Cost of Captial - Applications and Examples (3rd Edition) 819 pages   [推广有奖]

Cost of Captial - Applications and Examples (3rd Edition) 819 pages

About the Authors xi
Foreword xvii
Preface xix
Acknowledgments xxiii
Introduction xxv
Notation System and Abbreviations Used in This Book xxix
Part 1. Cost of Capital Basics 1
1. Defining Cost of Capital 3
2. Introduction to Cost of Capital Applications: Valuation and Project Selection 9
3. Net Cash Flow: Preferred Measure of Economic Income 15
4. Discounting versus Capitalizing 23
5. Relationship between Risk and the Cost of Capital 39
Appendix 5A. FASB’s Concepts Statement No. 7: Cash Flows and Present
Value Discount Rates 48
6. Cost Components of a Company’s Capital Structure 51
Part 2. Estimating the Cost of Equity Capital and the Overall Cost of Capital 67
7. Build-up Method 69
8. Capital Asset Pricing Model 79
9. Equity Risk Premium 89
Appendix 9A. Bias Issues in Compounding and Discounting 114
10. Beta: Differing Definitions and Estimates 117
Appendix 10A. Formulas and Examples for Unlevering and Levering Equity Betas 143
Appendix 10B. Examples of Computing OLS Beta, Sum Beta, and Full-Information
Beta Estimates 151
11. Criticism of CAPM and Beta versus Other Risk Measures 161
Appendix 11A. Example of Computing Downside Beta Estimates 176
12. Size Effect 179
13. Criticisms of the Size Effect 209
Appendix 13A. Other Data Issues Regarding the Size Effect 220
14. Company-Specific Risk 225
15. Alternative Cost of Equity Capital Models 243
16. Implied Cost of Equity Capital 255
17. Weighted Average Cost of Capital 265
Appendix 17A. Iterative Process Using CAPM to Calculate the Cost of Equity

Component of the Weighted Average Cost of Capital When Capital Structure Is Constant 283
Appendix 17B. Iterative Process Using CAPM to Calculate the Cost of Equity
Component of the Weighted Average Cost of Capital When Capital Structure Is Changing 297
18. Global Cost of Capital Models 309
19. Using Morningstar Cost of Capital Data 331
Part 3. Corporate Finance Officers: Using Cost of Capital Data 361
20. Capital Budgeting and Feasibility Studies 363
21. Cost of Capital for Divisions and Reporting Units 369
22. Cost of Capital in Evaluating Acquisitions and Mergers 385
23. Cost of Capital in Transfer Pricing 393
24. Central Role of Cost of Capital in Economic Value Added 409
Part 4. Cost of Capital for Closely Held Entities 417
25. Handling the Discount for Lack of Marketability for Operating Businesses 419
26. Private Company Discount 429
27. Cost of Capital of Interests in Pass-Through Entities 437
28. Cost of Capital in Private Investment Companies 449
29. Relationship between Risk and Returns in Venture Capital Investments 469
Part 5. Other Topics 479
30. Minority versus Control Implications of Cost of Capital Data 481
31. How Cost of Capital Relates to the Excess Earnings Method of Valuation 493
32. Adjusting the Discount Rate to Alternative Economic Measures 501
33. Estimating Net Cash Flows 505
Appendix 33A. Estimating the Value of a Firm in Financial Distress 518
34. Common Errors in Estimation and Use of Cost of Capital 529
35. Cost of Capital in the Courts 539
Part 6. Real Estate and Ad Valorem 559
36. Cost of Capital of Real Property–Individual Assets 561
Appendix 36A. Valuing Real Property 580
37. Cost of Capital of Real Estate Entities 587
Appendix 37AValuing Real Estate Entities 615
38. Cost of Capital in Ad Valorem Taxation 623
Part 7. Advice to Practitioners 639
39. Dealing with Cost of Capital Issues 641
40. Questions to Ask Business Valuation Experts 647
Appendices 653
I. Bibliography 655
II. Data Resources 683

III. International Glossary of Business Valuation Terms 693
IV. Sample Report Submitted to U.S. Tax Court by Roger J. Grabowski 703
V. ValuSource Valuation Software 725
VI. Review of Statistical Analysis 733
Index 771

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Cost of Captial - Applications and Examples (3rd Edition) 819 pages
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