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Author: Aleksandr Sterkhov
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The purpose of this research is to build a model for estimating the relative premium in mergers and acquisitions involving electric power companies. This evaluation is based on four groups of factors: the company's operating and financial results, the country in which the company operates, the industry the company belongs to, and the debt market conjuncture.This paper is based on a comparative business valuation method. The empirical base of this research includes data on 6504 deals that have occurred throughout the world from 1997 to 2018. This data is sourced from the Zephyr database, which includes data on both public and non-public companies for which the amount paid in a deal is known, as well as the value of total assets.The results of this research demonstrates that this categorisation of industries, (achieved via a mathematical algorithm) corresponds almost identically to the existing industry structure of the electric power industry. The coefficient of determination of the final econometric model is more than 20 percent, which indicates a high-quality assessment. This is because the relative premium is predicted (and not the amount paid in the deal), which is in close correlation with the value of the company's assets.The scientific novelty of this paper consists in our clarifying of the conceptual apparatus (the relative premium term introduced in a deal), the selection and grouping of factors which affect the size of the relative premium, and the identification and quantifying of the influence of variables included in each group of factors. This article proposes the author's approach to the categorisation of countries and industries based on the equality of premium coefficients in the regression, as well as categorisation by groups of countries and industries with equal premiums.This composition outlines a methodology that may be used to predict the value of a business, as well as determining the value paid in a deal, in cases where such information is not available publicly. This will be of obvious interest to anyone involved in business or research in several fields. Further, as concerns further development of these results, various interesting features are highlighted which are beyond the scope of this research to investigate further. For example, the relative premium seems to be determined by variables related to the quality of the institutional environment. The correlation of political stability and premium value arises, providing fresh ground for future study.
Author: Aleksandr Sterkhov
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
The purpose of this research is to build a model for estimating the relative premium in mergers and acquisitions involving electric power companies. This evaluation is based on four groups of factors: the company's operating and financial results, the country in which the company operates, the industry the company belongs to, and the debt market conjuncture.This paper is based on a comparative business valuation method. The empirical base of this research includes data on 6504 deals that have occurred throughout the world from 1997 to 2018. This data is sourced from the Zephyr database, which includes data on both public and non-public companies for which the amount paid in a deal is known, as well as the value of total assets.The results of this research demonstrates that this categorisation of industries, (achieved via a mathematical algorithm) corresponds almost identically to the existing industry structure of the electric power industry. The coefficient of determination of the final econometric model is more than 20 percent, which indicates a high-quality assessment. This is because the relative premium is predicted (and not the amount paid in the deal), which is in close correlation with the value of the company's assets.The scientific novelty of this paper consists in our clarifying of the conceptual apparatus (the relative premium term introduced in a deal), the selection and grouping of factors which affect the size of the relative premium, and the identification and quantifying of the influence of variables included in each group of factors. This article proposes the author's approach to the categorisation of countries and industries based on the equality of premium coefficients in the regression, as well as categorisation by groups of countries and industries with equal premiums.This composition outlines a methodology that may be used to predict the value of a business, as well as determining the value paid in a deal, in cases where such information is not available publicly. This will be of obvious interest to anyone involved in business or research in several fields. Further, as concerns further development of these results, various interesting features are highlighted which are beyond the scope of this research to investigate further. For example, the relative premium seems to be determined by variables related to the quality of the institutional environment. The correlation of political stability and premium value arises, providing fresh ground for future study.
Author: Scott Hempling
Publisher: Edward Elgar Publishing
ISBN: 1839109467
Category : Law
Languages : en
Pages : 576
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Book Description
What happens when electric utility monopolies pursue their acquisition interests—undisciplined by competition, and insufficiently disciplined by the regulators responsible for replicating competition? Since the mid-1980s, mergers and acquisitions of U.S. electric utilities have halved the number of local, independent utilities. Mostly debt-financed, these transactions have converted retiree-suitable investments into subsidiaries of geographically scattered conglomerates. Written by one of the U.S.’s leading regulatory thinkers, this book combines legal, accounting, economic and financial analysis of the 30-year march of U.S. electricity mergers with insights from the dynamic field of behavioral economics.
Author: Michael E. S. Frankel
Publisher: John Wiley & Sons
ISBN: 1118045866
Category : Business & Economics
Languages : en
Pages : 369
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Book Description
This book will provide the answers to the questions that senior level executives have about what are M&As and the steps involved. It provides basic guidelines and lessons for going through an M&A for the first time. It explains what the key events, processes, and issues that a buyer or seller must consider during a merger or acquisition. By using this book, executives can avoid costs and sometimes fatal mistakes and maximize the financial and operational value of the deal to their companies. Chapters include: (1) Terms and Phrases: Language of the Deal, (2) Explanation of Legal Structures and Terms, (3) Strategic Transactions: Before the Deal Starts, (4) Mergers and Acquisitions: Doing the Deal, (5) Equity Investments: Doing the Deal, (6) Sellers, (7) Buyers, (8) Appendix: Checklists and Forms, Reports and Presentations, Generic Valuation Exercise
Author: PricewaterhouseCoopers
Publisher:
ISBN:
Category :
Languages : en
Pages : 8
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Book Description
Author: Joshua Pearl
Publisher: John Wiley & Sons
ISBN: 1118472209
Category : Business & Economics
Languages : en
Pages : 496
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Book Description
Investment Banking, UNIVERSITY EDITION is a highly accessible and authoritative book written by investment bankers that explains how to perform the valuation work at the core of the financial world. This body of work builds on Rosenbaum and Pearl’s combined 30+ years of experience on a multitude of transactions, as well as input received from numerous investment bankers, investment professionals at private equity firms and hedge funds, attorneys, corporate executives, peer authors, and university professors. This book fills a noticeable gap in contemporary finance literature, which tends to focus on theory rather than practical application. It focuses on the primary valuation methodologies currently used on Wall Street—comparable companies, precedent transactions, DCF, and LBO analysis—as well as M&A analysis. The ability to perform these methodologies is especially critical for those students aspiring to gain full-time positions at investment banks, private equity firms, or hedge funds. This is the book Rosenbaum and Pearl wish had existed when we were trying to break into Wall Street. Written to reflect today’s dynamic market conditions, Investment Banking, UNIVERSITY EDITION skillfully: Introduces students to the primary valuation methodologies currently used on Wall Street Uses a step-by-step how-to approach for each methodology and builds a chronological knowledge base Defines key terms, financial concepts, and processes throughout Provides a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process Presents new coverage of M&A buy-side analytical tools—which includes both qualitative aspects, such as buyer motivations and strategies, along with technical financial and valuation assessment tools Includes a comprehensive merger consequences analysis, including accretion/(dilution) and balance sheet effects Contains challenging end-of-chapter questions to reinforce concepts covered A perfect guide for those seeking to learn the fundamentals of valuation, M&A , and corporate finance used in investment banking and professional investing, this UNIVERSITY EDITION—which includes an instructor’s companion site—is an essential asset. It provides students with an invaluable education as well as a much-needed edge for gaining entry to the ultra-competitive world of professional finance.
Author: Roger J. Grabowski
Publisher: John Wiley & Sons
ISBN: 1119446112
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
The Valuation Handbook – U.S. Guide to Cost of Capital, 2010 Essentials Edition includes two sets of valuation data: Data previously published in the 2010 Duff & Phelps Risk Premium Report Data previously published in the Morningstar/Ibbotson 2010 Stocks, Bonds, Bills, and Inflation (SBBI) Valuation Yearbook The Valuation Handbook – 2010 U.S. Essentials Edition includes data through December 31, 2009, and is intended to be used for 2010 valuation dates. The Valuation Handbook – U.S. Guide to Cost of Capital, Essentials Editions are designed to function as historical archives of the two sets of valuation data previously published annually in: The Morningstar/Ibbotson Stocks, Bonds, Bills, and Inflation (SBBI) Valuation Yearbook from 1999 through 2013 The Duff & Phelps Risk Premium Report from 1999 through 2013 The Duff & Phelps Valuation Handbook – U.S. Guide to Cost of Capital from 2014 The Valuation Handbook – U.S. Essentials Editions are ideal for valuation analysts needing "historical" valuation data for use in: The preparation of carve-out historical financial statements, in cases where historical goodwill impairment testing is necessary Valuing legal entities as of vintage date for tax litigation related to a prior corporate restructuring Tax litigation related to historical transfer pricing policies, etc. The Valuation Handbook – U.S. Essentials Editions are also designed to serve the needs of: Corporate finance officers for pricing or evaluating mergers and acquisitions, raising private or public equity, property taxation, and stakeholder disputes Corporate officers for the evaluation of investments for capital budgeting decisions Investment bankers for pricing public offerings, mergers and acquisitions, and private equity financing CPAs who deal with either valuation for financial reporting or client valuations issues Judges and attorneys who deal with valuation issues in mergers and acquisitions, shareholder and partner disputes, damage cases, solvency cases, bankruptcy reorganizations, property taxes, rate setting, transfer pricing, and financial reporting For more information about Duff & Phelps valuation data resources published by Wiley, please visit www.wiley.com/go/valuationhandbooks.
Author: Roger J. Grabowski
Publisher: John Wiley & Sons
ISBN: 1119446120
Category : Business & Economics
Languages : en
Pages : 227
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Book Description
The Valuation Handbook – U.S. Guide to Cost of Capital, 2009 Essentials Edition includes two sets of valuation data: Data previously published in the 2009 Duff & Phelps Risk Premium Report Data previously published in the Morningstar/Ibbotson 2009 Stocks, Bonds, Bills, and Inflation (SBBI) Valuation Yearbook The Valuation Handbook – 2009 U.S. Essentials Edition includes data through December 31, 2008, and is intended to be used for 2009 valuation dates. The Valuation Handbook – U.S. Guide to Cost of Capital, Essentials Editions are designed to function as historical archives of the two sets of valuation data previously published annually in: The Morningstar/Ibbotson Stocks, Bonds, Bills, and Inflation (SBBI) Valuation Yearbook from 1999 through 2013 The Duff & Phelps Risk Premium Report from 1999 through 2013 The Duff & Phelps Valuation Handbook – U.S. Guide to Cost of Capital from 2014 The Valuation Handbook – U.S. Essentials Editions are ideal for valuation analysts needing "historical" valuation data for use in: The preparation of carve-out historical financial statements, in cases where historical goodwill impairment testing is necessary Valuing legal entities as of vintage date for tax litigation related to a prior corporate restructuring Tax litigation related to historical transfer pricing policies, etc. The Valuation Handbook – U.S. Essentials Editions are also designed to serve the needs of: Corporate finance officers for pricing or evaluating mergers and acquisitions, raising private or public equity, property taxation, and stakeholder disputes Corporate officers for the evaluation of investments for capital budgeting decisions Investment bankers for pricing public offerings, mergers and acquisitions, and private equity financing CPAs who deal with either valuation for financial reporting or client valuations issues Judges and attorneys who deal with valuation issues in mergers and acquisitions, shareholder and partner disputes, damage cases, solvency cases, bankruptcy reorganizations, property taxes, rate setting, transfer pricing, and financial reporting For more information about Duff & Phelps valuation data resources published by Wiley, please visit www.wiley.com/go/valuationhandbooks.
Author:
Publisher: Emerald Group Publishing
ISBN: 1783506210
Category : Business & Economics
Languages : en
Pages : 200
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Book Description
This volume in the IBM series investigates how the evaluation of a target firm influence the outcome of mergers and acquisitions (M&As). Co-authored by international business expert Pervez Ghauri, it highlights the processes that evaluate potential acquisition targets, and how a proper evaluation can positively influence the M&A performance.
Author: Shannon P. Pratt
Publisher: John Wiley & Sons
ISBN: 0470485450
Category : Business & Economics
Languages : en
Pages : 516
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Book Description
Business Valuation Discounts and Premiums SECOND EDITION Discounts and premiums do not just affect the value of a company; they play a crucial role in influencing a host of other factors and conditions that can make or break a deal. When it comes to business valuations, it's the business appraiser's responsibility to be intimately knowledgeable with every aspect of discounts and premiums: the different types, the situations when they may or may not apply, and how to quantify them. In this newly updated edition of Business Valuation: Discounts and Premiums, Shannon Pratt one of the nation's most recognized and respected business valuation consultants brings together the latest collective wisdom and knowledge about all major business discounts and premiums. Addressing the three basic approaches to conducting a valuation the income approach, the market approach, and the asset approach Shannon Pratt deftly and logically details the different discounts or premiums that may be applicable, depending on the basic valuation approach used, and how the valuation approaches used affect the level. Clearly written and thorough, Business Valuation: Discounts and Premiums, Second Edition provides business appraisers, accountants, attorneys, and business owners with an arsenal of information for their professional toolkit that can be applied to every major evaluation case they might face in any deal. This updated edition features timely, comprehensive coverage on: Strategic acquisitions Extensive empirical data Pre-IPO marketability discount studies Merger and acquisition negotiations, empirical evidence from completed transactions, and positions taken by courts in litigations Strategic acquisition premiums Studies on minority discounts Detailed, authoritative, and complete in its coverage, Business Valuation: Discounts and Premiums, Second Edition gets to the core of one of the more complex challenges faced by business appraisers, and arms readers with the understanding and techniques needed to successfully meet and exceed their job expectations.
Author: U.S.-China Economic and Security Review Commission
Publisher:
ISBN:
Category : China
Languages : en
Pages : 518
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Book Description
