VALUATION DISCOUNTS AND PREMIUMS

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VALUATION DISCOUNTS AND PREMIUMSFundamentals, Techniques & TheoryIn addition to the foregoing chapter of Fundamentals, Techniques and Theory, there are othersources of information that many professionals in the valuation business have read and/or added totheir library. The valuation analyst, progressing through the steps in a valuation, should be generallyfamiliar with the body of knowledge represented by this text and other publications. These caninclude books, papers, articles, seminars, classes and the experience of a valuation mentor or otherbusiness mentor the valuation analyst may know. Those at the top of the field continue to grow.Recommended reading includes, but is not limited to: Abraham, Mel H., Valuation Issues and Case Law Update, all cases. Abrams, Jay B., “Discount Rates as a Function of Log Size and Valuation ErrorMeasurement” (3 parts), The Valuation Examiner, F/M 1997. Bogdanski, John A., Federal Tax Valuation, Warren, Gorman & Lamont Blackman, Irving L., Valuing Your Privately Held Business, The Art & Science ofEstablishing Your Company’s Worth, Chapter 9 (Valuation Discounts). Campbell, Ian R., and Howard E. Johnson, The Valuation of Business Interests, Chapter 12(Controlling and Minority Interests) and Chapter 13 (Discounts for Non-Control andIlliquidity). Cornell, Bradford, Corporate Valuation, Tools for Effective Appraisal and Decision Making,Chapter. Dorrell, Darrell, “Marketability Discounts – A Comprehensive Analysis” The ValuationExaminer, M/A 2002. Grossman, Robert J., “Considering Voting Rights Premiums After Simplot”, The ValuationExaminer, M/A 2000. Hitchner, James R., “Financial Valuation Applications and Models,” Chapter 8 ValuationDiscounts and Premiums. Hofman, Cornelius A., “Volume Discounted Yield Curve: Computing a Realistic DiscountRate,” The Valuation Examiner, J/J 1997. Jones, Gary E., “The Case of Contingent Liability: To Discount or Not?,” The ValuationExaminer, 1qtr, 1994. Kelting, Herman, “Deriving Discount Rates from Geometric Mean Internal Rates of Return,”The Valuation Examiner, M/J 2003. Kelting, Herman, “Stock Prices Reflect the Value of the Underlying Assets,” The ValuationExaminer, J/A 2000. McChesney, Robert C., “Minority and Marketability discount: A Present Value Approach toDetermination,” The Valuation Examiner, S/O 2000. Mercer, Z. Christopher, Quantifying Marketability Discounts, all chapters. Nalley, David W. Jr.., “Swing Vote Effect on Valuation Discounts,” The Valuation Examiner,2qtr, 1995. Pratt, Shannon P., R. F. Reilly and R. P. Schweihs, Valuing a Business, The Analysis andAppraisal of Closely Held Companies, Part IV (Discounts, Premiums, and the ValueConclusion). Pratt, Shannon P., R. F. Reilly and R. P. Schweihs, Valuing a Business, The Analysis andAppraisal of Closely Held Companies, Part IV (Discounts, Premiums and the ValueConclusion). Pratt, Shannon, Business Valuation Discounts and Premiums, all chapters. Radom, Carl C., “Disputes Over Minority Discounts Continue” (2 parts), The ValuationExaminer, MA 1996. Rosen, Corey, “Valuation Discounts in ESOPs”, The Valuation Examiner, D/J 1997.50 – Chapter Seven © 1995–2011 by National Association of Certified Valuators and Analysts (NACVA). All rights reserved.2012.v1 Used by Institute of Business Appraisers with permission of NACVA for limited purpose of collaborative training.
Fundamentals, Techniques & TheoryVALUATION DISCOUNTS AND PREMIUMSSheeler, Carl L., “Two Halves Don’t Equal a Whole: Theory and Practice of the MinorityInterest,” The Valuation Examiner, M/A 2003.Skvoretz, Mark A., “The Weighted Average Cost of Capital Approach in Developing aDiscount Rate,” The Valuation Examiner, J/J 1996.Taylor, Timothy, “Marketability Discount Issues of the Relief Act of 1997”, The ValuationExaminer, D/J 1999.Van Acker, Marty, “Tax Court Allows Valuation Discount for Built-in Gains Tax,” TheValuation Examiner, A/S 1998.Laro, David and Pratt, Shannon P., Business Valuation and Taxes—Procedure Law andProspective, Wiley, 2005.© 1995–2012 by National Association of Certified Valuators and Analysts (NACVA). All rights reserved. Chapter Seven – 51Used by Institute of Business Appraisers with permission of NACVA for limited purpose of collaborative training. 2012.v1
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