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RankDateProductResults
13/28/2014BVUpdate
Feedback was swift from the valuation community on the implied private company pricing line (IPCPL), a new method to estimate the cost of capital for private companies. An article explaining IPCPL was published in the September 2013 issue of Business Valu...
Guest Article  (1,610 words)
Business Valuation Update, March 2014
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29/28/2013BVUpdate
Most business appraisal assignments are for private companies with revenue less than $10 million. Current costs of capital (K0) estimation methods rely almost entirely on public security returns. Small privately held companies are different from public eq...
Peter J. Butler, Rod Burkert, Robert M. Dohmeyer
Guest Article  (4,458 words)
Business Valuation Update, September 2013
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39/28/2015BVUpdate
The implied private company pricing line (IPCPL) model is a consistent market­implied approach to measure the cost of capital for private companies. Its key element is the cost of capital for the smallest private companies, derived from Pratt's Stats info...
Igor Gorshunov
Guest Article  (2,204 words)
Business Valuation Update, September 2015
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43/28/2014BVUpdate
In the September 2013 issue of Business Valuation Update, we presented a new method designed to be more reliable in estimating the cost of capital for a privately held business with revenues less than $10 million. The method, known as the implied private...
Guest Article  (2,201 words)
Business Valuation Update, March 2014
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53/28/2014BVUpdate
Editor’s Note: The authors have developed a model designed to be more reliable than the build-up method for estimating the cost of capital of a small privately held business. This model uses the authors’ new Implied Private Company Pricing Line 2.0 (IPCPL...
Bob Dohmeyer, Peter J. Butler, Rod Burkert
Guest Article  (4,317 words)
Business Valuation Update, March 2014
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61/28/2016BVUpdate
Chancery favors merger price, without synergy adjustment, over DCF-generated value, noting uncertainties over key inputs such as projections, equity risk premium, terminal growth rate as well as the "wildly divergent" DCF results of the parties’ experts.
Court of Chancery Delaware US, Action: Dissenting Shareholder
Legal and Court Case Update  (2,448 words)
Business Valuation Update, January 2016
611/28/2014BVUpdate
Peter J. Butler, CFA, ASA, founding principal of Valtrend (Eagle, Idaho), has championed a more quantitative and empirical approach to developing the cost of capital. This approach is embodied in the Total Cost of Equity Calculator, also known as the Butl...
Guest Article  (2,315 words)
Business Valuation Update, November 2014
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85/28/2000BVUpdate
I can't count the number of times that I've been asked whether there's been a restricted stock discount study since the Rule 144 holding period was reduced from two years to one year in 1997. Well, Co...
Kathryn F. Aschwald
Guest Article  (3,476 words)
Business Valuation Update, May 2000
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96/28/2012BVUpdate
For most valuations, adjusting entity-level earnings to develop control and minority interest values has become a generally accepted business valuation practice. This is a good thing. It frees us from extrapolating data from questionable control premium s...
Rod Burkert
Guest Article  (951 words)
Business Valuation Update, June 2012
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912/28/2011BVUpdate
Master limited partnerships (MLPs) have emerged from the recent economic turmoil as one of the strongest asset classes for retail as well as private equity investors. In 2010, for example, the Cushing 30 MLP Index delivered a 42% total return, outperformi...
Brad Edwards
Guest Article  (1,966 words)
Business Valuation Update, December 2011
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93/28/2009BVUpdate
When presenting the Butler Pinkerton Model™ (BPM) at various conferences across the country, we often ask audience members to define beta. Typically, a brave attendee responds that beta, "Measures the volatility of the stock relative to the volatility of...
Peter J. Butler, Keith A. Pinkerton
Guest Article  (3,255 words)
Business Valuation Update, March 2009
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99/28/2001BVUpdate
In my April 2001 Editor's Column I discussed the treatment of marketability discounts in court cases, and briefly touched on empirical data to support those discounts. This column is a follow-up and i...
Shannon R. Pratt
Editor's Column  (1,065 words)
Judges & Lawyers, September 2001
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133/28/2016BVUpdate
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
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1311/28/2010BVUpdate
"Market comps have inherent limitations," began Don Wiggins (Heritage Capital Group) in his keynote address at CICBV/ASA Business Valuation Conference in Miami Beach on October 4. The most common that the best practitioners immediately recognize are...
Guest Article  (1,303 words)
Business Valuation Update, November 2010
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1512/28/2009BVUpdate
If your fair value appraisal shows up in the Delaware Chancery Court, it might be best to start by recalling a famous line from the movie Cool Hand Luke: "What we have here is a failure to communicate...
Guest Article  (1,848 words)
Business Valuation Update, December 2009
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158/28/2009BVUpdate
The latest 2008 restricted stock data provide concrete proof that the discounts for lack of marketability have never been higher. By tying the VIX—the ticker symbol for the Chicago Board Options Exchange Volatility Index, a popular measure of the implied...
Lance Hall
Guest Article  (1,514 words)
Business Valuation Update, August 2009
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155/28/2007BVUpdate
Note: Keith Pinkerton and Peter Butler’s recent article "Quantifying Specific-Company Risk: A New Empirical Framework" (Feb. 2007 BVU), followed by a BVR telephone conference in March, sparked a lively debate and numerous questions from our well-informed...
Special Report  (3,473 words)
Business Valuation Update, May 2007
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152/28/2007BVUpdate
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
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158/28/2003BVUpdate
I’m relinquishing my Editor’s Column space in this issue in favor of Christopher Mercer’s article on Ibbotson Associates’ Valuation Report Certification Services.
Z. Christopher Mercer
Editor's Column  (1,058 words)
Business Valuation Update, August 2003
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1510/28/2001BVUpdate
Shannon Pratt's latest book Business Valuation Discounts and Premiums thoroughly discusses the well-known minority and marketability discounts. However, it also covers less familiar discounts, such as...
Shannon R. Pratt
Special Report  (2,251 words)
Judges & Lawyers, October 2001
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< PreviousNext >Page 1 of 2 (39 results)


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