Valuation for Arbitration : Compensation Standards, Valuation Methods and Expert Evidence - Mark Kantor

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Valuation for Arbitration

Compensation Standards, Valuation Methods and Expert Evidence

By: Mark Kantor

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Hardcover | 9 June 2008

At a Glance

Hardcover
411 Pages

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24.13 x 15.88 x 3.18

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This book provides a clear understanding of the nuts and bolts of valuation approaches for business investments, including market, income and asset-based methods. It reviews tools that arbitrators may employ to reach their final compensation assessment on a principled basis. The bookand#8217;s many practical recommendations explore the decision making processes entailed in three central aspects of the arbitratorand#8217;s role:

and#8226; advance planning to enhance understanding of expert valuation evidence;

and#8226; identification of and#8220;apples-to-orangesand#8221; miscomparisons; and

and#8226; recognition of the true comparability between the business at issue and other examples offered in the expert evidence.

The presentation focuses not only on the legal standards applicable to the valuation (full or adequate compensation, reparations, restitution, actual loss, fair market value, fair or reasonably equivalent value, lost profits, etc.), but also on the informed judgment and reasonableness that must enter into the process of weighing the facts of each case and determining its aggregate significance. The book considers common valuation methods like discounted cash flows, adjusted present values, capitalized cash flows, adjusted book values and comparable sales and transactions. Additionally, it addresses means for arbitrators to assess expert valuation evidence in complex business investment disputes.

andquot;Best book 2008 of the OGEMID awards!andquot;

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Acknowledgments	p. vii
About the Author	p. ix
Valuation for Arbitration: An Introduction	p. 1
Basic Valuation Approaches	p. 7
Three Approaches	p. 8
Actual Transaction Price	p. 17
Limits on Forward-Looking Compensation	p. 21
Utilizing Several Valuation Methods	p. 26
Market Value	p. 30
Contract-Based Damages	p. 38
Diminution of Value and Business Interruption Damages	p. 42
Sunk Investment Costs and Criticisms of Market Value	p. 49
No Market Exists	p. 58
Subsequent Events	p. 60
Common Legal Limits to Compensation	p. 70
Market Value Too Speculative	p. 70
Not a Going Concern	p. 91
Foreseeability	p. 102
Lack of Causation and Contributory Fault	p. 105
Burden of Proof	p. 111
Mitigation	p. 113
Unjust Enrichment and Other Equitable Considerations	p. 115
Comparability	p. 119
Timing	p. 125
Public vs. Private	p. 126
Products and Services Markets	p. 126
Geographic Location	p. 127
Size	p. 128
Capital Structure	p. 128
Debt and Non-cash Consideration	p. 129
Important Components of DCF Valuations	p. 131
Discount Rates	p. 140
Build-Up Procedure	p. 143
Weighted Average Cost of Capital (WACC)	p. 159
Capital Asset Pricing Model (CAPM)	p. 163
Weighting the Debt and Equity Capital Costs	p. 168
Contemporaneous Business Forecasts	p. 170
Direct Equity vs. Indirect Equity (Total Invested Capital) Methods	p. 173
Projection Periods	p. 177
Terminal Value	p. 181
Taxes	p. 191
Year-End Convention vs. Mid-Year Convention	p. 195
Enterprise Value, Equity Value and Business Segments	p. 197
Double Counting	p. 198
Specific Forecast Items: Non-operating Assets, Interest, Foreign Exchange Rates and Minority Interests as Illustrations	p. 201
Non-operating Assets	p. 201
Interest Rates	p. 202
Foreign Exchange Rates	p. 206
Minority Interests	p. 206
Adjusted Present Value (APV) Method	p. 209
Capitalized Cash Flow (CCF) Method	p. 215
Introduction	p. 215
Market Multiples	p. 219
Time Periods	p. 228
Asset-Based Methods, Particularly Adjusted Book Value (ABV)	p. 231
Introduction	p. 231
Historical Amounts, Intangibles and Goodwill	p. 239
Liabilities	p. 245
Valuations by Categories	p. 246
Double Counting	p. 250
Liquidation Value	p. 250
Discounts	p. 253
Minority Discount (DLOC)	p. 256
Discount for Lack of Marketability (DLOM)	p. 258
Overlap	p. 261
Checklist for Interest	p. 265
Legal Sources of Interest Calculations	p. 266
Currency	p. 268
Fixed or Floating	p. 268
Day Count	p. 274
Compounding	p. 275
Beginning Dates for Interest Accrual	p. 276
Miscellaneous Questions	p. 277
What Can the Careful Arbitrator Do?	p. 279
Advance Planning	p. 280
Ranges of Estimates: Audit Trail	p. 286
Standards of Conduct for Party-Appointed Experts	p. 287
Expert Exchanges	p. 299
Obtaining the Financial Models	p. 301
The Tribunal-Appointed Expert	p. 304
List of Current IVSC Members, Observers and Correspondents from . Current as of April 13, 2008	p. 315
AICPA Statement on Standards for Valuation Services No. 1: Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset (SSVS No. 1), Including the International Glossary of Business Valuation Terms	p. 319
The Chartered Institute of Arbitrators Protocol on Instructions to Party-Appointed Expert Witnesses	p. 375
The Chartered Institute of Arbitrators Guideline 10 on the Use of Tribunal-Appointed Experts, Legal Advisers and Assessors	p. 381
Index	p. 391
Table of Contents provided by Ingram. All Rights Reserved.

Valuation for Arbitration

Compensation Standards, Valuation Methods and Expert Evidence

At a Glance

Hardcover

Shipping

How to return your order

Defective items

You Can Find This Book In

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