{"title":"Business Valuation: An Integrated Theory (BVIT)","authors":"W. H. Frazier","doi":"10.5791/0897-1781-40.2.73","DOIUrl":"https://doi.org/10.5791/0897-1781-40.2.73","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"1 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":"130637879","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}
{"title":"From the Chair","authors":"Kenneth J. Pia","doi":"10.5791/0897-1781-40.2.77","DOIUrl":"https://doi.org/10.5791/0897-1781-40.2.77","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"13 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":"128609397","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}
{"title":"From the Editor","authors":"Kyle S. Garcia","doi":"10.5791/0897-1781-40.2.43","DOIUrl":"https://doi.org/10.5791/0897-1781-40.2.43","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"541 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":"132763066","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}
{"title":"A Current View of the Restricted Stock Studies and Restricted Stock Discounts","authors":"Z. C. Mercer","doi":"10.5791/21-00001","DOIUrl":"https://doi.org/10.5791/21-00001","url":null,"abstract":"Although there is relevant evidence in some restricted stock studies that can be helpful for marketability discount determinations, comparisons with average discount observations from these studies do not provide a meaningful methodology to estimate marketability discounts. We conclude this despite the fact that too many valuation analysts continue to rely on simplistic comparisons with averages of restricted stock discounts from dated studies in their marketability discount determinations.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"161 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":"121823493","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}
{"title":"Attrition Analysis, Midperiod Convention and Customer Retirement Forecasts","authors":"Richard K. Ellsworth","doi":"10.5791/20-00008","DOIUrl":"https://doi.org/10.5791/20-00008","url":null,"abstract":"Attrition analysis is widely used by valuation professionals as a recognized method to forecast customer population retirement behavior. With attrition analysis, an expected customer population retirement profile is developed through the study of historical customer retirement activity and applied to the customer population when valuing customer relationship intangible assets. As a frequent reviewer of customer relationship valuations, valuation practitioners regularly develop an attrition analysis founded on a midperiod retirement convention but then apply an end of period convention when forecasting customer retirements. Since attrition analysis relies on midperiod retirement convention and the exponential distribution, analytical consistency is maintained when a midperiod retirement convention is used to forecast customer retirement behavior for the valuation of customer relationship intangible assets.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"14 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":"130986468","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}
{"title":"Business Valuation Review: A Lifetime in Support of the Profession","authors":"","doi":"10.5791/0897-1781-40.1.38","DOIUrl":"https://doi.org/10.5791/0897-1781-40.1.38","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"239 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122154373","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}
{"title":"Total Beta—Where Does It Fit in Valuation Theory","authors":"R. Grabowski, A. Aboulamer","doi":"10.5791/20-00005.1","DOIUrl":"https://doi.org/10.5791/20-00005.1","url":null,"abstract":"The valuation of any company by the discounted cash flow method is divided into two different tasks: forecasting cash flows and discounting these same cash flows using the appropriate discount rate. The latter requires a good understanding of the risks faced by the subject company's cash flows to be able to determine the appropriate risk premia to compensate a typical willing buyer and satisfy a typical willing seller. There is a high level of ambiguity and dispersion of opinions about how to quantify these risks especially when valuing closely held companies. To avoid dealing with the task of identifying and measuring components of the appropriate risk premia for the subject company, some practitioners have turned to a measure that, supposedly, lumps all risks together (which they term Total Beta) and purportedly then allows one to estimate a total cost of equity. The proponents of total beta believe that by using a “total risk” beta there is no need to consider size premia, lack of marketability premia or company specific risk premia.\u0000 Critics of total beta argue that there is no theoretical basis for total beta as a measure of total risk. This paper argues for the camp of the critics of total beta because we believe it represents a major departure from finance theory and does not adjust the cost of capital correctly for Company Specific Risk. Then, we examine academic research to show that the two major arguments used by total beta proponents to discredit the existing model do not hold. We do not argue that the existing models are absolute truth. We recognize the limitation of the CAPM and/or Modified CAPM models and we admit their inability of answer all questions regarding the cost of equity. However, we believe that total beta is not a step in the right direction.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116199171","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}
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