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Valuing Convertible Bonds: A New Approach 评估可转换债券:一种新方法
Business Valuation Review Pub Date : 2017-11-29 DOI: 10.5791/BVR-D-17-0001.1
J. Finnerty, Mengyi Tu
{"title":"Valuing Convertible Bonds: A New Approach","authors":"J. Finnerty, Mengyi Tu","doi":"10.5791/BVR-D-17-0001.1","DOIUrl":"https://doi.org/10.5791/BVR-D-17-0001.1","url":null,"abstract":"A recent paper by Finnerty expresses the value of a convertible bond as the value of the straight bond component plus the value of the option to exchange the bond component for a specified number of conversion shares and develops a closed-form convertible bond valuation model. This article illustrates how to apply the model to value nonredeemable convertible bonds and callable convertible bonds. The article also compares model and market prices for a sample of 148 corporate convertible bonds issued between 2006 and 2010. The average median and mean pricing errors are −0.18% and 0.21%, respectively, which are within the average bid-ask spread for convertible bonds during the postcrisis sample period.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131100983","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
Premiums for Voting Rights in the 2013–2016 Time Period 2013-2016年期间的投票权溢价
Business Valuation Review Pub Date : 2017-11-29 DOI: 10.5791/BVR-D-16-0007.1
Alan J. Kirkpatrick
{"title":"Premiums for Voting Rights in the 2013–2016 Time Period","authors":"Alan J. Kirkpatrick","doi":"10.5791/BVR-D-16-0007.1","DOIUrl":"https://doi.org/10.5791/BVR-D-16-0007.1","url":null,"abstract":"Premiums for voting rights of common stock would logically exist in recognition of the fact that a voting privilege conveys a specific benefit compared to shares that either have no vote or that ha...","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"67 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126228586","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
Avoiding Value Double-Count in Companies With Cross-Holdings 避免交叉持股公司的价值重复计算
Business Valuation Review Pub Date : 2017-11-01 DOI: 10.5791/BVR-D-17-0002.1
S. Jaishankar
{"title":"Avoiding Value Double-Count in Companies With Cross-Holdings","authors":"S. Jaishankar","doi":"10.5791/BVR-D-17-0002.1","DOIUrl":"https://doi.org/10.5791/BVR-D-17-0002.1","url":null,"abstract":"Have you unwittingly double-counted value in circumstances where there are cross-holdings? When undertaking a valuation, we sometimes come across companies within an organization structure that have cross-holdings in each other. In this article, we explore the valuation of such companies (the “cross-holdings companies”), including the valuation of the pro-rata common equity ownership interests held by individuals or entities above the cross-holdings companies. After arriving at the en bloc value of the common equity of the cross-holdings companies within the organization structure, we then examine what these calculated values truly represent and the anomalous value “double-count” indicated at first blush.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126857491","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
Back-solving Unobservable Trademark Royalty Rates—The Case of ITT vs Xylem Group 逆向解决不可观察商标使用费——ITT诉Xylem集团案
Business Valuation Review Pub Date : 2017-10-23 DOI: 10.5791/BVR-D-17-0003.1
C. Binder, R. Morrison
{"title":"Back-solving Unobservable Trademark Royalty Rates—The Case of ITT vs Xylem Group","authors":"C. Binder, R. Morrison","doi":"10.5791/BVR-D-17-0003.1","DOIUrl":"https://doi.org/10.5791/BVR-D-17-0003.1","url":null,"abstract":"Intangible assets like trademarks and patents are typically not traded on active markets, and the measurement of their fair values is based on valuation models that use significant unobservable (Level 3) inputs (i.e., guideline royalty rates under the relief-from-royalty method). Although widely accepted, all authors and lecturers emphasize the difficulties when determining guideline royalty rates under this method. Often, royalty rate analyses fail to survive audit, appeal, or other scrutiny. In developing robust Level 3 inputs, the appraiser must take into account all information that is reasonably available. A new approach is discussed, one that illustrates an alternative method with which to overcome difficulties in identifying and interpreting guideline license agreements. This approach was first introduced in a largely unnoticed lawsuit.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"331 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128419928","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
Certified in Entity and Intangible Valuations (CEIV): Advancing the Quality of Valuations 实体和无形资产估值认证(CEIV):提高估值质量
Business Valuation Review Pub Date : 2017-10-23 DOI: 10.5791/CEIV-1.1
R. Rath
{"title":"Certified in Entity and Intangible Valuations (CEIV): Advancing the Quality of Valuations","authors":"R. Rath","doi":"10.5791/CEIV-1.1","DOIUrl":"https://doi.org/10.5791/CEIV-1.1","url":null,"abstract":"The field of business and intangible asset valuations has many of the elements of a profession. In recent years, comments by the SEC expressed concern about the structure of the business valuation ...","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121781834","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
Estimating Terminal Values with Inflation: The Inputs Matter—It Is Not a Formulaic Exercise 用通货膨胀估计终端价值:投入很重要——这不是一个公式化的练习
Business Valuation Review Pub Date : 2017-08-25 DOI: 10.5791/BVR-D-17-00019.1
Bradford Cornell, Richard Gerger
{"title":"Estimating Terminal Values with Inflation: The Inputs Matter—It Is Not a Formulaic Exercise","authors":"Bradford Cornell, Richard Gerger","doi":"10.5791/BVR-D-17-00019.1","DOIUrl":"https://doi.org/10.5791/BVR-D-17-00019.1","url":null,"abstract":"Estimation of the terminal value of a business enterprise is a critical aspect of any corporate valuation. In a path-breaking article, Bradley and Jarrell showed that traditional constant growth methods for estimating the terminal value typically failed to deal properly with inflation. The premise underlying the Bradley-Jarrell analysis, namely, that inflation applies to a firm's capital stock in the same manner that it applies to other financial metrics, is straightforward. Unfortunately, the Bradley-Jarrell analysis is often misunderstood because of accounting issues that arise in its application and because of its apparent deviation from traditional formulas for plowback and growth. This article addresses those details. In doing so, we demonstrate how to handle the issues that arise when applying the Bradley-Jarrell model to GAAP-based financial statements or forecasts and we show how the Bradley-Jarrell approach can be reconciled with the traditional models.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129969169","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
Petroleum Property Income and Market Valuation Approaches (Transactions Beware 石油财产收入和市场估值方法(交易当心)
Business Valuation Review Pub Date : 2017-07-19 DOI: 10.5791/0882-2875-36.1.7
Louis R. Posgate
{"title":"Petroleum Property Income and Market Valuation Approaches (Transactions Beware","authors":"Louis R. Posgate","doi":"10.5791/0882-2875-36.1.7","DOIUrl":"https://doi.org/10.5791/0882-2875-36.1.7","url":null,"abstract":"Characteristics exhibited by producing liquid-rich shale formations often cause inaccurate forecasts of natural gas and oil production when multistage hydraulic fracking is used for extraction. Poor cash flow estimates can be avoided by practicing due diligence when appraising petroleum property value and income. Due diligence is satisfied by comparing volumes recorded on actual royalty check stubs or monthly statements to state-reported production volumes, by relying on petroleum reserve appraisals instead of transaction multipliers or rules of thumb, and by using nearby analog wells in proximity found in subscription databases for good “type” well decline curves. In addition, properly referencing the contributing work of other appraisers, maps, and analyses improves understanding and reduces errors.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"27 10","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114017532","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
Statutory Fair Value in Dissenting Shareholder Cases: Part II 股东异议案件中的法定公允价值:第二部分
Business Valuation Review Pub Date : 2017-07-19 DOI: 10.5791/0882-2875-36.1.15
Gilbert E. Matthews
{"title":"Statutory Fair Value in Dissenting Shareholder Cases: Part II","authors":"Gilbert E. Matthews","doi":"10.5791/0882-2875-36.1.15","DOIUrl":"https://doi.org/10.5791/0882-2875-36.1.15","url":null,"abstract":"The predominant standard of value employed by state courts to determine the value of minority shares in appraisal cases is fair value, which is determined by state law. In most states, fair value is the shareholder's pro rata portion of the value of a company's equity. This measure of value differs from fair market value, third-party sale value, and fair value for GAAP purposes. This article discusses the valuation approaches accepted by the courts, focusing on the Delaware courts' views as to how fair value is assessed, and contrasts Delaware's views with those of other jurisdictions that differ from Delaware in their approach to fair value.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126280620","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
A Primer on Bargain Purchases and Negative Goodwill 廉价采购和负商誉入门
Business Valuation Review Pub Date : 2017-07-19 DOI: 10.5791/0882-2875-36.1.9
Dan Daitchman
{"title":"A Primer on Bargain Purchases and Negative Goodwill","authors":"Dan Daitchman","doi":"10.5791/0882-2875-36.1.9","DOIUrl":"https://doi.org/10.5791/0882-2875-36.1.9","url":null,"abstract":"When a change of company control occurs, such as an acquisition, a valuation of the assets acquired must be performed to be compliant with generally accepted accounting principles, as mandated by the Financial Accounting Standards Board (FASB) and addressed in Accounting Standards Codification (ASC) 805: Business Combinations. This type of exercise is commonly referred to as a purchase price allocation, since the purchase price of the subject company is allocated across all tangible and intangible assets and liabilities acquired. Generally, the value of the subject company is greater than the value of the acquired assets, or in other words, “the whole is greater than the sum of the parts.” However, what if the sum of the parts is greater than the whole? This paper looks at transactions involving fair value and bargain purchases, the differences between the two, and how bargain purchases should be addressed.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127339076","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
Comparing Three Convertible Debt Valuation Models 三种可转债估值模型之比较
Business Valuation Review Pub Date : 2017-07-19 DOI: 10.5791/0882-2875-36.1.32
Dwight Grant
{"title":"Comparing Three Convertible Debt Valuation Models","authors":"Dwight Grant","doi":"10.5791/0882-2875-36.1.32","DOIUrl":"https://doi.org/10.5791/0882-2875-36.1.32","url":null,"abstract":"In this article, I (a) describe and illustrate the implementation of three convertible debt valuation models, (b) show how their values for convertible debt respond to changes in the underlying valuation parameters, (c) examine the effects of changing each of the models such that the credit spread and the probability of default are not constant but vary inversely with the stock price, and (d) measure and compare the accuracy of each model when it is calibrated to convertible debt issuance prices and then used to forecast the convertible debt price one year later.","PeriodicalId":138737,"journal":{"name":"Business Valuation Review","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132967855","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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