MARC Record from marc_nuls

LEADER: 08964pam 22003014a 4500
001 9919441080001661
005 20150423120614.0
008 010510s2001 nyua b 001 0 eng
010 $a 2001026448
020 $a0471394483 (cloth : alk. paper)
035 $a(CSdNU)u101641-01national_inst
035 $a(Sirsi) l2001026448
035 $a(Sirsi) l2001026448
035 $a(Sirsi) 01-AAM-6883
035 $a 2001026448
040 $aDLC$cDLC$dDLC$dOrPss
042 $apcc
050 00 $aHG 4028 V3$bP682 2001
100 1 $aPratt, Shannon P.
245 10 $aBusiness valuation discounts and premiums /$cShannon P. Pratt.
260 $aNew York :$bJ. Wiley,$cc2001.
300 $axxviii, 404 p. :$bill. ;$c24 cm.
504 $aIncludes bibliographical references and index.
505 0 $aOverview of Business Valuation Discounts and Premiums and the Bases to Which They Are Applied -- Discounts and Premiums Reflect Relative Risk and Relative Growth -- Discounts and Premiums Are Big-Money Issues -- "Entity-Level" versus "Shareholder-Level" Discounts and Premiums -- How the Valuation Approaches Used Affect the Level of Value -- Use of Public Company Data to Quantify Discounts and Premiums -- How the Standard of Value Affects Discounts and Premiums -- Minority Discounts and Control Premiums -- Relevant Definitions -- Basic Minority/Control Value Relationship -- Prerogatives of Control -- Factors Affecting Degree of Control -- How the Valuation Methodology Affects the Minority Discount or Control Premium -- Do Publicly Traded Minority Stock Prices Reflect Control Value? -- How the Purpose of the Valuation Affects Minority Discounts or Control Premiums -- Empirical Data Regarding Minority Discounts and Control Premiums -- Premiums Paid in Acquisitions -- Identifying Industries with Higher or Lower Control Premiums -- Caveats Regarding Use of Control Premium Data -- Percentage Discounts from Net Asset Value -- Minority Discounts and Control Premiums in the Courts -- Gift, Estate, and Income Tax Cases -- Discounts for Lack of Control in Employee Stock Ownership Plan Cases -- Dissenting Shareholder Cases -- Shareholder Oppression Cases -- Marital Dissolution Cases -- Bankruptcy Case -- Discounts for Lack of Marketability for Minority Interests: Concept and Evidence -- Public Market Benchmark for Marketability -- Empirical Evidence to Quantify Discounts for Lack of Marketability -- Restricted Stock Studies -- Pre-Initial Public Offering Discount for Lack of Marketability Studies -- Regulatory and Court Recognition of Empirical Marketability Discount Studies -- Synopsis of Restricted Stock Studies -- Securities and Exchange Commission Institutional Investor Study -- Gelman Study -- Trout Study -- Moroney Study -- Maher Study -- Standard Research Consultants Study -- Silber Study -- FMV Opinions Study -- Management Planning Study -- Johnson Study -- Columbia Financial Advisors Study -- John Emory Pre-Initial Public Offering Discount for Lack of Marketability Studies--Complete Underlying Data -- January 1980-June 1981 -- January 1985-June 1986 -- August 1987-January 1989 -- February 1989-July 1990 -- August 1990-January 1992 -- February 1992-July 1993 -- January 1994-June 1995 -- November 1995-April 1997 -- Dot-Com Companies, May 1997-March 2000 -- Factors Affecting Discounts for Lack of Marketability for Minority Interests -- Size of Distributions -- Prospects for Liquidity -- Pool of Potential Buyers -- Risk Factors -- Discounts for Lack of Marketability for Controlling Interests -- Discounts for Lack of Marketability for Controlling Interests: A Controversial Concept -- "Control, Marketable" Is an Oxymoron -- Bases from Which Controlling Interest Discounts for Lack of Marketability May Be Deducted -- Factors Affecting Controlling Interest Discounts for Lack of Marketability -- Public Versus Private Company Acquisition Multiples -- Court Treatment of Controlling Interest Discounts for Lack of Marketability -- Quantitative Marketability Discount Model -- What Is the Quantitative Marketability Discount Model? -- Quantitative Marketability Discount Model: Base Case -- Quantifying the Quantitative Marketability Discount Model Base Case -- Marketable Minority Valuation Concepts -- Nonmarketable Minority Valuation Concepts -- Expected Growth and Expected Returns -- Marketability Discounts in the Courts -- Gift and Estate Tax Cases -- Employee Stock Ownership Plan Case -- Dissenting Shareholder Cases -- Minority Oppression Cases -- Marital Dissolution Cases -- Voting versus Nonvoting Stock -- Voting versus Nonvoting Stock Scenarios -- Empirical Studies Show Little Differential for Small Minority Interests -- Transactions Involving Premiums for Control Blocks -- Court Cases Involving Voting versus Nonvoting Stock -- Key Person Discounts -- Empirical Evidence Supports Key Person Discount -- Factors to Consider in Analyzing the Key Person Discount -- Quantifying the Magnitude of the Key Person Discount -- Internal Revenue Service Recognizes Key Person Discount -- U.S. Tax Court Cases Involving Key Person Discounts -- Key Person Discounts in Marital Dissolutions -- Discounts for Trapped-In Capital Gains Taxes -- Rationale for Trapped-In Capital Gains Tax Discount -- "General Utilities Doctrine" -- Tax Court Recognizes Trapped-In Capital Gains -- Internal Revenue Service Acquiesces to Trapped-In Capital Gains Discount -- Subsequent Tax Cases Regularly Recognize Trapped-In Capital Gains Tax Discount -- Trapped-In Capital Gains in Dissenting Stockholder Actions -- Trapped-In Capital Gains in Bankruptcy Court -- Trapped-In Capital Gains Taxes in Marital Dissolutions -- Treatment of Capital Gains Tax Liability in S Corporations -- Blockage Discounts -- Blockage Is Distinct from Restricted Stock -- Factors to Analyze in Quantifying Blockage Discount -- Must Consider Ways of Selling Stock -- "Price Pressure" and "Market Exposure" -- Block Buyer Could Ameliorate Blockage Discount -- Blockage Discounts Recognized in Estate and Gift Tax Regulations -- Blockage Discounts in U.S. Tax Court -- Nonhomogeneous Assets ("Portfolio") Discounts -- Portfolio Discount Principle -- Empirical Evidence Supporting Portfolio Discounts -- How to Value Companies with Disparate Portfolios -- Quantifying the Portfolio Discount -- Portfolio Discounts in the U.S. Tax Court -- Discounts for Environmental, Litigation, and Other Contingent Liabilities -- Concept of the Contingent Liability Discount -- Financial Accounting Standard #5 May Provide Guidance in Quantifying Contingent Liabilities -- Treatment of Contingencies in the U.S. Tax Court -- Discount Adjustments for Limited Partnership Interests and Other Asset Management Entities -- Partnership Features -- Other State Law and Regulatory Issues -- Compliance with Federal Income Tax Regulations -- Compliance with Federal Transfer Tax Regulations -- Analysis of Ownership and Classes of Interests -- Analysis of Underlying Adjusted Net Asset Value -- Analysis of Income Capacity Value -- Valuation of Noncontrolling Entity Interests -- Discounts for Lack of Control and Marketability -- Court Cases Regarding Limited Partnership Values -- Premium and Discount Issues in Undivided Interest Valuations -- Description and Characteristics of Undivided Interests -- Appraisal of Assets in Fee-Simple Interest -- Factors Affecting the Value of an Undivided Interest -- Valuation Adjustments for Undivided Interests -- Court Decisions Related to Undivided Interest Discounts -- Common Errors in Applying Discounts and Premiums -- Using Synergistic Acquisition Premiums to Quantify Premiums for Control -- Assuming That the Discounted Cash Flow Valuation Method Always Produces a Minority Value -- Assuming That the Guideline Public Company Method Always Produces a Minority Value -- Valuing Underlying Assets Rather Than Stock or Partnership Interests -- Using Minority Interest Marketability Discount Data to Quantify Marketability Discounts for Controlling Interests -- Using Only Restricted Stock Studies (and Not Pre-Initial Public Offering Studies) as Benchmark for Discounts for Lack of Marketability -- Inadequate Analysis of Relevant Factors -- Indiscriminate Use of Average Discounts or Premiums -- Applying (or Omitting) a Premium or Discount Inappropriately for the Legal Context -- Applying Discounts or Premiums to the Entire Capital Structure Rather Than Only to Equity -- Quantifying Discounts or Premiums Based on Past Court Cases -- Using an Asset Appraiser to Quantify Discounts or Premiums for Stock or Partnership Interests -- How Much Can Marketability Affect Security Values? -- Internal Revenue Service Revenue Ruling 77-287 -- Securities and Exchange Commission Rules 144 and 144A.
650 0 $aBusiness enterprises$xValuation.
948 $a03/13/2002$b04/09/2002
983 $a31786101607676
999 $aHG 4028 V3 P682 2001$wLC$c1$i31786101607676$d5/30/2006$e5/10/2006 $f4/16/2004$g1$lCIRCSTACKS$mNULS$n3$rY$sY$tBOOK$u4/9/2002