlying Data
128
Study
#1:
Adjusted Study, January 1980-June
1981 129
Study
#2:
Adjusted Study, January 1985-June
1986 129
Study
#3:
Adjusted Study, August 1987-January
1989 130
Study
#4:
Adjusted Study, February 1989-July
1990 130
Study
#5:
Adjusted Study, August 1990-January
1992 130
Study
#6:
Adjusted Study, February 1992-July
1993 130
Study
#7:
Adjusted Study, January 1994-June
1995 131
Study
#8:
Adjusted Study, November 1995-April
1997 131
Study
#9:
Adjusted Study, Dot-Com Companies,
May
1
997-March
2000 131
Study
#10:
Adjusted Expanded Study, May
1
997-December
2000 133
Summary
133
10
Valuation Advisors Discount for Lack of Marketability Study
182
Description of Study
182
Results of Study
184
Summary
185
11
Factors Affecting Discounts
fot bacìe
of Marketability
for Minority Interests
ľ
Zi
Size of Distributions
187
Prospects for Liquidity
19
1
Pool of Potential Buyers
193
Risk Factors
194
Summary
198
12
Discounts for Lack of Marketability for Controlling Interests
200
Discounts for Lack of Marketability for Controlling
Interests: A Controversial Concept
202
Control, Marketable Is an Oxymoron
202
Bases
from Which Controlling Interest Discounts for
Lack of Marketability May Be Deducted
202
Factors Affecting Controlling Interest Discounts for
Lack of Marketability
204
Public versus Private Company Acquisition Multiples
207
Court Treatment of Controlling Interest Discounts for Lack of Marketability
210
Summary
211
13
The Quantitative Marketability Discount Model: A Shareholder Level
DCF Model
213
Introduction
213
The Structure of the Shareholder Level DCF Model
214
A Visual Representation of the Shareholder Level DCF Model
217
Factors Contributing to Marketability Discounts
218
Summary
223
14
Marketability Discounts in the Courts
—
Minority Interests
225
Gift and Estate Tax Cases
227
Employee Stock Ownership Plan Case
231
Dissenting Shareholder Cases
232
Minority Oppression Cases
234
Marital Dissolution Cases
234
Summary
238
15
Marketability Discounts in the Courts
—
Controlling Interests
241
Gift and Estate Tax Cases
241
Marital Dissolution Cases
243
Summary
244
16
Voting versus Nonvoting Stock 24S
Voting versus Nonvoting Stock Scenarios
245
Empirical Studies Show Little Differential for Small Minority Interests
246
Transactions Involving Premiums for Control Blocks
251
Court Cases Involving Voting versus Nonvoting Stock
251
Summary
258
17
Key Person Discounts and Premiums
260
Empirical Evidence Supports Key Person Discount
261
Internal Revenue Service Recognizes Key Person Discount
263
Factors to Consider in Analyzing the Key Person Discount
264
Quantifying the Magnitude of the Key Person Discount
265
U.S. Tax Court Cases Involving Key Person Discounts
266
Key Person Discounts in Marital Dissolutions
270
Key Person Discounts in Other Types of Cases
272
Summary
274
18 Discounts
for
Trapped-In Capital
Gains Taxes
276
Rationale
for
Trapped-In Capital
Gains Tax
Discount 277
General Utilities
Doctrine
277
Tax Court Recognizes Trapped-in Capital Gains
278
Internal Revenue Service Acquiesces to Trapped-In
Capital Gains Discount
2.79
Subsequent Tax Cases Regularly Recognize Trapped-In
Capital Gains Tax Discount
280
Trapped-In Capital Gains in Dissenting Stockholder Actions
282
Trapped-In Capital Gains in Bankruptcy Court
283
Trapped-In Capital Gains Taxes in Marital Dissolutions
283
Treatment of Capital Gains Tax Liability
286
Treatment of Capital Gains Tax Liability in
S
Corporations
288
Summary
288
19
Nonhomogeneous Assets ( Portfolio ) Discounts
291
Portfolio Discount Principle
291
Empirical Evidence Supporting Portfolio Discounts
292
How to Value Companies with Disparate Portfolios
294
Quantifying the Portfolio Discount
295
Portfolio Discounts in the Courts
295
Summary
298
20
Discounts for Environmental, Litigation, and Other
Contingent Liabilities
300
Concept of the Contingent Liability Discount
300
Financial Accounting Standard
#5
May Provide Guidance
in Quantifying Contingent Liabilities
301
Treatment of Contingencies in the U.S. Tax Court
301
Treatment of Contingencies in Marital Dissolution
304
Summary
304
21
Discount Adjustments for Limited Parrocvdiip
Lrśe^cis
and Other Asset Management Entities
, Ζί
Introduction
307
Partnership Features
307
Other State Law and Regulatory Issues
308
Compliance with Federal Income Tax Regulations
308
Compliance with Federal Transfer Tax Regulations
309
Analysis of Ownership and Classes of Interests
309
Analysis of Underlying Adjusted Net Asset Value
310
Analysis of Income Capacity Value
310
Valuation of Noncontrolling Entity Interests
311
Discounts for Lack of Control and Marketability
ЗІЗ
Court Cases Regarding Limited Partnership Values
315
Summary
321
22
Adjusting Values for Differences in Size
323
Income Approach
323
Market Approach
325
Criticisms of the Size Premium
329
Court Cases Involving the Size Premium
329
Summary
334
Sources of Additional Data
334
23
Discounts and Premiums in ESOP Valuations
337
ESOP Definition, Types, and Benefits
337
Adequate Consideration for ESOP Valuation Purposes
338
Control Premiums in ESOP Valuations
339
Discounts for Lack of Marketability in ESOP Valuations
339
ESOP Court Cases
340
Summary
344
24
Discounts and Premiums in Divorce Disputes
345
Control Premiums in Divorce
345
Discounts for Lack of Marketability in Divorce
345
Discounts for Lack of Voting Rights in Divorce
346
Key Person Discounts in Divorce
346
The Effective Discount for Personal Goodwill in Divorce
346
Active versus Passive Appreciation
347
Summary
347
25
Discounts and Premiums in Corporate and Partnership
Dissolution and Oppression Cases
349
Dissolution for Shareholder (Partner) Oppression
349
Discounts
351
California Oppression Cases
357
Delaware s Approach
359
Summary
360
26
Discounts and Premiums in Fair Value for Financial Reporting
362
Introduction
362
Fair Value of Reporting Units
363
Fair Value of Share-Based Compensation
369
Summary
371
Additional Reading
371
27
Premium and Discount Issues in Undivided Interest Valuations
372
Description and Characteristics of Undivided Interests
373
Appraisal of Assets in Fee-Simple Interest
376
Factors Affecting the Value of an Undivided Interest
379
Valuation Adjustments for Undivided Interests
381
Court Decisions Related to Undivided Interest Discounts
389
Summary
395
28
Common Errors in Applying Discounts and Premiums
397
Using Synergistic Acquisition Premiums to Quantify
Premiums for Control
398
Assuming That the Discounted Cash Flow Valuation Method
Always Produces a Minority Value
398
Assuming That the Guideline Public Company Method
Always Produces a Minority Value
398
Valuing Underlying Assets Rather Than Stock
or Partnership Interests
399
Using Minority Interest Marketability Discount Data to Quantify
Marketability Discounts for Controlling Interests
399
Using Only Restricted Stock Studies (and Not Pre-Initial
Public Offering Studies) as Benchmark for Discounts
for Lack of Marketability
399
Inadequate Analysis of Relevant Factors
400
Indiscriminate Use of Average Discounts or Premiums
400
Applying (or Omitting) a Premium or Discount
Inappropriately for the Legal Context
400
Applying Discounts or Premiums to the Entire Capital
Structure Rather than Only to Equity
401
Quantifying Discounts or Premiums Based on Past Court Cases
401
Using an Asset Appraiser to Quantify Discounts or
Premiums for Stock or Partnership Interests
401
Summary
401
Appendix A Bibliography
403
Books
403
Articles
404
Periodicals
407
Appendix
В
Data Resources
410
Control Premiums/Minority Discounts
410
Discounts for Lack of Marketability
410
Discounts from Net Asset Value for Limited Partnership Interests
417,
Discounts from Net Asset Value for REITs and REOCs
413
Discounts from Net Asset Value for Closed-End Investment Funds
4
і З
Discount and Capitalization Rates
414
Appendix
С
How Much Can Marketability Affect Security Values?
416
I. The Framework
417
II. The Upper Bound
418
III. A Comparison
420
IV. Conclusion
422
References
422
Appendix D Internal Revenue Service Revenue Ruling
77-287 424
Section
1.
Purpose
424
Sec.
2.
Nature of the Problem
424
Sec.
3.
Background and Definitions
424
Sec.
4.
Securities Industry Practice in Valuing Restricted Securities
425
Sec.
5.
Facts and Circumstances Material to Valuation
of Restricted Securities
427
Sec.
6.
Weighing Facts and Circumstances Material
to Restricted Stock Valuation
428
Sec.
7.
Effect on Other Documents
429
Appendix
E
Securities and Exchange Commission Rules
144
and 144A
430
History
442
Appendix
F
Table of Cases
448
Index
455
Discounts
and premiums do not just affect
the value of a company; they play a crucial
role in influencing a host of other factors and
conditions that can make or break a deal. When
it comes to business valuations, it s the busi¬
ness appraiser s responsibility to be intimately
knowledgeable with every aspect of discounts
and premiums: the different types, the situations
when they may or may not apply, and how to
quantify them.
In this newly updated edition of Business
Valuation: Discounts and Premiums, Shannon
Pratt
—
one of the nation s most recognized
and respected business valuation consultants
—
brings together the latest collective wisdom and
knowledge about all major business discounts
and premiums.
Addressing the three basic approaches to con¬
ducting a valuation
—
the income approach, the
market approach, and the asset approach—Shan¬
non Pratt deftly and logically details the different
discounts or premiums that may be applicable,
depending on the basic valuation approach used,
and how the valuation approaches used affect
the level.
Clearly written and thorough, Business Valuation:
Discounts and Premiums, Second Edition provides
business appraisers, accountants, attorneys, and
business owners with an arsenal of information
for their professional toolkit that can be applied
to every major evaluation case they might face
in any deal.
This updated edition features timely, compre¬
hensive coverage on:
•
Strategic acquisitions
•
Extensive empirical data
•
Pre-IPO marketability discount studies
•
Merger and acquisition negotiations,
empirical evidence from completed
transactions, and positions taken by
courts in litigations
•
Strategic acquisition premiums
•
Studies on minority discounts
■
Detailed, authoritative, and complete in its
coverage, Business Valuation: Discounts and
Premiums, Second Edition gets to the core of one
of the more complex challenges faced by busi¬
ness appraisers, and arms readers with the under¬
standing and techniques needed to successfully
meet and exceed their job expectations.
|
| any_adam_object | 1 |
| author | Pratt, Shannon P. 1933-2021 |
| author_GND | (DE-588)142483109 |
| author_facet | Pratt, Shannon P. 1933-2021 |
| author_role | aut |
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| callnumber-subject | HG - Finance |
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| ctrlnum | (OCoLC)699291971 (DE-599)BVBBV036727229 |
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| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 658 - General management |
| dewey-raw | 658.15 |
| dewey-search | 658.15 |
| dewey-sort | 3658.15 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 2. ed. |
| format | Book |
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| id | DE-604.BV036727229 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T22:46:43Z |
| institution | BVB |
| isbn | 9780470371480 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-020644969 |
| oclc_num | 699291971 |
| open_access_boolean | |
| owner | DE-739 DE-188 DE-19 DE-BY-UBM |
| owner_facet | DE-739 DE-188 DE-19 DE-BY-UBM |
| physical | XXIX, 472 S. |
| publishDate | 2009 |
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| publishDateSort | 2009 |
| publisher | Wiley |
| record_format | marc |
| spelling | Pratt, Shannon P. 1933-2021 Verfasser (DE-588)142483109 aut Business valuation discounts and premiums Shannon P. Pratt 2. ed. New York Wiley 2009 XXIX, 472 S. txt rdacontent n rdamedia nc rdacarrier aBusiness enterprises xValuation Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Preiskalkulation (DE-588)4175621-6 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 s Preiskalkulation (DE-588)4175621-6 s b DE-604 Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020644969&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis Digitalisierung UB Passau application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020644969&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA Klappentext |
| spellingShingle | Pratt, Shannon P. 1933-2021 Business valuation discounts and premiums aBusiness enterprises xValuation Unternehmensbewertung (DE-588)4078594-4 gnd Preiskalkulation (DE-588)4175621-6 gnd |
| subject_GND | (DE-588)4078594-4 (DE-588)4175621-6 |
| title | Business valuation discounts and premiums |
| title_auth | Business valuation discounts and premiums |
| title_exact_search | Business valuation discounts and premiums |
| title_full | Business valuation discounts and premiums Shannon P. Pratt |
| title_fullStr | Business valuation discounts and premiums Shannon P. Pratt |
| title_full_unstemmed | Business valuation discounts and premiums Shannon P. Pratt |
| title_short | Business valuation discounts and premiums |
| title_sort | business valuation discounts and premiums |
| topic | aBusiness enterprises xValuation Unternehmensbewertung (DE-588)4078594-4 gnd Preiskalkulation (DE-588)4175621-6 gnd |
| topic_facet | aBusiness enterprises xValuation Unternehmensbewertung Preiskalkulation |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020644969&sequence=000003&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020644969&sequence=000004&line_number=0002&func_code=DB_RECORDS&service_type=MEDIA |
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