Quantitative Business Valuation: A Mathematical Approach for Today′s Professionals (Anglais) Relié – 16 avril 2010
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Description du produit
Présentation de l'éditeur
Essential reading for the serious business appraiser
Now in a Second Edition, Quantitative Business Valuation is an authoritative guide enabling you to value businesses from a mathematical perspective.
Written by leading valuation and litigation economist Jay Abrams, this all–inclusive quantitative guide to the valuation of privately held businesses provides you with valuation theory and applications, including development of dozens of useful valuation formulas, use of regression analysis in several contexts, developing discount rates from stock market returns, adjusting for control and marketability, empirical validation of model estimates, litigation issues, and ESOP valuation.
- Updated coverage of regression analysis
- Extensive analysis of new academic literature on growth versus value firms
- A new chapter on valuing ESOPs comparing the after–personal–tax wealth effects of selling to an ESOP versus selling with an S Corp premium to an outside party
- New chapters of litigation
- New chapter on Monte Carlo Simulation & Real Options Valuation
The clear, step–by–step explanations found in Quantitative Business Valuation, Second Edition make advanced quantitative techniques available to the many appraisers who are not capable of independently creating the underlying mathematical analysis.
Quatrième de couverture
A Mathematical Approach for Today′s Professionals
"Jay Abrams′ book is close to the equivalent of several graduate dissertations rolled into one book. For each topic (covered), he presents a scholarly summary of past research, new empirical research of his own, and his conclusions. It is a well–documented contribution to in–depth understanding of important business valuation issues, and should not be overlooked by the serious practitioner."
Shannon Pratt, DBAManaging Director, Willamette Management AssociatesCoauthor, Valuing a Business
"A must–read for the serious business appraiser."
Jay E. Fishman, ASA, CBAPresident, Financial Research, Inc.
"The problem of simplified valuation procedures and coherent theory still remains complex and is ever evolving. Jay Abrams deals very effectively with this complexity through the use of mathematical formulas. Input to his models is explained with clarity and effectiveness, which adds to the overall value of this advanced text on business valuation."
Terry A. Isom, Chairman, National Association of Certified Valuation Analysts
"Jay Abrams′ book strives to provide mathematical modeling for what practitioners often do by reasoning alone. This book is a must–read for practitioners who are searching for additional techniques for dealing with some of business valuation′s imponderables."
David M. Bishop, FIBA, BVAL, ASA, MCBAPresident, American Business Appraisers, Inc.
"Jay Abrams′ book will not only challenge the top theoreticians in the field; his step–by–step explanations will make advanced quantitative techniques available to the many appraisers who are not capable of independently creating the underlying mathematical analysis."
Kent Osborne, ASAChairman, Editorial Review Board of the American Society of Appraisers
"While a proliferation of business valuation treatises and guides exists in the market, most are very general in nature and do nothing more than rehash fundamental concepts. I am unaware of any author who has stepped into the unknown as Jay Abrams has and compiled and developed a treatise of extremely useful analytical tools for the serious valuator."
Robert J. Grossman, CPA/ABV, ASA, CVAPartner, Grossman Yanak & Ford
"Jay Abrams develops unusual approaches which merit consideration when ′cookie cutter′ methodologies are inadequate. This manuscript contributes to the dialogue among practitioners and strengthens the theoretical foundations of business valuation."
Herbert T. SpiroPresident, American Valuation Group, Inc.
"There is no question about it, the use of rigorous quantitative methods is the cure for subjective valuation analysis. This book not only satisfies this need which has grown considerably in recent years but is chock–full of new tools that have been carefully developed."
Edward MurrayValuation Partner, Arthur Andersen, LLP
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Commentaires client les plus utiles sur Amazon.com
The business valuation topics covered include (not an exhaustive list): mathematical derivation of cash flow; appplication of regression analysis; theoretical and empirical superiority of arithmetic mean; adjusting for levels of control and marketability; empirical tests of Abrams' valuation theories; valuing startups; and measuring and apportioning dilution in ESOPs.
For each topic covered, the author presents a scholarly summary of past research, new empirical research of his own, and his conclusions. He discusses opposing viewpoints and in at least one chapter allows another author to present a rebuttal of Abrams' approach.
He emphasizes regression analysis of empirical data and quantitative analysis. Near the end he puts all the pieces of the puzzle together to present a comprehensive, unified approach to valuation that can be empirically tested and whose principles work for the valuation of billion dollar firms or small businesses.
Despite the quantitative nature of the book, mathematically challenged readers without recent or extensive mathematical training should not hesitate to buy the book, as long as they are familiar with basic business valuation concepts. The book contains relatively simple and clear explanations of quantitative methods such as regression analysis; and the author has taken pains to include step-by-step procedures for performing regression analysis using Excel and Lotus. Indeed, one of the strengths of the book is that it makes quantitative techniques available to the appraiser who could not, without the author's help, understand the underlying mathematics or utilize the quantitative techniques with confidence and comprehension.
Overall the book is an important, well researched contribution to an in-depth understanding of important business valuation issues.
If you are at all interested in the income method for valuing businesses, I would strongly encourage you to buy this book. In a review on the back cover of the text, Shannon Pratt strongly recommends the book because the author presents "a scholarly summary of past research, new empirical research of his own, and his conclusions".
My only criticism and surprise is the lack of use of Monte Carlo simulation in these models, which is surprising to me considering how statistically focused the author is and how easy simulation is to learn and employ. Also, the use of real options for valuing startups is extremely important but the author does acknowledge this subject is beyond the scope of his book. Extremely well done and the author should be proud of producing work of this caliber. I'm looking forward to future editions and other books by Jay B. Abrams.