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Valuation : What Assets Are Really Worth - Alfred M. King

Valuation

What Assets Are Really Worth

Hardcover Published: 22nd November 2001
ISBN: 9780471349839
Number Of Pages: 320

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"No one has a clearer understanding of valuation than does Al King. He knows the nuts and bolts of this subject, as well as its intricacies, because he has practiced his profession on the factory floor, in the boardroom, and in the courtroom. The mathematics of valuation is easy to understand. Applying the underlying principles to the ever-growing myriad of business assets and issues is very difficult. Only a handful of valuation professionals have the breadth of knowledge and experience necessary to meet that challenge. The author of this book is one of them, and he conveys that experience in a readable style. He writes as he speaks- clearly and to the point. Anyone who wishes to understand the appraisal process as it pertains to business assets needs this book." --Gordon V. Smith, President, AUS Consultants
"Al King's Valuation: What Assets Are Really Worth aims to give the reader a deep understanding of what 'value' really means-and it succeeds brilliantly. King clearly explains why there is no single 'correct' value for many assets, using real-world examples to show that the intended purpose of a valuation must affect the result. Further, he offers examples of business problems (sometimes disasters!) caused by faulty understanding of value. Only someone with a truly deep understanding of the subject can explain it with such crystalline clarity." --Robert E. Esch, Retired Executive (General Management), Consultant, and President of Sarah Woods Traditions, Inc.
"What a wonderful, commonsense book for guys like me that covers the minefields of cost, price, and value. Every buyer or seller can gain many valuable insights from Al King's engaging book." --Thomas Swanston, Executive Vice President, Bassett Furniture Industries
"As usual, Al King has distilled a somewhat complicated area into commonsense business analysis that we can all relate to. His book is a very worthwhile read for professionals and business owners looking to better understand valuation in the broadest sense, as well as how it applies to their particular situation. I highly recommend taking the time to read this book." --Mark Santarsiero, President, Marshall & Stevens
"Al King has taken a complex topic and separated it into easily understandable components, which he highlights with meaningful examples. The result is a resource that attorneys, accountants, and business people in general can use frequently to explain to clients both the importance of 'valuation' and the concepts which define it." --Sari Ann Strasburg, Pepe & Hazard LLP
"Al King has put his long and vast experience in the field of valuation and accounting to use in Valuation: What Assets are Really Worth. He uses extensive examples to delineate differences between cost, price, and value. He then proposes that future debate should lead to disclosure and use of 'value' on a continuous basis. This book has been authored by a true expert in this field." --Frank C. Minter, CPA, Chair, Institute of Management Accountants

Industry Reviews

“Informative and useful ” - China International Business, China

“Giles Chance adds a new dimension to our understanding of the financial meltdown by highlighting the role of China in precipitating the credit crisis.” - Business Today, India

“ Fascinating insight into how China thinks and works.” - MoneyLIFE, India

“Chance's book offers the valuable insight gained from 20 years of business experience on the ground in China ” - Jing Daily, US

"Imperative read. " --- The Hindu , India

“ In 'China and the Credit Crisis: The Emergence of a New World Order,' author Giles Chance says he has looked deeper into the question and tried to interpret how his conclusions might reshape global economics.” - Asia Wall Street Journal

Giles Chance does a masterful job at weaving his immense knowledge of China and economics into a convincing case that China's emergence into the world economy, especially in regard to its impact on the global supply of consumer products, was a key factor in the crisis. If policy makers had recognized the real impact of China, it is likely that monetary policy and the path of the world economy would have been very different. This book should be read by anyone who truly wants to truly understand all aspects of this amazing economic period we have experienced.
-- Robert G. Hansen
Senior Associate Dean, Norman W. Martin 1925 Professor of Business Administration, Tuck School of Business, Dartmouth College, N.H., USA


The author, with his unique experience and understanding [of China], has raised interesting issues in the book. A recommended read for anyone who has been affected by the Credit Crisis, as well as those with a professional research interest in this subject.
--Fu Xuedong
Chairman, Guotai Junan Allianz Fund Management Co. Ltd., Shanghai


A fascinating and authoritative account of the relationship between the banking crisis and the emergence of China, and as good an analysis as you'll get on the changes taking place in our world as a result.
--Jolyon Connell
Founder and Editorial Director, The Week and MoneyWeek


Giles Chance is a keen observer of market developments and institutional change in the 25 years he has lived in China. His views about the probable developments in the next several decades are provocative.
--Robert Aliber
Professor Emeritus of Economics and Finance, University of Chicago
Author,
The International Money Game


the credit crisis has changed the balance of global financial power. This has altered, and in some ways strengthened, China's global position. Giles analyzes this new situation in his book, which I think is the first one to cover this subject directly and in some depth...I recommend this important book to people around the world who want to understand better China's emergence as a superpower. --Zhang Wei Ying
Dean, Guanghua School of Management, Peking University


In this clear-eyed and thoughtful book, Giles Chance, who has lived and worked in China for much of the past two decades, delivers a penetrating portrait of China at this crucial juncture in its history We learn how China's emergence will shake up the existing world order, how the world's most populous nation is set to lead Asia economically and diplomatically, and how wealth and influence will shift from the West to the East
--James Kynge
Editor, FT China Confidential
Author,
China Shakes the World

1. Cost, Value, and Price 1

2. Accounting for Value, Not Cost: Financial Reporting at the Crossroads 14

3. Investing for Value: Buying and Selling Assets 43

4. Adversarial Nature of Valuations: "Why Can't I Get A Higher (Lower) Answer?" 54

5. Cost Approach to Value 75

6. Income Approach to Value 91

7. Market Comparable Approach to Value 107

8. Can Value Information Be Objective and Independent? 129

9. What Will Happen in the Future? Why Assumptions Are Critical in the Valuation Process 142

10. Hiring an Appraiser; Reading an Appraisal Report 157

11. Providing Value Information to Shareholders and Analysts 169

12. Allocation of Purchase Price: Tangible Assets 180

13. Allocation of Purchase Price: Intangible Assets 200

14. Good Property Records Increase Value and Save Money  224

15. Don't Overpay Property Taxes! 249

16. Adopting SFAS 141 and SFAS 142 261

17. Valuing a Start-up Firm: Cheap Stock Options 275

Index 289

ISBN: 9780471349839
ISBN-10: 0471349836
Audience: General
Format: Hardcover
Language: English
Number Of Pages: 320
Published: 22nd November 2001
Country of Publication: US
Dimensions (cm): 23.55 x 15.8  x 2.76
Weight (kg): 0.64
Edition Number: 1