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Principles of Private Firm Valuation

Principles of Private Firm Valuation

Stanley J. Feldman

ISBN: 978-0-471-48721-0 April 2005 192 Pages


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A complete explanation of the issues that determine private firm value
Principles of Private Firm Valuation combines recent academic research and practical real-world experience to help readers better understand the multitude of factors that determine private firm value. For the financial professional serving private firms-who are increasingly being called upon to give advice on issues related to firm valuation and deal structure-this comprehensive guide discusses critical topics, including how firms create value and how to measure it, valuing control, determining the size of the marketability discount, creating transparency and the implications for value, the value of tax pass-through entities versus a C corporation, determining transaction value, and the valuation implications of FASB 141 (purchase price accounting) and 142 (goodwill impairment).
Dr. Stanley J. Feldman (Lowell, MA) is Associate Professor of Finance at Bentley College, where he currently teaches courses in corporate finance with a focus on business valuation and business strategy at both the graduate and undergraduate levels. He is a member of the FASB Valuation Resource Group and is Chairman and cofounder of Axiom Valuation Solutions.

CHAPTER 1: The Value of Fair Market Value.

CHAPTER 2: Creating and Measuring the Value of Private Firms.

CHAPTER 3: The Restructuring of Frier Manufacturing.

CHAPTER 4: Valuation Models and Metrics: Discounted Free Cash Flow and the Method of Multiples.

CHAPTER 5: Estimating the Cost of Capital.

CHAPTER 6: The Value of Liquidity: Estimating the Size of the Liquidity Discount.

CHAPTER 7: Estimating the Value of Control.

CHAPTER 8: Taxes and Firm Value.

CHAPTER 9: Valuation and Financial Reports: The Case of Measuring Goodwill Impairment.

Notes. Index.