The International Glossary of Business Valuation Terms defines "blockage discount" as "the amount or percentage deducted from the market price of a publicly traded security to reflect the decrease in per share value of a block of those securities that is...
Guest Article (3,340 words)
Business Valuation Update, July 2010
"Business valuation is more than numbers. It is about cause and effect relationships and how or if a firm creates value," writes Warren Miller in his upcoming book, Value Maps: Valuation Tools That Unlock Business Wealth.
Guest Article (1,248 words)
Business Valuation Update, May 2010
U.S. Court in Maine excludes expert testimony because, despite his extensive experience and effort, he did not have specific experience valuing personal guarantees.
United States District Court Maine US, Action: Breach of Fiduciary Duty
Legal and Court Case Update (1,775 words)
Business Valuation Update, October 2008
The 2002 AICPA National Business Valuation Conference took place in New Orleans, November 17-19. During the two days of education, the conference brought together great speakers and a wealth of time...
Special Report, Conference Coverage (1,209 words)
Business Valuation Update, February 2003
Hopefully you are all aware that the Internet is here to stay. However, if Bill Gates and Netscape have their way the Internet may soon be our primary method of communication. This means that a TV in...
Special Report (2,214 words)
Business Valuation Update, January 1996
There was great interest in the several sessions on cost of capital at the AICPA Forensic and Valuation Services Conference 2015 in Las Vegas. Speakers acknowledged that this is a topic that has evolved into a very complex area with a voluminous amount of...
Guest Article (1,082 words)
Business Valuation Update, March 2016
The SBBI Valuation Yearbook from Morningstar Inc. and the Duff & Phelps Risk Premium Report were the two most common resources utilized by valuation professionals for estimating the cost of capital through 2013. In September 2013, Morningstar Inc. announ...
Ronald L. Seigneur, Stacey D. Udell
Guest Article (5,278 words)
Business Valuation Update, September 2014
Over the last two years, the authors have developed a new, empirical technique for quantifying company-specific risk (CSR). The Butler Pinkerton Model (BPM) quantifies company-specific risk premiums (CSRPs) for publicly-traded benchmarks using the follow...
Peter J. Butler, Keith A. Pinkerton
Guest Article (2,005 words)
Business Valuation Update, November 2007
The estimation of the cost of capital for a closely held business is fraught with controversy.
James Hitchner, Katherine E. Morris
Guest Article (2,668 words)
Business Valuation Update, October 2004
In his debut presentation on key person value at the 2012 ASA BV conference, Kevin Yeanoplos (Brueggeman and Johnson Yeanoplos P.C.) walked his listeners through some fresh thinking on the topic and how to best quantify its often elusive impact. Yeanoplos...
Guest Article (1,818 words)
Business Valuation Update, February 2013
Turbulence in public markets is wreaking havoc on unprepared appraisers. Thankfully, the Guideline Public Company Method (GPCM) is one of the tools BV experts can use to capture the effect of today’s volatile economy on the value of an appraisal target. G...
Guest Article (1,427 words)
Business Valuation Update, March 2009
Two appraisers testify to lost profits and lost business analysis, defend against Daubert attack. Court examines search for comparables.
United States District Court New Jersey US, Action: Expert Testimony
Legal and Court Case Update (1,384 words)
Business Valuation Update, April 2008
In this article, the authors have refined their earlier work1 by providing a detailed example of how to select a company-specific risk premium (CSRP) for a privately held company using benchmark CSRPs derived from guideline publicly traded companies.
Peter J. Butler, Keith A. Pinkerton
Guest Article (3,500 words)
Business Valuation Update, February 2007
Financial scandals surround us. Tainted "buy" recommendations; manipulation of earnings; after-hours mutual fund trading; back-dating option grants; pay-to-play; biased fairness opinions—these and other professional abuses are current fodder for the pres...
Guest Article (1,454 words)
Business Valuation Update, July 2006
The AICPA’s 2004 National Business Conference took place at the JW Marriott Orlando Grande Lakes Resort in Orlando, Florida (November 7-9, 2004).
Alina Niculita, Paul Heidt, Adam Manson
Special Report, Conference Coverage (1,492 words)
Business Valuation Update, July 2005
The consensus of a panel of four private-equity partners at the Alliance of Merger & Acquisition Advisors (AM&AA) in Chicago, July 19, was that private equity funds are awash in capital to i...
Special Report (988 words)
Business Valuation Update, September 2001
When you think about it, writing an appraisal report has many similarities to driving a car. Just like obeying the rules of the road when driving a car, there are rules that should be obeyed when writ...
L. Deane Wilson
Guest Article (1,904 words)
Business Valuation Update, June 2000
For many years now, my expert reports on lost profits and other economic damages have referenced the Nancy J. Fannon (Fannon) and Jonathan M. Dunitz (Dunitz) publication as one of the few treatises that provided me with peer-reviewed economic damages guid...
Guest Article (1,397 words)
Business Valuation Update, July 2016
Sylvia Golden, legal editor at Business Valuation Resources, interviews business valuator Stuart Rosenberg, a partner in Aronson LLC’s Forensic & Valuation Services group, and attorney Sanford K. (Sandy) Ain, a principal and cofounder of Ain & Bank. They...
Guest Article (3,458 words)
Business Valuation Update, June 2015
In tax refund case related to tax code’s like-kind exchange provisions, Court of Claims rejects a bright line rule that radio stations cannot have goodwill; it also finds that the discounted cash flow (DCF) method the government’s expert chose to determin...
United States Court of Federal Claims N/A US, Action: Federal Taxation
Legal and Court Case Update (2,465 words)
Business Valuation Update, November 2013