Cost of Capital: Estimation and Applications

Pirmais vāks
John Wiley & Sons, 2003. gada 28. febr. - 352 lappuses
An authoritative text on cost of capital for both the nonprofessional and the valuation expert -- now revised and expanded

In endeavoring to practice sound corporate finance, there is perhaps nothing so critical, nor slippery, as cost of capital estimation. The second edition of Cost of Capital: Estimation and Applications combines a state-of-the-art treatise on cost of capital estimation with an accessible introduction for the nonprofessional.

This comprehensive yet usable guide begins with an exposition of basic concepts understandable to the lay person and proceeds gradually from simple applications to the more complex procedures commonly found in the marketplace. New features of the revised and expanded Second Edition include chapters on Economic Value Added (EVA) and reconciling cost of capital in the income approach with valuation multiples in the market approach, as well as expanded coverage of cost of capital in the courts and handling discounts for marketability. Cost of Capital remains an incomparable resource for all parties interested in effective business valuation.

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Saturs

Defining Cost of Capital
3
Valuation
9
The Preferred Measure of Return
15
Discounting versus Capitalizing
21
Relationship between Risk and the Cost of Capital
34
Weighted Average Cost of Capital
45
Buildup Models
57
Capital Asset Pricing Model
70
Handling the Discount for Lack of Marketability
165
How Cost of Capital Relates to the Excess Earnings
176
Common Errors in Estimation and Use of Cost of Capital
184
Cost of Capital in the Courts
193
Cost of Capital in Ad Valorem Taxation
207
Capital Budgeting and Feasibility Studies
224
Central Role of Cost of Capital in Economic Value Added
229
Summary
237

Proper Use of Betas
80
Size Effect
90
DCF Method of Estimating Cost of Capital
109
Using Ibbotson Associates Cost of Capital Data
116
Cost of Capital Yearbook
128
Ibbotson Beta Book
134
Arbitrage Pricing Model
143
Other Topics Related to Cost of Capital
149
Appendix B Courses and Conferences
252
Developing Cost of Capital Capitalization Rates
264
Appendix E Iterative Process Using CAPM to Calculate
274
Appendix F International Glossary of Business Valuation
292
Appendix G Converting Aftertax Discount Rates to Pretax
300
Index
314
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Par autoru (2003)

SHANNON P. PRATT, CFA, FASA, MCBA, is a founder and Managing Director of Willamette Management Associates, one of the oldest and largest independent valuation consulting, economic analysis, and financial advisory firms, with offices in principal cities across the United States. Over a distinguished career of more than three decades, he has performed valuation engagements for M&As, ESOPs, and numerous other purposes. He has testified in a wide variety of federal and state courts across the country and frequently participates in arbitration and mediation proceedings. Dr. Pratt is one of the most successful and respected authors in his field. He is coauthor of several industry standards, including Valuing a Business: the Analysis and Appraisal of Closely Held Companies and Valuing Small Businesses and Professional Practices. He is also Editor-in-Chief of Shannon Pratt's Business Valuation Updates, the primary monthly newsletter in the field of business valuation.

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