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Title: Financial Valuation: Applications and Models by James R. Hitchner ISBN: 0-471-06138-7 Publisher: John Wiley & Sons Pub. Date: 28 March, 2003 Format: Hardcover Volumes: 1 List Price(USD): $95.00 |
Average Customer Rating: 5 (1 review)
Rating: 5
Summary: Review of "Financial Valuation: Applications and Models"
Comment:
Jim Hitchner, a name well-known to ABVs and other valuation practitioners, conceived the novel idea of bringing together twenty-five highly visible and well-respected valuation professionals to present the group's collective views and positions on business valuation concepts and applications. Each of the authors is a coauthor of the entire book. The authors, many of whom are ABVs and instructors for the AICPA's national business valuation educational program, include Mel Abraham, Jim Alerding, Terry Allen, Larry Cook, Mike Crain, Bob Duffy, Ed Dupke, Nancy Fannon, John Gilbert, Tom Hilton, Jim Hitchner, Steve Hyden, Greg Koonsman, Eva Lang, Mike Mard, Harold Martin, Mike Mattson, Ray Moran, Charles Phillips, Jim Rigby, Ron Seigneur, Robin Taylor, Linda Trugman, Don Wisehart, and Mark Zyla.
The result of this collective effort is "Financial Valuation" - a text that presents a compilation of "best practices" for the business appraiser.
"Financial Valuation" covers the obligatory fundamentals found in most other introductory texts. What sets this text apart from others is its focus on applications and methods. The text contains numerous practical examples and discusses alternative approaches for tackling those complex issues that are often encountered in the real world of valuation practice. This focus makes "Financial Valuation" an indispensable tool for even the most experienced appraisers. Some of the text's highlights include:
Chapter 4, Income Approach to Value, discusses the alternative income valuation methodologies and includes a detailed example of the excess cash flow (earnings) method.
Chapter 5, Cost of Capital/Rates of Return, includes a comprehensive presentation on the application of Ibbotson data for determining risk premiums in discount and capitalization
rates.
Chapter 6, Market Approach to Value, discusses alternative market valuation methodologies and presents a quantitative method for using and adjusting guideline public company multiples for size and growth differences.
Chapter 9, Report Writing, presents a detailed valuation report with numerous comments on why certain items were included or excluded.
Chapter 12, Family Limited Partnerships, presents a detailed case study on the valuation of a Family Limited Partnership including the selection of discounts for lack of control and
lack of marketability.
Chapter 13, Court Case Issues and Review, includes synopses of over 40 tax court cases organized by major valuation areas of dispute.
Chapter 16, Valuation in the Divorce Setting, discusses the complexities of valuing ownership interests in closely held businesses for divorce purposes, including a discussion of relevant state case law, standard of value, applicability of discounts and premiums, etc.
Chapter 18, Valuation Issues in Professional Practices, provides an overview of the issues involved in valuing professional practices such as medical, law, and accounting practices.
Chapter 19, Valuation of Healthcare Entities, includes two detailed case studies: a surgery center and a hospital.
Chapter 20, Valuation of Intangible Assets, includes a detailed case study on an allocation of purchase price for a business combination under new SFAS 141.
Chapter 21, Marketing, Managing, and Making Money in a Valuation Services Group, presents practical guidance on how to operate a valuation practice.
Chapter 24, Valuation Views and Controversial Issues, presents a discussion of subjective and difficult areas of valuation in the form of a case study/report format.
The text also includes hundreds of "ValTips" which alert the reader to important and often controversial topics. The accompanying "Financial Valuation Workbook" provides a detailed case study, models, and exercises that can substantially reduce a beginner's learning curve and assist the experienced practitioner in better organizing the valuation process. The Workbook follows the valuation engagement format and is organized by standard, easily identifiable sections that allow for easy reference.
SUMMARY
"Financial Valuation" gets two enthusiastic thumbs up!
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Title: Financial Valuation Workbook: Step by Step Exercises and Tests to Help You Master Financial Valuation by James Hitchner, Michael J. Mard ISBN: 0471220833 Publisher: John Wiley & Sons Pub. Date: 04 April, 2003 List Price(USD): $39.95 |
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Title: Valuation for Financial Reporting: Intangible Assets, Goodwill, and Impairment Analysis, SFAS 141 & 142 by Michael J. Mard, James R. Hitchner, Steven D. Hyden, Mark L. Zyla ISBN: 0471237531 Publisher: John Wiley & Sons Pub. Date: 24 May, 2002 List Price(USD): $75.00 |
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Title: Cost of Capital : Estimation and Applications by Shannon P. Pratt ISBN: 0471224014 Publisher: John Wiley & Sons Pub. Date: 18 October, 2002 List Price(USD): $90.00 |
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Title: Business Valuation Discounts and Premiums by Shannon P. Pratt ISBN: 0471394483 Publisher: John Wiley & Sons Pub. Date: 05 October, 2001 List Price(USD): $85.00 |
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Title: Investment Valuation: Tools and Techniques for Determining the Value of Any Asset, Second Edition by Aswath Damodaran ISBN: 0471414883 Publisher: John Wiley & Sons Pub. Date: 18 January, 2002 List Price(USD): $89.95 |
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