Business Valuations: Advanced Topics

(Hardback)

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Kasper's book is the first to explain the why, not just the how, in the valuation of privately held businesses, and as such makes a unique contribution to its field. Among its many points, the book makes clear that there is no small stock premium, current valuation practice produces business valuations that are too subjective, and tax precedents and laws do not govern business valuations for other purposes. A truly multidisciplinary approach to the advanced study of valuation theory and practice, the book critically examines the many common practices and assumptions accepted by certain appraisers and finds them wanting. It is thus an in-depth exploration of the foundation of current valuation practice, and the evidence that supposedly supports or refutes traditional wisdom. With easily grasped numerical examples and case studies from Kasper's wide professional experience, this work is an important source of information, knowledge, and applications for professional and academics alike, not only in accounting and related fields, but also in management, investment, and law. Kasper begins with a discussion of the most quoted authority in business valuation, Revenue Ruling 59-60. For attorneys, this is probably the single richest source of cross examination material available (and the ruling appears in its entirety in the Appendix). Although Kasper concentrates on developing the conceptual foundations of valuation, he also explores more practical matters and their meanings, such as fair market values, valuations for tax purposes, and trial strategy. Kasper points out that some of the conclusions he offers are controversial, but if the logic underlying them is understood, their truth will soon be apparent. He also argues convincingly that theory is not just for academics, but can be a useful tool to understand how the real world worksand why it often fails.

Reviews

"Business Valuations: Advanced Topics by Larry Kasper fills the critical void in the valuation literature. Textbooks on financial theory are a dime a dozen and often have little or no regard for the practitioner's real world problems. Practitioner valuation "cook books" are also legion, but rarely discuss the "why" behind their simple rules-of-thumb. [This book] fills the void between financial theory text books and practitioner how-to books....[and] explains how to value a business while constantly linking the "how" back to the "why" of financial theory."-Grant McQueen Brigham Young University
.,."critically examines the many common practices and assumptions accepted by certain appraisers and finds them wanting....Kasper does an excellent job in defining the valuation expert's role and purpose in the context of litigation....this book does have something to offer even the most seasoned business valuation practitioner."-Business Valuation Update
...critically examines the many common practices and assumptions accepted by certain appraisers and finds them wanting....Kasper does an excellent job in defining the valuation expert's role and purpose in the context of litigation....this book does have something to offer even the most seasoned business valuation practitioner.-Business Valuation Update
The author has paid meticulous attention to derivation of theformulas and equations that, in addition to application of intermediate algebra, involve theory of limits, differential calculus, and probability theory.-The Ohio CPA Journal
You will not devour it as fast as Midnight in the Garden of Good and Evil or Into Thin Air, but newly-published Business Valuations: Advanced Topics...is worth your reading....While Kasper puts emphasis on the conceptual foundations of valuation with a substantial number of mathematical proofs, he also covers practical matters and their meanings, such as fair market value, premiums and discounts, CAPM, debt-free valuations, valuations for tax purposes, and trial strategy. We found each chapter rather unique with ideas not found in the conventional texts.-Business Valuation Review
..."critically examines the many common practices and assumptions accepted by certain appraisers and finds them wanting....Kasper does an excellent job in defining the valuation expert's role and purpose in the context of litigation....this book does have something to offer even the most seasoned business valuation practitioner."-Business Valuation Update
"The author has paid meticulous attention to derivation of theformulas and equations that, in addition to application of intermediate algebra, involve theory of limits, differential calculus, and probability theory."-The Ohio CPA Journal
"You will not devour it as fast as Midnight in the Garden of Good and Evil or Into Thin Air, but newly-published Business Valuations: Advanced Topics...is worth your reading....While Kasper puts emphasis on the conceptual foundations of valuation with a substantial number of mathematical proofs, he also covers practical matters and their meanings, such as fair market value, premiums and discounts, CAPM, debt-free valuations, valuations for tax purposes, and trial strategy. We found each chapter rather unique with ideas not found in the conventional texts."-Business Valuation Review

Author Bio

LARRY J. KASPER is a Certified Public Accountant and Certified Valuation Analyst specializing in litigation support and based in Columbus, Ohio. With advanced academic degrees in accounting from The Ohio State University and in operations research from the University of Michigan, Mr. Kasper is listed in Who's Who in Finance and Industry and Who's Who in America and is author of several articles that have appeared in prestigious journals serving his field. He has also been an economist with Dean Witter and the Battelle Memorial Institute, a management consultant with Touche Ross, and an instructor on the Ohio State faculty of accounting.