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Title: Cost of Capital : Estimation and Applications by Shannon P. Pratt ISBN: 0-471-22401-4 Publisher: John Wiley & Sons Pub. Date: 18 October, 2002 Format: Hardcover Volumes: 1 List Price(USD): $90.00 |
Average Customer Rating: 3.67 (3 reviews)
Rating: 5
Summary: Best Valuation Tool Available
Comment: Pratt took his many years of valuation experience and put it in this one book. The book reviews the theory and practice of how to derive a discount rate for use in a DCF. At present, it's the best book in print for appraisers.
Rating: 5
Summary: For valuation of nonpublic companies - A good read!
Comment: The valuation profession has exploded among CPAs, CBAs and others who attend a few seminars and then undertake to do this complicated work. Many do a shabby job, and more do not understand basic concepts of cost of capital. The sophistication and understanding of many business appraisers will grow from reading this book, as (I believe) mine did.
This book is NOT written by an academician (although I think I recall that Shannon has a PhD in finance), and no doubt "they" (I admit, I don't really know any finance professors) will not approve. A fair example of an academician's work, reflecting a different approach and serving different needs, is Bradford Cornell's fine work on the equity risk premium.
My personal belief is that finance professors don't really understand practical differences between valuation of public markets, publicly traded stocks and portfolios made up of publicly traded companies, and valuation of closely held companies.
Shannon does understand the differences. He has authored several classic books on business valuation. He has valued thousands and testified in US Tax Court, state courts and federal courts across the country. He continues to speak to business appraisers across the country. This book summarizes issues he knows need to be better understood by those of us who consult with closely held businesses.
I know it is not directly related to this book, but some may want to know a little about who the author is. Shannon Pratt's leadership in his field is well known and respected. As a pioneer of our profession, he is a hero to many of us. He is also a magnanimous personality, and I enjoy sitting in the front row of many seminars where he sits to afflict speakers with his trusty digital camera.
This is a short book and an easy read, but packed with good information for those who want to better understand the cost of capital in the context of valuing small businesses.
Rating: 1
Summary: 101 Fudge Factors For Those Ignorant of Risk Neutral Pricing
Comment: This book should be titled "I do not know how to price all risks when valuing companies so here are 101 fudge factor guesses I use instead". This is the wrong way to value companies and is inconsistent with financial asset pricing theory. Look elsewhere for better resources.
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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: Valuing A Business, 4th Edition by Shannon P. Pratt, Robert F. Reilly, Robert P. Schweihs ISBN: 0071356150 Publisher: McGraw-Hill Trade Pub. Date: 30 August, 2000 List Price(USD): $95.00 |
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Title: The Handbook of Advanced Business Valuation by Robert F. Reilly, Robert P. Schweihs ISBN: 0071347690 Publisher: McGraw-Hill Trade Pub. Date: 25 August, 1999 List Price(USD): $95.00 |
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Title: Valuing Small Businesses and Professional Practices by Shannon P. Pratt, Robert P. Schwiehs, Robert F. Reilly, Robert P. Schweihs ISBN: 078631186X Publisher: McGraw-Hill Trade Pub. Date: 01 March, 1998 List Price(USD): $95.00 |
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Title: Valuing Intangible Assets by Robert F. Reily, Robert P. Schweihs, Robert F. Reilly ISBN: 0786310650 Publisher: McGraw-Hill Trade Pub. Date: 01 September, 1998 List Price(USD): $95.00 |
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