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From the Chair 从椅子上
Business Valuation Review Pub Date : 2018-06-01 DOI: 10.5791/0882-2875-37.2.83
Jeffrey S. Tarbell
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引用次数: 0
Determining the Cost of Blockage by the Market-Derived Blockage Discount Model 用市场衍生的堵塞贴现模型确定堵塞成本
Business Valuation Review Pub Date : 2018-06-01 DOI: 10.5791/BVR-D-17-00012
W. H. Frazier, Ronak Shah
{"title":"Determining the Cost of Blockage by the Market-Derived Blockage Discount Model","authors":"W. H. Frazier, Ronak Shah","doi":"10.5791/BVR-D-17-00012","DOIUrl":"https://doi.org/10.5791/BVR-D-17-00012","url":null,"abstract":"Using option models to determine blockage discounts has been a common practice for over twenty years. As with any technique, periodic updating and improvement is to be expected. We hope this article contributes to this end. The Market-Derived Blockage Discount Model presents a mathematical means for determining the appropriate selling period in a blockage “dribble out” analysis. If we sell too much at one time, the price impact is too great. If we create too long of a dribble out period, the cost of the option is too high. The optimum holding period is the one that achieves the lowest cost. Furthermore, it is our contention that the sale transaction(s) envisioned in the blockage analysis will have an immediate impact on the volatility of the stock price and that this marginal increase in volatility should be accounted for in the option model. What we have found from this model is that, depending upon the depth of a stock's market, blocks much smaller than previously presumed can create a measurable blocka...","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122294219","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
American Society of Appraisers Business Valuation Committee Special Topics Paper #5 Consideration of Stock-Based Compensation in the Valuation Process 美国评估师协会企业估值委员会专题论文#5在估值过程中考虑基于股票的薪酬
Business Valuation Review Pub Date : 2018-06-01 DOI: 10.5791/0882-2875-37.2.51
{"title":"American Society of Appraisers Business Valuation Committee Special Topics Paper #5 Consideration of Stock-Based Compensation in the Valuation Process","authors":"","doi":"10.5791/0882-2875-37.2.51","DOIUrl":"https://doi.org/10.5791/0882-2875-37.2.51","url":null,"abstract":"Under FASB Accounting Standards Codification 718 (formerly FAS 123[R]), equity compensation granted to employees is valued at fair value at the time of the grant and then expensed. Valuation analysts routinely quantify the dilutive effect that stock-based compensation (SBC) has on entity equity value. This dilution can be attributed to SBC that was granted in periods prior to the valuation date and SBC that is expected to be granted in future periods. It is important that the valuation analyst understands the characteristics of the different types of securities that give rise to shareholder dilution and how to properly account for the dilutive effect of these securities. This technical paper provides an overview of the accounting treatment of SBC and a discussion of the methods to address SBC in the valuation process when estimating entity equity value.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131736951","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
Liquidity and Private Placement Discounts in the TARP Preferred Stock Auctions TARP优先股拍卖中的流动性和私募折扣
Business Valuation Review Pub Date : 2018-06-01 DOI: 10.5791/0882-2875-37.2.56
Linus Wilson
{"title":"Liquidity and Private Placement Discounts in the TARP Preferred Stock Auctions","authors":"Linus Wilson","doi":"10.5791/0882-2875-37.2.56","DOIUrl":"https://doi.org/10.5791/0882-2875-37.2.56","url":null,"abstract":"The liquidity discounts in the first seventy-two Troubled Asset Relief Program (TARP) auctions of preferred stock averaged 9.6%. The liquidity discounts were significantly lower for publically held banks and banks that had never missed a bailout dividend. In addition, auction yields were significantly higher, 152 basis points higher, in private placements open only to accredited investors. This paper develops two different valuation frameworks based on accounting: call report data to estimate the yields and present value of untraded preferred stock. The TARP auction yield to maturity averaged 9.85% in the auctions studied.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126077326","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 C Corps and Pass-Through Entities Under the New Tax Law 在新税法下评估C公司和传递实体
Business Valuation Review Pub Date : 2018-04-24 DOI: 10.5791/BVR-D-17-NA02.1
Daniel R. Van Vleet, William P. McInerney
{"title":"Valuing C Corps and Pass-Through Entities Under the New Tax Law","authors":"Daniel R. Van Vleet, William P. McInerney","doi":"10.5791/BVR-D-17-NA02.1","DOIUrl":"https://doi.org/10.5791/BVR-D-17-NA02.1","url":null,"abstract":"On December 22, 2017, President Donald J. Trump signed into law the Tax Cuts and Jobs Act of 2017 (the “Act”).1 The Act is the most comprehensive tax reform package since the Tax Reform Act of 1986. The Act contains sweeping changes to corporate and individual tax rates, deduction limitations, foreign income taxation, and the tax treatment of pass-through entities (PTEs) such as S corporations and limited liability companies. In this article, we will discuss the valuation-related characteristics of the Act and provide a series of conceptual solutions that address these characteristics. These solutions address the tax law changes as well as the changing nature of the absolute and relative values of C corporations (“C corps”) and PTEs. We will focus the discussion on tax attributes as they relate to businesses operating in the U.S. The foreign tax characteristics of the Act are complicated and deserving of another article devoted solely to these issues. In this article, we will not address valuation issues ...","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115453468","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 Bonus Depreciation Under the New Tax Law 新税法下奖金折旧的估值
Business Valuation Review Pub Date : 2018-04-24 DOI: 10.5791/BVR-D-17-NA01.1
Joseph Thompson, David Neuzil
{"title":"Valuing Bonus Depreciation Under the New Tax Law","authors":"Joseph Thompson, David Neuzil","doi":"10.5791/BVR-D-17-NA01.1","DOIUrl":"https://doi.org/10.5791/BVR-D-17-NA01.1","url":null,"abstract":"The Tax Cuts and Jobs Act of 2017 (the Act) provides businesses the ability to deduct capital expenditures as “bonus depreciation” for purchases of qualified property. This article provides a framework for quantifying the value of bonus depreciation in the context of the discounted cash flow method.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129606035","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
Beyond FMV: Commercial Reasonableness of Physician Compensation Post-MACRA 超越FMV: macra后医师补偿的商业合理性
Business Valuation Review Pub Date : 2018-04-24 DOI: 10.5791/BVR-D-17-00020.1
R. Cimasi, T. A. Zigrang, John R. Chwarzinski, Jessica L. Bailey-Wheaton
{"title":"Beyond FMV: Commercial Reasonableness of Physician Compensation Post-MACRA","authors":"R. Cimasi, T. A. Zigrang, John R. Chwarzinski, Jessica L. Bailey-Wheaton","doi":"10.5791/BVR-D-17-00020.1","DOIUrl":"https://doi.org/10.5791/BVR-D-17-00020.1","url":null,"abstract":"The influx of federal money over the past several decades to healthcare providers, and the allocation of those dollars, drastically transformed the healthcare delivery system in a way that has had dramatic impact on the economic and financial value of healthcare enterprises, assets, and services. The recent paradigm shift in the reimbursement environment, from volume to value, has had perhaps the greatest impact on the processes and outcomes of valuation assignments, as the reimbursement environment significantly affects the flow of revenue to healthcare providers. The emergence of value-based reimbursement (VBR) (most recently manifested through the implementation of the Medicare Access and CHIP Reauthorization Act of 2015 [MACRA]), has driven the pursuit of closer relationships between hospitals and physicians. Corresponding with this growing trend toward hospital-physician alignment, and specifically toward vertical integration, increased regulatory oversight regarding the legal permissibility of these...","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"302 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128624745","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 S Corporations: An Extension of the S Corporation Economic Adjustment Model S公司价值评估:S公司经济调整模型的延伸
Business Valuation Review Pub Date : 2017-12-01 DOI: 10.5791/BVR-D-17-00009.1
Gabriel Ratliff, F. Burns
{"title":"Valuing S Corporations: An Extension of the S Corporation Economic Adjustment Model","authors":"Gabriel Ratliff, F. Burns","doi":"10.5791/BVR-D-17-00009.1","DOIUrl":"https://doi.org/10.5791/BVR-D-17-00009.1","url":null,"abstract":"Following a series of US Tax Court decisions during the late 1990s and early 2000s, appraisers revisited how to value privately held S corporations. In particular, the key issue concerned how to account for the differing tax burdens between C corporations and S corporations when financial data from the former are used to appraise minority interests in the latter. One method developed to address this issue is the Van Vleet model—also known as the S Corporation Economic Adjustment Model (“SEAM”)—which considers the differences in tax treatment between S corporations and C corporations, and their respective shareholders. The model produces the S Corporation equity adjustment multiple, which can be applied to the S corporation equity value when such value has been estimated using C corporation data. One of the primary assumptions of the model is that the S corporation organizational form of the subject company will continue in perpetuity. In practice, however, there may be instances when the appraiser is not ...","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132285528","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
Testing the S-Corp Value Premium for Realism and Reasonableness S-Corp价值溢价的真实性与合理性检验
Business Valuation Review Pub Date : 2017-12-01 DOI: 10.5791/BVR-D-17-00010.1
S. Helfenstein
{"title":"Testing the S-Corp Value Premium for Realism and Reasonableness","authors":"S. Helfenstein","doi":"10.5791/BVR-D-17-00010.1","DOIUrl":"https://doi.org/10.5791/BVR-D-17-00010.1","url":null,"abstract":"For almost fifty years, the field of finance and the valuation profession have deliberated over the potential impact of taxation on security prices and costs of capital as well as the value effects of the tax attributes of pass-through entities (PTEs). Hundreds of papers on these topics have been published. Analytic models that offer various approaches to problem resolution have been proposed. Some have been widely used. Debates have been held in court and out. However, all this activity has resulted in a thicket of theory and practice that is neither conclusive nor easy to maneuver with clarity and common sense. The presenting issue for the valuation community—the potential value impact of taxation on PTEs—is only one of a number of nested issues that continue to be explored. To address these, we present and analyze findings from the finance and valuation literatures, as well as publicly available market evidence. We examine the core valuation assumptions currently framing the issues. We then demonstrate...","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127904630","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
Book ReviewUnderstanding Business Valuation: A Practical Guide to Valuing Small to Medium Sized Businesses, 5th ed., authored by Gary R. Trugman. New York: Wiley, 2017. US$169 hardback. 书评:理解商业估值:评估中小型企业的实用指南，第5版，作者:Gary R. Trugman。纽约:Wiley, 2017。精装169美元。
Business Valuation Review Pub Date : 2017-12-01 DOI: 10.5791/0882-2875-36.4.146
James W. Brockardt
{"title":"Book ReviewUnderstanding Business Valuation: A Practical Guide to Valuing Small to Medium Sized Businesses, 5th ed., authored by Gary R. Trugman. New York: Wiley, 2017. US$169 hardback.","authors":"James W. Brockardt","doi":"10.5791/0882-2875-36.4.146","DOIUrl":"https://doi.org/10.5791/0882-2875-36.4.146","url":null,"abstract":"","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130080983","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: 2
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