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Volume 41, No. 3 — Complete Issue 第41卷，第3号-完整的问题
Business Valuation Review Pub Date : 2022-09-01 DOI: 10.5791/2163-8330-41.3.c1
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引用次数: 0
The NICE Method Theory and Application NICE方法理论与应用
Business Valuation Review Pub Date : 2022-06-01 DOI: 10.5791/bvr-d-22-00004
William H. Frazier
{"title":"The NICE Method Theory and Application","authors":"William H. Frazier","doi":"10.5791/bvr-d-22-00004","DOIUrl":"https://doi.org/10.5791/bvr-d-22-00004","url":null,"abstract":"The Nonmarketable Investment Company Evaluation (NICE) Method, a valuation method under the Income Approach to value, determines the fair market value of noncontrolling equity interests in closely held investment entities such as family limited partnerships.1 In this paper I describe the theory of the method and the mechanics of its application in a valuation model. Recently, I have developed the Excel-based NICE-R Model, which is designed to be a transparent and user-friendly valuation tool.2 Finally, while this paper provides the basic NICE Method theory and my interpretations as to how the data are applied, the user of the model has the freedom to disagree and substitute her or his own opinions.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121342422","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Most States Reject Discounts in Appraisals and Oppression Cases—But There Are Important Exceptions 大多数州在评估和压迫案件中拒绝折扣，但也有重要的例外
Business Valuation Review Pub Date : 2022-06-01 DOI: 10.5791/bvr-d-22-00007
Gilbert E. Matthews
{"title":"Most States Reject Discounts in Appraisals and Oppression Cases—But There Are Important Exceptions","authors":"Gilbert E. Matthews","doi":"10.5791/bvr-d-22-00007","DOIUrl":"https://doi.org/10.5791/bvr-d-22-00007","url":null,"abstract":"This article discusses, on a state-by-state basis, the rejection and acceptance of discounts for minority interest and lack of marketability in appraisals and in oppression and voluntary withdrawal cases. Discounts for lack of marketability at the shareholder level are rejected in most jurisdictions, but some states, including California and New York, still permit them.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123162544","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Double Backsolve Remains Unsupported 双回解仍然不支持
Business Valuation Review Pub Date : 2022-06-01 DOI: 10.5791/bvr-d-22-00003
E. Sundheim, Ben Towne, Jeffrey G. Faust
{"title":"Double Backsolve Remains Unsupported","authors":"E. Sundheim, Ben Towne, Jeffrey G. Faust","doi":"10.5791/bvr-d-22-00003","DOIUrl":"https://doi.org/10.5791/bvr-d-22-00003","url":null,"abstract":"This article initially examines the mechanics of the established option pricing method (OPM) backsolve (OBS). It then quickly moves to a critical analysis of the more recently developed double backsolve (DBS) method, which certain practitioners have proposed as an alternative to OBS. We review the literature cited to support DBS and find it does not, in fact, support its use. In addition, we note some inconsistencies in the current use of DBS. We conclude that until better arguments are proffered or superior methods are developed, practitioners should continue to use OBS, and reviewers should continue to reject valuations relying on DBS.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125634445","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
International Valuation Glossary—Business Valuation 国际估值词汇-企业估值
Business Valuation Review Pub Date : 2021-11-01 DOI: 10.5791/0897-1781-40.3.107
{"title":"International Valuation Glossary—Business Valuation","authors":"","doi":"10.5791/0897-1781-40.3.107","DOIUrl":"https://doi.org/10.5791/0897-1781-40.3.107","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126333526","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Why Pre-IPO Studies Are Unsound in Concept and in Practice 为什么Pre-IPO研究在概念和实践上都不健全
Business Valuation Review Pub Date : 2021-11-01 DOI: 10.5791/21-00005
Gilbert E. Matthews
{"title":"Why Pre-IPO Studies Are Unsound in Concept and in Practice","authors":"Gilbert E. Matthews","doi":"10.5791/21-00005","DOIUrl":"https://doi.org/10.5791/21-00005","url":null,"abstract":"This article explains why pre–initial public offering (IPO) studies are not a valid basis for determining marketability discounts. They are unsound in concept because the pre-IPO transactions and the subsequent IPO are priced at materially different dates and because the IPO price is not knowable at the earlier date. They are unsound in practice for several reasons, such as selectivity—the data include only companies that subsequently become publicly traded—and the fact that any pre-IPO discount includes not only a marketability discount but also a second discount for the risk that the IPO may not take place.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133889730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Shannon Pratt's Valuing a Business - Preserving a Legacy 香农·普拉特的《评估企业价值——保留遗产》
Business Valuation Review Pub Date : 2021-11-01 DOI: 10.5791/0897-1781-40.3.104
R. Grabowski
{"title":"Shannon Pratt's Valuing a Business - Preserving a Legacy","authors":"R. Grabowski","doi":"10.5791/0897-1781-40.3.104","DOIUrl":"https://doi.org/10.5791/0897-1781-40.3.104","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130930238","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Volatility of Financial Metrics: Important Data for Contingent Consideration Valuations 财务指标的波动性:或有对价估值的重要数据
Business Valuation Review Pub Date : 2021-11-01 DOI: 10.5791/bvr-d-20-00013
Vicentiu Covrig, Daniel L. Mcconaughy, Adam Newman, Pavan Kumar Nadiminti, M. K. Travers
{"title":"Volatility of Financial Metrics: Important Data for Contingent Consideration Valuations","authors":"Vicentiu Covrig, Daniel L. Mcconaughy, Adam Newman, Pavan Kumar Nadiminti, M. K. Travers","doi":"10.5791/bvr-d-20-00013","DOIUrl":"https://doi.org/10.5791/bvr-d-20-00013","url":null,"abstract":"This article presents the first detailed statistical analysis of the volatilities of various commonly encountered financial metrics used in contingent consideration (and earn-out) agreements. The valuation of contingent consideration using an option-based methodology and non-equity volatilities is becoming more common in business valuation. We provide clear evidence that the volatility of five financial metrics—revenue; earnings before interest, taxes, depreciation, and amortization (EBITDA); EBIT, net income, and total assets—is strongly, negatively related to firm size and profitability. However, contrary to common belief, the volatility of these metrics is not related to a firm's financial leverage. We also calculated the volatilities using four different methodologies that are employed in practice. Although no theory guides the selection of methodologies, based upon our work, we have found that the year-over-year growth rate, using a quarterly frequency, provides the most reasonable results.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114390682","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
From the Chair 从椅子上
Business Valuation Review Pub Date : 2021-11-01 DOI: 10.5791/0897-1781-40.3.116
Erin D. Hollis
{"title":"From the Chair","authors":"Erin D. Hollis","doi":"10.5791/0897-1781-40.3.116","DOIUrl":"https://doi.org/10.5791/0897-1781-40.3.116","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125056176","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
When Averaging Multiples, the Arithmetic Mean Is Inferior to the Harmonic Mean 对倍数求平均值时，算术平均值不如调和平均值
Business Valuation Review Pub Date : 2021-06-01 DOI: 10.5791/21-00002
Gilbert E. Matthews
{"title":"When Averaging Multiples, the Arithmetic Mean Is Inferior to the Harmonic Mean","authors":"Gilbert E. Matthews","doi":"10.5791/21-00002","DOIUrl":"https://doi.org/10.5791/21-00002","url":null,"abstract":"This article posits that using the arithmetic mean to average multiples is mathematically inferior. A multiple is an inverted ratio with price in the numerator. The harmonic mean is a statistically sound method for averaging inverted ratios. It should be used as a measure of central tendency for multiples, along with the median. Empirically, the harmonic mean and the median of a set of multiples are usually similar. Because the harmonic mean can be overly affected by abnormally low multiples, the valuator must use judgment to exclude outliers.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134413454","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
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