Financial Valuation: Applications and Models, 2nd Edition

978-0-471-76117-4$115.00

In Financial Valuation, Second Edition, 30 leading experts present their consensus view on the most appropriate ways to prepare and present business valuations, with a strong emphasis on applications and models. This edition features new chapters that cover tax-affecting S corporations and the latest FASB requirements. It includes detailed discussions and techniques for valuing businesses in various industries, and also discusses and compares the Standard & Poor's Equity Risk Premium Study to the Ibbotson Risk Premiums. Financial Valuation has been adopted by the AICPA for its six-day Business Valuation Essentials courses and NACVA for its Advanced Business Valuation course.

Filled with a wealth of detail, practice tips, and examples, Financial Valuation: Applications and Models brings together thirty nationally recognized names in the valuation industry hailing from a variety of professional specializations—including accounting, business appraisal, and financial analysis—to provide practitioners with an indispensable reference on various valuation issues. Assembled by valuation authority James Hitchner, these contributors analyze, explain, and collaborate on the most effective valuation procedures to share real-world applications in the field of financial valuation.

Presented in an easily understandable manner, the Second Edition contains numerous models and methods that assist the reader in navigating a valuation project, along with hundreds of brief and straightforward "ValTips," discussing essential and often controversial issues. Extensively rewritten, this groundbreaking book widens its focus with:

• The "definitive" chapter on valuing pass-through entities including the presentation of four new models
• Expanded discussion on the use of Ibbotson data including size risk premiums, the supply side model, and industry risk premiums
• A new discussion on the use of the Duff & Phelps risk premium data
• A new chapter on value consulting and company analysis using the concept of strategic benchmarking for value
• Updates on the latest in valuations for financial reporting
• A new "Special Industry Valuations" chapter presenting detailed information on valuing businesses in such industries as restaurants, bars, cable television, radio, and construction

Comprehensive in coverage and authoritative in treatment, James Hitchner's Financial Valuation provides trusted, complete business valuation information for CPAs, appraisers, analysts, attorneys, and corporate executives.

Table of Contents include:

• Chapter 1: Introduction to Financial Valuation.
• Chapter 2: Research and Its Presentation.
• Chapter 3: Financial Statement and Company Risk Analysis.
• Chapter 4: Income Approach.
• Chapter 5: Cost of Capital/Rates of Return.
• Chapter 6: Market Approach.
• Chapter 7: Asset Approach.
• Chapter 8: Valuation Discounts and Premiums.
• Chapter 9: Report Writing.
• Chapter 10: Business Valuation Standards.
• Chapter 11: Valuation of Pass-Through Entities.
• Chapter 12: Estate, Gift, and Income Tax Valuations.
• Chapter 13: Valuation of Family Limited Partnerships.
• Chapter 14: Summary of Court Case Issues.
• Chapter 15: Shareholder Disputes.
• Chapter 16: Valuation Issues in Employee Stock Ownership Plans.
• Chapter 17: Valuation in the Divorce Setting.
• Chapter 18: Valuation Issues in Small Businesses.
• Chapter 19: Valuation Issues in Professional Practices.
• Chapter 20: Strategic Benchmarking for Value.
• Chapter 21: Valuation of Intangible Assets.
• Chapter 22: Marketing, Managing, and Making Money in a Valuation Services Group.
• Chapter 23: Business Damages.
• Chapter 24: Other Valuation Services Areas.
• Chapter 25: Valuation of Healthcare Service Businesses.
• Chapter 26: Special Industry Valuations.
• Chapter 27: Valuation Views and Controversial Issues: An Illustration.

Praise for Financial Valuation

"The book has a wealth of detail, practice tips, examples, and extra information, plus sections on business valuation situations not addressed elsewhere. A valuable addition to the literature of business valuation."–– Shannon Pratt, CFA, FASA, MCBA Managing Director, Willamette Management Associates Managing Owner, Business Valuation Resources, LLC

"The book sets a fine example in technical yet readable exposition. As the text flows, it is evident [the twenty-five authors] have taken great steps toward achieving uniformity reflecting the various opinions within the profession. This goes a long way toward reinforcing proven methodologies and validating their ‘real world’ application. The well-thought-through categories–starting with Standards of Value–and legal insights with ‘tried and true’ cases reveal and attest to the depth of [the authors’] experience in business valuation and litigation consulting. "All of the topics appeal to practitioners of all levels. Value-adding ‘ValTips’ are quite helpful in stimulating broader consideration of each subject and elevating the reader’s perspective."––Parnell Black, MBA, CPA, CVA Chief Executive Officer, National Association of Certified Valuation Analysts

"This book takes the consensus of many talented appraisers and presents topics in a fashion that has not been seen before in any other valuation treatise. Many of the same old topics are presented, but this time, even I was forced to take a much closer look. This unique approach to many of these topics is a must for the well-rounded appraiser."––Gary R. Trugman, CPA, ABV, MCBA, ASA, MVS; Trugman Valuation Associates, A Rachlin Cohen & Holtz Company

"This is a unique publication in that it brings together twenty-five nationally recognized names in the valuation industry to provide practitioners with their consensus ‘school of thought’ on many commonly encountered valuation issues. The author list includes analysts from all the valuation organizations with many current or former members of the AICPA Business Valuation Subcommittee and the AICPA BV Hall of Fame. An excellent reference source for CPAs looking for guidance from some of the top valuators in the nation."––Thomas E. Hilton, MS, CPA/ABV, CVA; Chair, AICPA Business Valuation Subcommittee; Partner, Anders, Minkler and Diehl LLP

Financial Valuation: Applications and Models, 2nd Edition

978-0-471-76117-4$115.00