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Judge David Laro addresses 1998 AICPA Conference

Judge Laro emphasized the importance of valuation in the tax context with an impressive statistic: Taxpayers file approximately 15 million forms per year with a valuation of some property included.

Ruminations on the 3rd anniversary: past and present converge

A while back my colleague at Willamette Management Associates, Bob Schweihs, commented, "Shannon, since you started the newsletter, you seem to have taken a new lease on life." Reflecting as we compl ...

New size premiums allow for differences in systematic risk

Steven A. Albright inquired about two different numbers for the size premium based on Roger Ibbotson s work for SBBI . I have had the same question, as ValueSource Pro by John Wiley ...

Court Uses DCF to Determine Fair Value of Dissenter's Shares

Petitioner dissented from a merger agreement and pursued his statutory right to an appraisal of his 8% interest in MPM Enterprises Inc., a company that manufactures screen printers for the surface mount technology industry.

ASA College of Fellows Opinions, 1975-1996

The American Society of Appraisers has issued two new publications of potential interest to business valuers (ordering information below): ASA College of Fellows Opinions, 1975-1996 . A function ...

Gilbert v. MPM Enterprises

At issue is the shareholder's right to appraisal of the fair value of his shares and compound interest on that fair value from the date of merger to the date of payment.

Building better betas is Ibbotson's answer to beta controversy

Several recent research studies have provided significant support for two interesting hypotheses regarding betas: The lag effect: For all but the largest companies, the prices of individu ...

New studies quantifying size premiums offer strong cost of capital support

Roger Grabowski is a partner and national director of Price Waterhouse LLP Valuation Services Group. David King is a manager with Price Waterhouse LLP in their Chicago office. This repor ...

Evidence suggests Equity Risk Premium lower than conventional wisdom thinks: Part 1 of 2

On June 5 and 6 Ibbotson Associates held their first-ever Cost of Capital and Equity Risk Premium Conference (as distinguished from their Cost of Capital Workshop, described in the sidebar on page 4).

Black/Freen accuracy misleading

Dear Shannon: I commend your willingness to allow such a lively interchange amongst business appraisers, particularly the Black, Green and Kleeman argument from your February issue. I have s ...

Black/Green similar to Jones method

Dear Shannon: I believe the Black/Green method has a great deal of merit in the valuation of a close-held business enterprise. Even though it is very subjective, it has more relevance to a c ...

Company specific adjustment to discount rate tough problem

The "dirty little secret" in the determination of any capitalization rate not using CAPM or a comparable company basis is that soon after we all get to the same Ibbotson derived rate, a leap ...

NACVA Advisory Board member challenges methods taught

Robert E. Kleeman, Jr., CPA, ASA, CVA, is a business valuation analyst with the CPA firm Clifton, Gunderson & Co. He is a member of the Advisory Board of the National Association of Certified Valu ...

The Valuation of Cash Flow Forecasts: An Empirical Analysis

Kaplan, Stephen N. and Richard S. Ruback, "The Valuation of Cash Flow Forecasts: An Empirical Analysis," Journal of Finance , September, 1995, pp 1059-1094. The study compares actual transaction ...

Nebenzahl v. Miller

At issue is breach of fiduciary duties in connection with a merger agreement.

Wells v. Shearson Lehman/American Express

At issue is the valuation of stock in a management buyout, in which shareholder argues that the board and shareholders were misinformed as to the value of the stock.

Samjens Partners 1 v. Burlington

At issue are the terms of a merger agreement including breach of fiduciary duty.

Horwitz v. Southwest Forest

At issue are the rights of the stockholders in regards to "poison pill" warrants.

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