Damodaran on Valuation_ Security Analysis for Investment and Corporate Finance ( PDFDrive )
34 The FASB goes on to add that determining the discount requires the analyst’s judgment. Valuing Restricted Stock Aswenotedearl ...
2.Hedging/borrowingconstraints.Employeeswithrestricted stock mayvery wellbe able toavoid thebiggestcosts of illiquidity iftheyca ...
Discounted Cash Flow Valuations Aswithemployeeoptions,therearethreedimensionsalong whichrestrictedstockissuescanaffectvalue.Rest ...
operating expense and should reduce the current year’s operating and net income. Expected restricted stock issues in the future ...
capitalization involves multiplying the number of shares outstanding by the observed market price. Since restricted stockshouldh ...
disproportionaterewardsforanyeffortsthattheywereputting in,withoptionspackagesvaluedintensofmillionsofdollars. The second was th ...
switchingjobswillbegreatestwhentheopportunitytodoso ishighest.Foramoreextensivediscussionofthismotiveand someempiricalevidence,s ...
8 To provide an illustration, suppose a firm assumes a forfeiture rate of 3 percent and estimatesthevalue of the optionswhenthey ...
13 C.CunyandP.Jorion,“ValuingExecutiveStockOptions with Endogenous Departure,” Journal of Accounting and Economics20(1995):193–2 ...
20 C.Edwards,J.R.Graham,M.H.Lang,andD.Shackelford, “EmployeeStockOptionsandTaxes,”workingpaper,SSRN, 2004.Inthispaper,theyestima ...
27 Todothis,wehavetomakeseparateforecastsofthestated pretaxoperatingincomeandemployeeoptionexpenses,with the latter defined as a ...
34 FASB Financial Accounting Series, No. 1201-100, June 23, 2004. 35 See also A. Damodaran, “Marketability and Value: Measuring ...
CHAPTER 12 The Value of Intangibles Itishumannaturetodrawadistinctionbetweentheassets thatwecanseeandfeelandtheassetsthatwecanno ...
themostdifficultintangibleassetstovaluesincetheypossess option characteristics. IMPORTANCE OF INTANGIBLE ASSETS Thefirstpublicly ...
wagesandsalariespaidtotheresearchers,technicians,and othercreativeworkerswhogeneratetheseintangibleassets; andtheimprovementinop ...
Thesimplestintangibleassetstovaluearethosethatattachto a single product or product line and generatecash flows. Theseassetsusual ...
cashflowswewillestimatewillbeforonlythisperiodand therewillgenerallybenoterminalvalue.Second,wehaveto factorintheexpectedcostsof ...
Thevalueofthecopyrightcanbeestimatedusingthesecash flows and the cost of capital that has been supplied: The value of the copyri ...
Brandnamevalue.Thefranchisemighthaveabrand name value that enables the franchisee to charge higher prices and attract more cust ...
In essence,the valueof a franchise is directlytied to the capacitytogenerateexcessreturns.Anyactionoreventthat affects these exc ...
«
33
34
35
36
37
38
39
40
41
42
»
Free download pdf