VALUATION FOR ARBITRATION：COMPENSATION STANDARDS，VALUATION METHODS AND EXPERT EVIDENCEPDF电子书下载

Chapter 1 Valuation for Arbitration： An Introduction 1

Chapter 2 Basic Valuation Approaches 7

Ⅰ Three Approaches 8

Ⅱ Actual Transaction Price 17

Ⅲ Limits on Forward-Looking Compensation 21

Ⅳ Utilizing Several Valuation Methods 26

Ⅴ Market Value 30

Ⅵ Contract-Based Damages 38

Ⅶ Diminution of Value and Business Interruption Damages 42

Ⅷ Sunk Investment Costs and Criticisms of Market Value 49

Ⅸ No Market Exists 58

Ⅹ Subsequent Events 60

ⅩⅠ Common Legal Limits to Compensation 70

1 Market Value Too Speculative 70

2 Not a Going Concern 91

3 Foreseeability 102

4 Lack of Causation and Contributory Fault 105

5 Burden of Proof 111

6 Mitigation 113

7 Unjust Enrichment and Other Equitable Considerations 115

Chapter 3 Comparability 119

Ⅰ Timing 125

Ⅱ Public vs.Private 126

Ⅲ Products and Services Markets 126

Ⅳ Geographic Location 127

Ⅴ Size 128

Ⅵ Capital Structure 128

Ⅶ Debt and Non-cash Consideration 129

Chapter 4 Important Components of DCF Valuations 131

Ⅰ Discount Rates 140

1 Build-Up Procedure 143

2 Weighted Average Cost of Capital （WACC） 159

3 Capital Asset Pricing Model （CAPM） 163

4 Weighting the Debt and Equity Capital Costs 168

5 Contemporaneous Business Forecasts 170

Ⅱ Direct Equity vs.Indirect Equity （Total Invested Capital） Methods 173

Ⅲ Projection Periods 177

Ⅳ Terminal Value 181

Ⅴ Taxes 191

Ⅵ Year-End Convention vs.Mid-Year Convention 195

Ⅶ Enterprise Value， Equity Value and Business Segments 197

Ⅷ Double Counting 198

Ⅸ Specific Forecast Items： Non-operating Assets， Interest， Foreign Exchange Rates and Minority Interests as Illustrations 201

1 Non-operating Assets 201

2 Interest Rates 202

3 Foreign Exchange Rates 206

4 Minority Interests 206

Chapter 5 Adjusted Present Value （APV） Method 209

Chapter 6 Capitalized Cash Flow （CCF） Method 215

Ⅰ Introduction 215

Ⅱ Market Multiples 219

Ⅲ Time Periods 228

Chapter 7 Asset-Based Methods， Particularly Adjusted Book Value （ABV） 231

Ⅰ Introduction 231

Ⅱ Historical Amounts， Intangibles and Goodwill 239

Ⅲ Liabilities 245

Ⅳ Valuations by Categories 246

Ⅴ Double Counting 250

Ⅵ Liquidation Value 250

Chapter 8 Discounts 253

Ⅰ Minority Discount （DLOC） 256

Ⅱ Discount for Lack of Marketability （DLOM） 258

Ⅲ Overlap 261

Chapter 9 Checklist for Interest 265

Ⅰ Legal Sources of Interest Calculations 266

Ⅱ Currency 268

Ⅲ Fixed or Floating 268

Ⅳ Day Count 274

Ⅴ Compounding 275

Ⅵ Beginning Dates for Interest Accrual 276

Ⅶ Miscellaneous Questions 277

Chapter 10 What Can the Careful Arbitrator Do？ 279

Ⅰ Advance Planning 280

Ⅱ Ranges of Estimates： Audit Trail 286

Ⅲ Standards of Conduct for Party-Appointed Experts 287

Ⅳ Expert Exchanges 299

Ⅴ Obtaining the Financial Models 301

Ⅵ The Tribunal-Appointed Expert 304

Appendix 1 List of Current IVSC Members， Observers and Correspondents from ＜www. ivsc.org/members.html＞.Current as of April 13， 2008 315

Appendix 2 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 319

Appendix 3 The Chartered Institute of Arbitrators Protocol on Instructions to Party-Appointed Expert Witnesses 375

Appendix 4 The Chartered Institute of Arbitrators Guideline 10 on the Use of Tribunal-Appointed Experts， Legal Advisers and Assessors 381

Index 391