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Valuation Handbook - U.S. Guide to Cost of Capital, 1999 U.S. Essentials Edition

ISBN: 978-1-119-39877-6
96 pages
April 2017
Valuation Handbook - U.S. Guide to Cost of Capital, 1999 U.S. Essentials Edition (1119398770) cover image

Description

The Valuation Handbook – U.S. Guide to Cost of Capital, 1999 Essentials Edition includes two sets of valuation data:
  • Data previously published in the 1999 Duff & Phelps Risk Premium Report
  • Data previously published in the Morningstar/Ibbotson 1999 Stocks, Bonds, Bills, and Inflation (SBBI) Valuation Yearbook
The Valuation Handbook – 1999 U.S. Essentials Edition includes data through December 31, 1998, and is intended to be used for 1999 valuation dates.

The Valuation Handbook – U.S. Guide to Cost of Capital, Essentials Editions are designed to function as historical archives of the two sets of valuation data previously published annually in:
  • The Morningstar/Ibbotson Stocks, Bonds, Bills, and Inflation (SBBI) Valuation Yearbook from 1999 through 2013
  • The Duff & Phelps Risk Premium Report from 1999 through 2013
  • The Duff & Phelps Valuation Handbook – U.S. Guide to Cost of Capital from 2014
The Valuation Handbook – U.S. Essentials Editions are ideal for valuation analysts needing "historical" valuation data for use in:
  • The preparation of carve-out historical financial statements, in cases where historical goodwill impairment testing is necessary
  • Valuing legal entities as of vintage date for tax litigation related to a prior corporate restructuring
  • Tax litigation related to historical transfer pricing policies, etc.
The Valuation Handbook – U.S. Essentials Editions are also designed to serve the needs of:
  • Corporate finance officers for pricing or evaluating mergers and acquisitions, raising private or public equity, property taxation, and stakeholder disputes
  • Corporate officers for the evaluation of investments for capital budgeting decisions
  • Investment bankers for pricing public offerings, mergers and acquisitions, and private equity financing
  • CPAs who deal with either valuation for financial reporting or client valuations issues
  • Judges and attorneys who deal with valuation issues in mergers and acquisitions, shareholder and partner disputes, damage cases, solvency cases, bankruptcy reorganizations, property taxes, rate setting, transfer pricing, and financial reporting
For more information about Duff & Phelps valuation data resources published by Wiley, please visit www.wiley.com/go/valuationhandbooks.
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Table of Contents

Introduction 8

CRSP Deciles Size Premia Study Data Exhibits 19

Data Exhibit 1: Summary Statistics of Annual Returns 20

Data Exhibit 2: Sum Beta Size Premia 23

Data Exhibit 3: Industry Risk Premia -(Available in 2000 and later years U.S. Essentials Editions) 25

Data Exhibit 4: Industry Risk Premia Company List -(Available in 2003 and later years U.S. Essentials Editions) 27

Data Exhibit 5: CRSP Deciles Size Premia Study: Key Variables 29

Data Exhibit 6: Long-Horizon Equity Risk Premia “Over Time” 32

Data Exhibit 7: Mid-Cap Size Premia “Over Time” 35

Data Exhibit 8: Low-Cap Size Premia “Over Time” 38

Data Exhibit 9: Micro-Cap Size Premia “Over Time” 41

Data Exhibit 10: CRSP Portfolios of the NYSE (largest and smallest company by size group) 44

Data Exhibit 11: Long-term U.S. Government Bond Yields (in percent) 47

Risk Premium Report Study Data Exhibits 49

Data Exhibit 12: Exhibits A-1 through A-8, Premia Over the Risk-Free Rate (RPm+s) 51

Data Exhibit 13: Exhibits B-1 through B-8, Premia Over CAPM (RPs) 60

Data Exhibit 14: Exhibits C-1 through C-8, Comparative Risk Statistics 69

Data Exhibit 15: Size Characteristics of Portfolio 25 in Data Exhibits A, B, and C, by Percentile -(Available in 2009 and later years U.S. Essentials Editions) 78

Data Exhibit 16: Exhibits D-1 through D-3 79

Data Exhibit 17: Exhibits H-A, H-B, H-C -(Available in 2010 and later years U.S. Essentials Editions; in the 1999–2009 Risk Premium Report, high-financial-risk company statistics were reported as a single line within each of the respective size exhibits) 83

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