Business Valuation Update

In the October 2021 issue:
  • Florida’s Proposed Change to Goodwill Could Set a Precedent
  • Good News: Key Research on Private Cost of Capital Is Back
  • Updated Data Help Appraisers With RULs of Intangible Assets
  • Warning to Business Valuers Looking to Use New ESG Ratings
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Welcome to Business Valuation Update
The Business Valuation Update (BVU) has been the voice of the valuation profession since its inception in 1995. Each monthly issue includes new thinking from leading professionals, detailed reports from valuation conferences, analysis of new business valuation approaches, coverage of “landmark” legal cases in key business valuation issues, regulatory and standards updates, and much more!  Learn more and subscribe >>
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Now You Know What Is Happening in the Infrastructure Debt Market

We recently valued an unsecured debt instrument issued by a large European infrastructure asset owner on behalf of a number of Australian superannuation funds. As infrastructure instruments (both debt and equity) are an emerging asset class for a range of investors, we thought it would be useful to share some of our insights on recent trends and issues from an investment perspective.

More Common Sense—Less Theory and Fewer Models—Needed in Business Valuation

Pablo Fernandez is a professor in the department of financial management at the University of Navarra—IESE Business School in Spain (ranked No. 5 in the world for full-time MBAs by The Economist). A widely published author, he conducts a survey of market risk premiums and risk-free rates used in countries around the world. His recent paper, “CAPM: An Absurd Model,” created a stir in the business valuation community.

Beyond All Comparables: Lessons to Learn From the Kingfisher Airlines Brand Valuation

Recently, India’s Serious Fraud Investigation Office (SFIO) announced it would probe the valuation of the Kingfisher Airlines trademark and whether the trademark was fraudulently inflated to get more funds from banks. The officials of the now-defunct airline, bank representatives, and a corporate finance advisory firm who had valued the brand are being investigated.

Institute of Business Appraisers 20th anniversary conference open with IRS attorney; closes with estate planning attorney

n LITIGATING ISSUES IN THE FAMILY LIMITED PARTNERSHIP ARENA Melanie Urban, Esq. Internal Revenue Service Houston, TX Ms. Urban opened with a declaration that there are two things that the IR ...

Quantifying Company-Specific Risk: The Authors Answer Your Questions

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 ...

2003 AICPA BV conference brings record attendance - Part 4

The 2003 AICPA National Business Valuation Conference took place in Phoenix, Arizona. Find part 1 of this article in the March 2004 issue; part 2 in the April 2004 issue; and part 3 in the M ...

Looking to Private Markets for Private Firm Cost of Capital

Some valuation experts are not comfortable with the theory that public-company data can be substituted for private value. They see some financial theory risks to the standard valuation process of applying a myriad of judgments and assumptions to convert m ...

BVU News and Trends March 2019

A monthly roundup of key developments of interest to business valuation experts.

Main Lessons for Appraisers in the IPEV 2015 Valuation Guidelines

The valuation of private equity investments brings with it special challenges. Despite this fact, interim appraisals are needed regularly because investors in private equity funds require transparent information from the managers. The “International Priva ...

BVR and Duff & Phelps Cost of Capital Platforms Go Head-to-Head at VSCPA

Both platforms give similar results when estimating the cost of capital for private firms. They were put through their paces at a recent conference presented by the Virginia Society of CPAs.

New Meta-Analysis Study Reveals Diminished Size Premium

There have been many studies on the size premium but with conflicting results. Now, the first “meta-analysis” of the size premium provides an estimate that is smaller than what many people believe, according to a new paper.

An Investor’s View of the Valuation of Alternative Space Firms

A very exciting and interesting industry is the alternative space sector that consists of space commercialization companies. These firms are involved in such activities as launch services, satellite and rocket manufacturing, recovery of minerals on astero ...

New Fair Value Regs and Credentials Highlight ASA Event

There was record attendance at the American Society of Appraisers’ 12th Annual Fair Value Conference at the University of Southern California in Los Angeles. The reason for the large turnout is the growing importance of fair value for financial reporting ...

Global BVU News and Trends December 2020

Business valuation news from a global perspective.

Growing Status of Fair Value Sparks Record Attendance at ASA FV Conference

The growing importance of fair value for financial reporting and the ongoing efforts to improve the quality in this area of practice triggered a sell-out for the ASA/USC 13th Annual Fair Value Conference held May 10 in Los Angeles. Here’s a recap.

BVU News and Trends May 2019

A monthly roundup of key developments of interest to business valuation experts.

BVU News and Trends June 2018

A monthly roundup of key developments of interest to business valuation experts.

BVU News and Trends April 2018

A monthly roundup of key developments of interest to business valuation experts.

Applying Qualitative Judgments When Valuing Nontraditional or Hard-to-Value Securities

Previous to the recent dislocation in the credit markets, accounting standards for financial reporting were already expanding to include fair value measurements on a greater range of assets and liabilities; this was at a time when financial instruments were becoming more complicated, more structured, and less liquid and transparent. Despite some public push-back on mark-to-market fair value accounting, the general theme remains intact, and valuation practitioners have to incorporate valuation standards and procedures that properly ...

Update on U.S. Cannabis Valuations From PKF’s Practice Leader

Noam Hirschberger talks about the rapid growth and heavy regulations that have triggered a need for financial and advisory services, including valuation and tax planning, that will be critical to the ongoing success of firms in the cannabis industry.

What Research Sources Do You Use?

Business valuation professionals depend on information, Often, their competitive advantage (not to mention their ability to withstand opposing points of view) is dependent on their knowledge of proprietary, unimpeachable sources. The 2011/2012 BV Firm ...

Global BVU News and Trends June 2020

Business valuation news from a global perspective.

Has the Size Effect Disappeared?

Many researchers have documented that the size effect has diminished since the 1980’s, says Mike Crain, speaking at the AICPA National Business Valuation Conference in DC. He offered the following academic studies on this point: • Eleswarapu and Rein ...

Hot BV Topics From the AICPA FVS Conference

Almost 1,000 attendees at the AICPA Forensic & Valuation Services Conference 2013 in Las Vegas learned about the latest developments in business valuation. Among the many topics discussed were new perspectives on the value of control, how valuation report ...

Dynamic Defense and Government Services Market Creates Opportunities for Valuation Practitioners

The defense and government services sector faced an uncertain climate in early 2010, but by the end of the year, the levels of M&A activity had risen to a level not seen since the 2006-2007 peak. Increasing M&A activity always drives demand for business v ...

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