Author: Ruben Kuhnle
Publisher: GRIN Verlag
ISBN: 3346102505
Category : Business & Economics
Languages : en
Pages : 46
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Book Description
Bachelor Thesis from the year 2019 in the subject Business economics - Investment and Finance, grade: 1.3, University of Hohenheim (Institut für Financial Management), language: English, abstract: This thesis concentrates on the Discounted Cash Flow (DCF) analysis. More specifically, it is worked with the Weighted-average Cost of Capital (WACC) method, the Adjusted Present Value (APV) method, and the Flow-to-Equity method . In addition, the focus is on tax loss carryforwards and the problem of how to incorporate the valuation of them into a DCF framework. Generally, two approaches are accepted for valuing loss carryforwards. One can either indirectly or directly determine the value of loss carryforwards. The thesis starts by explaining the fundamentals of business valuation and how the three DCF methods work. After that, a literature review is presented. The purpose of the literature review is to show the strategies others have developed to value loss carryforwards correctly. To show how to incorporate the valuation of loss carryforwards into a DCF framework, an example case was designed that involves two identical companies. The WACC method, the APV method, and the Flow-to-Equity method are applied and combined with the direct, as well as, the indirect method. When the results of the direct method are compared with the results of the indirect method for each one of the three DCF methods, it is concluded which of these approaches works, and gives a correct solution, and which one does not.
Author: Aswath Damodaran
Publisher: Now Publishers Inc
ISBN: 1601980140
Category : Business & Economics
Languages : en
Pages : 102
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Book Description
Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
Author: Donald A. Frederick
Publisher:
ISBN:
Category : Agricultural industries
Languages : en
Pages : 108
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Book Description
Author: L. Paul Hood, Jr.
Publisher: John Wiley & Sons
ISBN: 1118025636
Category : Business & Economics
Languages : en
Pages : 416
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Book Description
Thorough guidance and detailed analysis of the valuation business engagement Discussing the practical aspects of business valuation that arise in the context of a tax valuation, this book provides you with detailed analysis of the valuation business engagement process. Detailed discussion is included of various cases outlining errors that appraisers have made in appraisal reports, as well as in-depth discussion of the current appraisal industry issues that are impacting tax valuations. Examines concepts and topics including level of value, the role of estate planners in the business valuation process, the use of appraisers in estate planning and litigation, and the appraiser identification/selection process Provides insight into the nature of the major appraisal trade associations Offers insights into preventing errors from getting into appraisal reports This helpful guide provides you with the detailed discussion you need on the various business valuation standards that have been promulgated by the Appraisal Standards Board as well as several appraisal trade associations.
Author: Robert B. Dickie
Publisher: American Bar Association
ISBN: 9781590314746
Category : Business & Economics
Languages : en
Pages : 442
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Book Description
Written expressly for business lawyers, this best-selling guide takes you step-by-step through the key principles of corporate finance and accounting. This Second Edition will update the title's content and provide additions to reflect post-Enron SEC and FASB rules and new rules regarding merger and acquisition accounting.
Author: Mr.Victor Thuronyi
Publisher: International Monetary Fund
ISBN: 9781557755872
Category : Business & Economics
Languages : en
Pages : 534
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Book Description
Edited by Victor Thuronyi, this book offers an introduction to a broad range of issues in comparative tax law and is based on comparative discussion of the tax laws of developed countries. It presents practical models and guidelines for drafting tax legislation that can be used by officials of developing and transition countries. Volume I covers general issues, some special topics, and major taxes other than income tax.
Author: Myron S. Scholes
Publisher:
ISBN: 9781292065571
Category :
Languages : en
Pages : 528
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Book Description
For MBA students and graduates embarking on careers in investment banking, corporate finance, strategy consulting, money management, or venture capital Through integration with traditional MBA topics, Taxes and Business Strategy, Fifth Edition provides a framework for understanding how taxes affect decision-making, asset prices, equilibrium returns, and the financial and operational structure of firms. Teaching and Learning Experience This program presents a better teaching and learning experience-for you and your students: *Use a text from an active author team: All 5 authors actively teach the tax and business strategy course and provide students with relevant examples from both classroom and real-world consulting experience. *Teach students the practical uses for business strategy: Students learn important concepts that can be applied to their own lives. *Reinforce learning by using in-depth analysis: Analysis and explanatory material help students understand, think about, and retain information.
Author: John R. Graham
Publisher: Now Pub
ISBN: 9781601986122
Category : Business & Economics
Languages : en
Pages : 176
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Book Description
Accounting for Income Taxes is the most comprehensive review of AFIT research. It is designed both to introduce new scholars to this field and to encourage active researchers to expand frontiers related to accounting for income taxes. Accounting for Income Taxes includes both a primer about the rules governing AFIT (Sections 3-4) and a review of the scholarly studies in the field (Sections 5-8). The primer uses accessible examples and clear language to express essential AFIT rules and institutional features. Section 3 reviews the basic rules and institutional details governing AFIT. Section 4 discusses ways that researchers, policymakers, and other interested parties can use the tax information in financial statements to better approximate information in the tax return. The second half of the monograph reviews the extant scholarly studies by splitting the research literature into four topics: earnings management, the association between book-tax differences and earnings characteristics, the equity market pricing of information in the tax accounts, and book-tax conformity. Section 5 focuses on the use of the tax accounts to manage earnings through the valuation allowance, the income tax contingency, and permanently reinvested foreign earnings. Section 6 discusses the association between book-tax differences and earnings characteristics, namely earnings growth and earnings persistence. Section 7 explores how tax information is reflected in share prices. Section 8 reviews the increased alignment of accounting for book purposes and tax purposes. The remainder of the paper focuses on topics of general interest in the economics and econometric literatures. Section 9 highlights some issues of general importance including a theoretical framework to interpret and guide empirical AFIT studies, the disaggregated components of book-tax differences and research opportunities as the U.S. moves toward International Financial Reporting Standards (IFRS). Section 10 discusses econometric weaknesses that are common in AFIT research and proposes ways to mitigate their deleterious effects.
Author: Stanley J. Feldman
Publisher: John Wiley & Sons
ISBN: 047148721X
Category : Business & Economics
Languages : en
Pages : 192
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Book Description
A complete explanation of the issues that determine private firm value Principles of Private Firm Valuation combines recent academic research and practical real-world experience to help readers better understand the multitude of factors that determine private firm value. For the financial professional serving private firms-who are increasingly being called upon to give advice on issues related to firm valuation and deal structure-this comprehensive guide discusses critical topics, including how firms create value and how to measure it, valuing control, determining the size of the marketability discount, creating transparency and the implications for value, the value of tax pass-through entities versus a C corporation, determining transaction value, and the valuation implications of FASB 141 (purchase price accounting) and 142 (goodwill impairment). Dr. Stanley J. Feldman (Lowell, MA) is Associate Professor of Finance at Bentley College, where he currently teaches courses in corporate finance with a focus on business valuation and business strategy at both the graduate and undergraduate levels. He is a member of the FASB Valuation Resource Group and is Chairman and cofounder of Axiom Valuation Solutions.
Author: Lewis D. Solomon
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 440
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Book Description
This handbook analyzes all methods of valuation for all types of closely held businesses in all transactions. The authors lead you through the valuation process, step by step, beginning with the basics and progressing to special considerations. With this comprehensive volume, you will be prepared For The valuation issues that arise when a closely held business is part of Structuring a buy-sell agreement Arranging equitable distribution in a marital dissolution A merger or acquisition Federal estate and gift tax planning Litigation by dissenting shareholders seeking an appraisal remedy Bankrupstcy or reorganization Dissolution or liquidation Whether your work involves traditional business organizations such as corporations, proprietorships, and partnerships or new entity forms such as limited liability companies and family limited partnerships, you'll find this thorough resource offers easy access to specific information. The authors reinforce their explanations with practice and planning pointers, illustrative examples, 'cautions' to alert you to potential problems, checklists, and convenient tables of cases and citations. Save precious time by keeping Valuations of Closely Held Business: Legal and Tax Aspects close at hand.
