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El. knyga: Cost of Capital: Applications and Examples

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(Willamette Management Associates, Portland, Oregon), , Foreword by
  • Formatas: EPUB+DRM
  • Serija: Wiley Finance
  • Išleidimo metai: 12-Mar-2014
  • Leidėjas: John Wiley & Sons Inc
  • Kalba: eng
  • ISBN-13: 9781118852828
Kitos knygos pagal šią temą:
Cost of Capital: Applications and ExamplesDidesnis paveikslėlis
  • Formatas: EPUB+DRM
  • Serija: Wiley Finance
  • Išleidimo metai: 12-Mar-2014
  • Leidėjas: John Wiley & Sons Inc
  • Kalba: eng
  • ISBN-13: 9781118852828
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A one-stop shop for background and current thinking on the development and uses of rates of return on capital

Completely revised for this highly anticipated fifth edition, Cost of Capital contains expanded materials on estimating the basic building blocks of the cost of equity capital, the risk-free rate, and equity risk premium. There is also discussion of the volatility created by the financial crisis in 2008, the subsequent recession and uncertain recovery, and how those events have fundamentally changed how we need to interpret the inputs to the models we use to develop these estimates.

The book includes new case studies providing comprehensive discussion of cost of capital estimates for valuing a business and damages calculations for small and medium-sized businesses, cross-referenced to the chapters covering the theory and data.

  • Addresses equity risk premium and the risk-free rate, including the impact of Federal Reserve actions
  • Explores how to use Morningstar's Ibbotson and Duff Phelps Risk Premium Report data
  • Discusses the global cost of capital estimation, including a new size study of European countries

Cost of Capital, Fifth Edition puts an emphasis on practical application. To that end, this updated edition provides readers with exclusive access to a companion website filled with supplementary materials, allowing you to continue to learn in a hands-on fashion long after closing the book.

About the Authors xiii
Foreword xxiii
Preface xxv
Acknowledgments xxix
PART ONE Cost of Capital Basics
1(88)
Chapter 1 Defining Cost of Capital
3(8)
Chapter 2 Introduction to Cost of Capital Applications: Valuation, Project Selection, and Ratemaking
11(6)
Chapter 3 Net Cash Flow: The Preferred Measure of Economic Income
17(19)
Appendix 3A Alternative Measures of Economic Income
30(6)
Chapter 4 Discounting versus Capitalizing
36(24)
Appendix 4A Equivalency of Capitalizing Residual Income
56(4)
Chapter 5 Discounting---Beyond the Basics
60(10)
Chapter 6 Relationship between Risk and the Cost of Capital
70(19)
PART TWO Estimating the Cost of Equity Capital
89(430)
Chapter 7 Risk-free Rate
91(19)
Chapter 8 Equity Risk Premium
110(67)
Appendix 8A Deriving ERP Estimates
141(32)
Appendix 8B Other Sources of ERP Estimates
173(4)
Chapter 9 Build-up Method
177(12)
Chapter 10 Capital Asset Pricing Model
189(13)
Chapter 11 Beta: Differing Definitions and Estimates
202(41)
Appendix 11A Examples of Computing OLS Beta, Sum Beta, and Full-information Beta Estimates
225(9)
Appendix 11B Estimating Beta: Interpreting Regression Statistics
234(9)
Chapter 12 Unlevering and Levering Equity Betas
243(26)
Chapter 13 Criticism of CAPM and Beta versus Other Risk Measures
269(32)
Appendix 13A Example of Computing Downside Beta Estimates
298(3)
Chapter 14 Size Effect
301(30)
Chapter 15 Criticisms of the Size Effect
331(41)
Appendix 15A Other Data Issues Regarding the Size Effect
363(9)
Chapter 16 Company-specific Risk
372(28)
Chapter 17 Distressed Businesses
400(44)
Appendix 17A Cost of Capital and the Valuation of Worthless Stock
428(16)
Chapter 18 Other Methods of Estimating the Cost of Equity Capital
444(27)
Chapter 19 Using the Duff & Phelps Risk Premium Report Data
471(48)
Appendix 19A Examples Using the Duff & Phelps Risk Premium Report Data
499(20)
PART THREE Estimating the Overall Cost of Capital
519(90)
Chapter 20 Other Components of a Business's Capital Structure
521(23)
Chapter 21 Weighted Average Cost of Capital
544(65)
Appendix 21A Iterative Process Using CAPM to Calculate the Cost of Equity Component of the Weighted Average Cost of Capital
576(33)
PART FOUR Estimating the Cost of Capital---Non-Freely Traded Interests
609(102)
Chapter 22 Handling Discounts for Lack of Marketability and Liquidity for Minority Interests in Operating Businesses
611(19)
Chapter 23 Cost of Capital of Family Holding Company Interests
630(20)
Chapter 24 The Private Company Discount for Operating Businesses
650(13)
Chapter 25 Cost of Capital of Interests in Pass-through Entities
663(17)
Chapter 26 Relationship between Risk and Returns in Venture Capital and Private Equity Investments
680(13)
Chapter 27 Cost of Capital for Closely Held Businesses
693(18)
PART FIVE Corporate Finance Officers: Using Cost of Capital Data
711(128)
Chapter 28 Capital Budgeting and Feasibility Studies
713(9)
Chapter 29 Cost of Capital for Divisions and Reporting Units
722(35)
Chapter 30 Cost of Capital for Fair Value Reporting of Intangible Assets
757(22)
Chapter 31 Cost of Capital in Evaluating Mergers and Acquisitions
779(14)
Chapter 32 Cost of Capital in Transfer Pricing
793(32)
Appendix 32A Cost of Capital in Transfer Pricing Example
822(3)
Chapter 33 The Role of the Cost of Capital in EVA and in Corporate Value-Based Management
825(14)
PART SIX Other Cost of Capital Considerations
839(58)
Chapter 34 Estimating Economic Income
841(20)
Chapter 35 Minority versus Control Implications of Cost of Capital Data
861(12)
Chapter 36 How Cost of Capital Relates to the Excess Earnings Method of Valuation
873(8)
Chapter 37 Adjusting the Discount Rate to Alternative Economic Income Measures
881(16)
PART SEVEN Considerations in Special Applications
897(232)
Chapter 38 How Courts View Cost of Capital
899(112)
Chapter 39 Global Cost of Capital Models
1011(41)
Chapter 40 Cost of Capital of Real Property---Individual Assets
1052(32)
Appendix 40A Valuing Real Property
1076(8)
Chapter 41 Cost of Capital of Real Estate Entities
1084(45)
Appendix 41A Valuing Real Estate Entities
1122(7)
PART EIGHT Case Studies
1129
Chapter 42 Cost of Capital for a Mid-Sized Company
1131(31)
Appendix 42A Report for Cost of Capital for a Mid-Sized Company
1138(24)
Chapter 43 Cost of Capital for a Smaller-Sized Company
1162
Appendix 43A Report for Cost of Capital for a Smaller-Sized Company
1168
Shannon P. Pratt, CFA, FASA, ARM, MCBA, CM&AA, referred to as the father of business valuations, is the author of several bestselling Wiley business valuation books and a sought-after speaker at business valuation industry conferences. He is the managing owner of Shannon Pratt Valuations, Inc., and has served as supervisory analyst for over 3,000 business valuation engagements in forty years and as an expert witness in numerous state and federal courts on contested business valuations. Dr. Pratt is co-author of the upcoming Lawyer's Guide to Cost of Capital.

Roger J. Grabowski is managing director of Duff & Phelps LLC. Roger has testified in court as an expert witness on the value of closely held businesses and business interests, matters of solvency, valuation, and amortization of intangible assets, and other valuation issues. He testified in the Northern Trust case, the first U.S. Tax Court decision that adopted the discounted cash flow method to value the stock of a closely held business with the discount rate based on the capital asset pricing model. Grabowski authors the annual Duff & Phelps Risk Premium Report and is co-author of the upcoming 2014 Valuation Handbook:Guide to Cost of Capital and co-author of the upcoming Lawyer's Guide to Cost of Capital.
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