Principles of Private Firm Valuation
The purpose of FAS 141 and FAS 142 is to provide investors with bet- ter financial information regarding the success of past acq ...
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167 Preface See Walter L. Gross Jr. et al., Petitioners v. Commissioner of Internal Revenue. See http://www.axiomvaluation.com. ...
Economic Review,June 1963, pp. 433–443; and “Reply,” American Economic Review,June 1965, pp. 524–527. See Bernard J. Picchi, Th ...
NOPAT +interest expense +depreciation −(gross investment) =free cash flow = NOPAT +interest expense +depreciation −(net capital ...
Ibbotson Associates, Cost of Capital Yearbook,2004, pp. 3–55. See Ibbotson Associates, Cost of Capital Yearbook,2004, p. 34, fo ...
Attributes on the Market Reaction to NYSE Listings, Financial Review28, no. 3, August 1993, pp. 431–448. John D. Emory Sr., F. ...
privately held firms are, on average, perceived too be value enhancing for acquiring firms. Furthermore, private sellers also ga ...
The after-tax cost of capital is equal to the before-tax cost of capital multiplied by 1 minus the tax rate. Thus a 20 percent ...
FAS 141, paragraph A14, p. 27, states that “assets designated by the symbol (T–) are those that would be recognized apart from ...
175 Abnormal returns analysis, 94–96, 171n4 Accounting issues. SeeFinancial reporting Acquisitions: Frier Manufacturing analysis ...
C corporations: liquidity issues, 91, 104 optimal capital structure, 167n2 (Chap. 2) preferred stock, 88–89 tax issues, 133–152 ...
Financial reporting: goodwill accounting rules, 153–165 transparency in, 28–32 Financing, sources of, 12 Foreign firms, acquisit ...
Method of multiples: calculating, 56–58, 62–65 vs. discounted cash flow, 65–68 as valuation model, 45–46 Metrics, valuation. See ...
liquidity issues, 91, 104 tax issues, 133–152 SEC rules, restricted stock, 98, 99 Securities markets, liquidity of, 92–97. See a ...
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