Quantitative business valuation

Professional Praise for Jay Abram's Advanced Business Valuation....

Jay Abram's book is close to the equivalent of several graduate dissertations rolled into one book. For each topic (covered), he presents a scholarly summary of past research, new empirical research of his own, and his conclusions. It is a weil-documented contribution to in-depth understanding of important business valuation issues, and should not be overlooked by the serious practitioner"

-Shannon Pratt, DBA, Managing Director,
Willarmette Management Associates, Coauthor, Valuing a Business

"The problem of simplified valuation procedures and coherent theory still remains complex and is ever
evolving. Jay Abrams deals very effectively with this complexity through the use of mathematical
formulas. Input to his models is explained with clarity and effectiveness, which adds to the overail
value of this advanced text on business valuation."

--Terry A, 1som, Chairman, National Association of Certified Valuation Analysts

"Jay Abrams'book strives to provide mathernatical modeling for what practitioners often do by reasoning alone. This book is a must read for practitioners who are searching for additional techniques for dealing with some of business va1uation~5 imponderables."

--- David M. Bishop, FIBA, BVAL, ASA, MCBA, Presîdent, Aineràan Busïriess Appraisers, Inc.

'Jay Abrams'book will not only challenge the top theoreticians in the field; his step-by-step explanations will make advanced quantitative techniques available to the many appraisers who are not capable of independently creating the underlying mathematical analysis.',

--Kent Osborne- ASA,
Chairman, Editorial Review Board of the, Society of Appraisers

"Mile a proliferation of business valuation treatises and guides exists in the market, most are very general in nature and do nothing more than rehash fundamental concepts. / am unaware of any author that has stepped into the unknown as JayAbrams has and compiled and developed a treatise of extremely useful analytical tools for the serious valuator"

--- Robert J. Grossman, CPA/ABV, ASA, CVA, Partner, Crossman Yanak & Ford

Contents

• Introduction
  
• Acknowledgments
  
• List of Figures
  
• List of Tables
  
• PART I
  
• FORECASTING CASH FLOWS
  
• Cash Flow: A Mathematical Derivation
  
• Using Regression Analysis
  
• . Annuity Discount Factors and the Gordon Model
  
• PART Il
  
• CALCULATING DISCOUNT RATES
  
• Discount Rates as a Function of Log Size
  
• Arithmetic versus.Geometric Means: Empirical Evidence and Theoretical Issues
  
• An Iterative Valuation Approach
  
• PART III
  
• ADJUSTING FOR CONTROL AND MARKETABILITY
  
• Adjusting for Levels of Control and Marketability
  
• Sample Restricted Stock Discount Study
  
• Sample Appraisal Report
  
• PART IV
  
• PUTTING IT ALL TOGETHER
  
• Empirical Testing of Abrams'Valuation Theory
  
• Measuring Valuation Uncertainty and Error
  
• PART V
  
• SPECIAL TOPICS
  
• Valuing Startups
  
• ESOPs: Measuring and Apportioning Dilution
  
• Buyouts of Partners and Shareholders
  
• Glossary
  
• Index