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valuation discount

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Valuation Discounts- An Analysis Of The Services Position Compared With Litigated Cases: "While the Service resists the application of valuation discounts in family business situations, the presence in the Regulations of the willing buyer/willing seller test for determining the value of transferred property means that the courts are generally prepared to consider the reality of significant discounts when properly supported by a...; Tags: Valuation, Discount, Jones Day Reavis & Pogue, Analysis, Valuation Discount, Investment, Finance; White papers 2003-01-01

Additional Resources

What Discount Rate Should Be Used to Valued Defined Benefit Pension Liabilities?: In defined benefit pension plans, the primary function of the actuarial valuation is to determine appropriate contribution rates from the plan sponsor. For this reason, the valuation discount rate is based on the expected return on the assets of the pension fund and the definition of the actuarial liability can...; Tags: Liability, Valuation, Benefit, Pension Liability, Investment, Financial Planning, Finance; White papers 2004-01-01
Estate valuation discounts for partial interest in realty.: A half interest in realty in an estate gets a valuation discount. A father owned a 50% share of some lands. His kids owned the other half. When he died, his estate said the value of his 50% stake was less than 50% of the value...; Tags: estate, FINANCE, Internal Revenue Service, Investment, Taxes, valuation; Research articles 1997-05-30
The valuation discount for potential capital gains tax: Two recent court decisions should prove to be landmark cases in the valuation of closely-held corporations for estate and gift tax purposes. In Irene Eisenberg v. Commissioner,[1] the Tax Court found that the gift tax value of stock in a closely-held corporation should not be discounted to reflect capital gains...; Tags: asset, estate, FINANCE, Internal Revenue Service, liquidation, stock, Taxes, valuation; Research articles 1999-07-01
How To Discount Cashflows With Time-Varying Expected Returns: While many studies document that the market risk premium is predictable and that betas are not constant, the dividend discount model ignores time-varying risk premiums and betas. A model is developed to consistently value cashflows with changing risk-free rates, predictable risk premiums and conditional betas in the context of a...; Tags: Valuation, Premium, Investment, Finance; White papers 2003-10-01

The Dividend Discount Model in the Long-Run: A Clinical Study: Finance professionals frequently value assets using fundamental valuation methods which discount the expected cash flows received by investors. Using information on the share price, dividend payments, and earnings for a single firm over a period of more than 120 years, we compare the actual share price to the expected price-calculated...; Tags: Bank of Montreal; Research articles 2005-10-01
What Drives Market Prices? Valuation vs. Momentum: Value Expectations submits: Professional investors attempt to find a cognizant understanding of why stocks move, whether they develop this through years of a professional career, or rely on the findings of trusted quantitative or fundamental analysis to help hone their skills. Either way, having the resources to identify...; Tags: US Market, Value Expectations; External links 2009-08-20
Sino-Forest Corporation Updates Valuation of its Forest Plantation Assets in China: TORONTO -- Sino-Forest Corporation (TSX:TRE) announced today that it has received the updated, independent valuation of its commercial forest plantation assets as well as a prospective valuation of its proposed plantation development plans in China. The Company engaged JP Management Consulting (Asia-Pacific) Ltd ("Jaakko Poyry") - a...; Tags: Sino-Forest Corp.; Research articles 2005-03-24
Simple Valuation: This template introduces valuation. First, the template covers the method of calculating the WACC or weighted average cost of capital. Next, the free cash flows for a company are computed. Finally, the free cash flows and dividends are used to value the stock of a company using the constant growth...; Tags: Valuation, Cash Flow, Dividend, Investment, Financial Planning, Finance; Tools & templates 2005-03-29
A Primer On The Quantitative Marketability Discount Model: From the executive summary: ‘The value of a business today is generally expressed as the present value of all expected future cash flows to be derived from the enterprise, discounted to the present, at an appropriate discount rate. As a result, the Quantitative Marketability Discount Model QMDM was designed to...; Tags: Cash Flow, Enterprise, New York State Society Of Certified Public Accountant, Operational Accounting, Finance; White papers 2003-07-01
DDR to Sell Malls at 30% Discount...to 2004 Prices: Tyler Durden submits: Finally a market test valuation of Commercial Real Estate, which is not just hype and Merrill Lynch speculations. The Buffalo News reports that REIT Developers Diversified Realty DDR is selling back 11 upstate New York shopping malls to the entity it originally purchased them from, Benderson...; Tags: US Market, Tyler Durden, Developers Diversified Realty Corp.; External links 2009-06-08
The Term Structure of Country Risk and Valuation in Emerging Markets: The prevailing valuation technique in Emerging Markets adds the country risk to the discount rate. This practice ignores the term structure of default risk. The mismatch between the duration of the project being valued and the duration of the measure of country risk used leads to an overvaluation undervaluation of...; Tags: Paris, Valuation, Bond, American University, Emerging Market, Marketing Research, Financial Services, Investment, Marketing, Finance; White papers 2002-12-04
Risk and Valuation Under an Intertemporal Capital Asset Pricing Model: The paper analyzes the risk characteristics and the valuation of assets in an economy in which the investment opportunity set is described by the real interest rate and the maximum Sharpe ratio. It is shown that, holding constant the beta of the underlying cash flow, the beta of a security...; Tags: Valuation, Cash Flow, Operational Accounting, Finance; White papers 2003-06-21
A Note on Valuation of Companies With Growth Opportunities: Each company faces day to day investment opportunities. The question arising for those managers who have the responsibility of allocating capital is the criteria they should use to differentiate between investment alternatives. The most proven, traditional and popular method of valuation is Discounted Cash Flow henceforth DCF, which provides comparable...; Tags: Valuation, Growth Opportunity, Investment, Finance; White papers 2000-05-04
QTIP and non-QTIP asset aggregation for estate tax valuation purposes rejected.(qualified terminable interest property): In Estate of Mellinger, 112 TC No. 4 (1999), the Tax Court recently held that two minority interests in a corporation's common stock should not be aggregated to create a controlling interest for estate tax valuation purposes, even though the decedent owned 28% of the stock in...; Tags: aggregation, asset, estate, Estate, FINANCE, Investment, Sec, stock, valuation; Research articles 1999-06-01
Valuation of minority discounts in closely-held companies: Early in 1993, the Internal Revenue Service IRS announced a major change of policy with respect to the valuation of closely held corporate stock for both estate and gift taxation. After more than a decade of insisting that a minority discount for intrafamily transfers was not permitted in valuing stock...; Tags: estate, FINANCE, Internal Revenue Service, Investment, stock, valuation; Research articles 1993-12-01
Cross-Border Valuation: The International Cost of Equity Capital: How does a firm in one country evaluate an investment in a firm in another country, or how does it evaluate a foreign project that the firm itself is undertaking? The firm must estimate future free cash flows just as in a domestic project, but choosing an appropriate discount rate...; Tags: Risk, National Bureau Of Economic Research, Equity, Strategy, Security, Management; White papers 2003-11-01
Thomson: Debt Deal to Resuscitate Equity Value: On 24 July 2009, Thomson SA TMS, the French media technology group, said it had signed a balance sheet restructuring agreement with the majority of its creditors. The agreement stipulates 1) a 45% cut in its gross senior debt (from EUR 2.83bn to EUR 2.55bn) by converting it to equity...; Tags: Gadgets, Panta Capital; External links 2009-08-03
Debt Policy, Corporate Taxes, and Discount Rates: This paper studies the valuation of assets with debt tax shields when debt policy is a general time-dependent function of the asset's unlevered cash flows, value, and history. In a continuous-time setting, it shows that the value of a project's debt tax shield satisfies a partial differential equation, which simplifies...; Tags: Asset, National Bureau Of Economic Research, Debt Policy, Taxes, Free Trade, Asset Management, Financial Planning, Finance, Operational Planning, Business Operations; White papers 2002-11-18
Stock Valuation: A company is valuable to stockholders for the same reason that a bond is valuable to bondholders: both are expected to generate cash for years into the future. Company profits are more volatile than bond coupons, but as an investor, task is the same in both cases: make a reasonable...; Tags: Bond, Stock, MoneyChimp, Company Profit, Investment, Finance; White papers 2003-01-01