Business Valuation Review最新文献

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From the Chair 从椅子上
Business Valuation Review Pub Date : 2020-09-01 DOI: 10.5791/0882-2875-39.1.26
Kenneth J. Pia
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引用次数: 0
Providing a Framework for Testing the Reasonableness of Terminal Period Cash Flow Investments 为期末现金流量投资的合理性提供一个检验框架
Business Valuation Review Pub Date : 2020-09-01 DOI: 10.5791/19-00009.1
Joseph Thompson, David Neuzil
{"title":"Providing a Framework for Testing the Reasonableness of Terminal Period Cash Flow Investments","authors":"Joseph Thompson, David Neuzil","doi":"10.5791/19-00009.1","DOIUrl":"https://doi.org/10.5791/19-00009.1","url":null,"abstract":"Whether using the traditional Gordon Growth formula or the value driver formula, it is common for a valuer to neglect testing the reasonableness of the capitalized free cash flow used in determining the terminal value and, therefore, derive a terminal value that is incorrect. This is troubling considering how important the terminal value is when concluding an equity value; the terminal value most often accounts for a majority of the concluded enterprise value when applying the Discounted Cash Flow method. The purpose of this article is to provide a framework for testing the reasonableness of the amount of terminal cash flow that is reinvested to support the operations into perpetuity. In general, there are three potential areas for a company to reinvest into its future operations: (1) net working capital, (2) purchases of property, plant, and equipment (PP&E), and (3) other investments (e.g., research and development [R&D]). Our article provides an overview of a suggested method for analyzing and calculating the appropriate amount of investments in net working capital and PP&E under the Gordon Growth formula. We also provide an example analysis to illustrate potential issues resulting from expensed investments (e.g., R&D) when applying the value driver formula.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"4 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":"117170438","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 Editor 来自编辑
Business Valuation Review Pub Date : 2020-09-01 DOI: 10.5791/0882-2875-39.1.1
Kyle S. Garcia
{"title":"From the Editor","authors":"Kyle S. Garcia","doi":"10.5791/0882-2875-39.1.1","DOIUrl":"https://doi.org/10.5791/0882-2875-39.1.1","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"22 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":"121652593","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
Valuing Intangible Assets under the Mandatory Performance Framework: A Fair Value Update 强制性绩效框架下无形资产估值:公允价值更新
Business Valuation Review Pub Date : 2019-12-01 DOI: 10.5791/19-00004.1
A. Puca, Mark L. Zyla
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引用次数: 1
From the Chair 从椅子上
Business Valuation Review Pub Date : 2019-12-01 DOI: 10.5791/0882-2875-38.2.117
Kenneth J. Pia
{"title":"From the Chair","authors":"Kenneth J. Pia","doi":"10.5791/0882-2875-38.2.117","DOIUrl":"https://doi.org/10.5791/0882-2875-38.2.117","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116795532","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
Impact of Contractual Rights on Preferred Stock Valuations in Delaware 契约权利对特拉华州优先股估值的影响
Business Valuation Review Pub Date : 2019-12-01 DOI: 10.5791/19-00001.1
Gilbert E. Matthews
{"title":"Impact of Contractual Rights on Preferred Stock Valuations in Delaware","authors":"Gilbert E. Matthews","doi":"10.5791/19-00001.1","DOIUrl":"https://doi.org/10.5791/19-00001.1","url":null,"abstract":"The rights and the value of preferred stock have been the subject of several Delaware court decisions. These decisions are particularly significant for understanding the importance of contractual r...","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114070539","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
Letter from the Editor 编辑来信
Business Valuation Review Pub Date : 2019-12-01 DOI: 10.5791/0882-2875-38.2.91
V. Jarosiewicz
{"title":"Letter from the Editor","authors":"V. Jarosiewicz","doi":"10.5791/0882-2875-38.2.91","DOIUrl":"https://doi.org/10.5791/0882-2875-38.2.91","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133385996","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
Volume 38, No. 2 — Complete Issue 第38卷,第2号-完整的问题
Business Valuation Review Pub Date : 2019-12-01 DOI: 10.5791/0882-2875-38.2.c1
{"title":"Volume 38, No. 2 — Complete Issue","authors":"","doi":"10.5791/0882-2875-38.2.c1","DOIUrl":"https://doi.org/10.5791/0882-2875-38.2.c1","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123403534","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
Almost Forty Years of Business Valuation Review 近四十年的商业估值回顾
Business Valuation Review Pub Date : 2019-09-05 DOI: 10.5791/0882-2875-38.1.5
V. Jarosiewicz
{"title":"Almost Forty Years of Business Valuation Review","authors":"V. Jarosiewicz","doi":"10.5791/0882-2875-38.1.5","DOIUrl":"https://doi.org/10.5791/0882-2875-38.1.5","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123902359","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
Volume 38, No. 1 — Complete Issue 第38卷,第1号-完整的问题
Business Valuation Review Pub Date : 2019-03-01 DOI: 10.5791/0882-2875-38.1.c1
{"title":"Volume 38, No. 1 — Complete Issue","authors":"","doi":"10.5791/0882-2875-38.1.c1","DOIUrl":"https://doi.org/10.5791/0882-2875-38.1.c1","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132282063","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
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