The Everyday Practice of Valuation and Investment


Book Description

The financial industry derives its legitimacy through the claim that it acts in the interest of shareholders. A vast international network of funds, banks, insurance companies, brokerages, rating agencies, and regulatory agencies defends its status by asserting that market mechanisms determine a company’s true value and therefore enriching shareholders contributes to the socially optimal allocation of capital. Is this how stock prices are determined in practice? What does stock valuation reveal about the supposed efficiency of markets and what it means to act on behalf of shareholders? Horacio Ortiz provides a critical analysis of the social institutions and practices that produce and regulate stock pricing and valuation. He examines how financial professionals evaluate and invest in listed companies, unraveling the contradictory definitions of financial value that shape their behavior. Ortiz demonstrates how ideologically laden notions of investing skill and efficient markets are central to the everyday practices of financial valuation, as well as how they function to justify the broader system. He scrutinizes the technical aspects of valuation and investment, their place in social relations within and among companies, and their relation to state regulation in order to demystify how the financial industry presents prices as truths that the rest of society must accept. Drawing on ethnographic fieldwork conducted among stock brokers and investment management companies in New York and Paris, this book shows how the political imaginaries that underpin financial markets are central to producing, sustaining, and legitimizing global inequalities.




BVR's Guide to Physician Practice Valuation, Third Edition


Book Description

BVR's Guide to Physician Practice Valuation, Third Edition is the essential resource for understanding the complexities inherent in physician practice valuation, whether for sale to a hospital, private equity firm, or to another physician. Edited by renowned healthcare valuation thought leader Mark Dietrich, CPA/ABV.




Valuation of a Medical Practice


Book Description

What is a medical practice worth? The answer depends, in part, on whom you ask. Purchasers would say value is based on what they plan to bring to the table; sellers assume it's simply a matter of formula applied uniformly across the board. In actuality, both are correct—to a degree. While there are basic guidelines used to ascertain values, valuation must be determined on a case-by-case basis, as each has a unique set of circumstances that ultimately affects final outcome. Covering the specific issues that impact valuation, Valuation of a Medical Practice takes you through the entire process, highlighting pitfalls and mistakes that are commonly made and that should be avoided. Written by Reed Tinsley, Rhonda Sides, and Gregory D. Anderson, leading experts in the field, this comprehensive resource clears up the ambiguous question of what exactly constitutes the value of a medical practice. As the authors stress, there are two main points to keep in mind: The strength of the practice's income stream and what it produces for the owner(s) is what creates true value. The key to a successful valuation is deciding whether or not the practice's future income stream will mirror its present income stream. Along with case examples, sample valuation letters, and checklists for gathering data, as well as an exhaustive appendix and glossary of terms, Valuation of a Medical Practice has complete details on: Regulatory issues—Medicare fraud and abuse, private benefit/private inurement, the Stark Law. Special issues—gross revenues, referral patterns, payer mix, practice efficiencies and transition, productivity. Getting started—engagement preplanning and planning, requesting pertinent data. On-site inspection and owner interview—fixed assets, personnel, accounting system, supply inventory, marketing, physician and management issues. Completing the process—reporting, reviews, reconciling valuation methods, applying premiums and discounts, obtaining client representations. Straightforward, accessible, and exhaustive, this is an important resource for anyone involved in the valuation of a medical practice. When it comes to valuing a medical practice, the parties involved often disagree on how it should be best assessed. Written by leading authorities in the field, this comprehensive resource clears up any confusion by examining and explaining the key issues involved in the valuation process, as well as common pitfalls and mistakes that should be avoided. Packed with sample valuation engagement letters, checklists for gathering data, and helpful case studies, Valuation of a Medical Practice covers all the essential bases, from regulatory issues and operating costs to capitalization and fixed assets—in short, everything needed for an accurate valuation.




Valuing, Selling, and Closing the Medical Practice


Book Description

"This resource provides in-depth information on the fundamentals of strategic practice management and future planning for the medical practice in the areas of selling, closing, and valuation"--




Corporate Valuation


Book Description




European Valuation Practice


Book Description

The variability of valuation practice within Europe is perceived as a problem within the globalization of property. This edited textbook examines the practice of real estate valuation in selected countries in Europe. The focus is on countries with well developed real estate markets in which both international and indigenous investors are active. The book is aimed at real estate professionals, financiers, institutional advisers, property researchers and students who require a greater understanding of comparative property appraisal techniques applied across Europe.




How to Value, Buy, or Sell a Financial Advisory Practice


Book Description

Financial planning is a young industry. The International Association of Financial Planning—one of the predecessors to the Financial Planning Association—was formed less than forty years ago. But as the profession's first tier of advisers reaches maturity, the decisions that may be part of transition planning for their firms loom large. A sale? A partner buyout? A merger? No matter what the choice, its viability hinges on one critical issue—the value of the firm. Unfortunately, many advisers--whether veteran or novice—simply don't know the worth of their practice or how to influence it. That's why How to Value, Buy, or Sell a Financial-Advisory Practice is such an important book. It takes advisers carefully through the logic and the legwork of coming to a true assessment of one of their most important personal assets—their business. Renowned for their years of experience helping advisers tackle the daunting challenges related to the valuation, sale, and purchase of advisory firms, Mark C. Tibergien and Owen Dahl offer guidance that's essential and solutions that work.




Principles and Practice of Property Valuation in Australia


Book Description

This book provides a clear outline of the key principles underlying property valuation and the current techniques and issues in the practice of valuation for the major sectors of the Australian real estate market. Formerly titled Valuation Principles and Practice, this entirely new third edition comprises Australia's leading advanced valuation textbook. The first part of the book, Principles of valuation, comprises chapters written by globally recognised academics and specialists on the principles of law, economics, planning, policy and finance, all in the context of property valuation. The second part of the book, Practice of valuation, comprises chapters written by acknowledged expert valuers on the practice of valuation for key property sectors including residential, retail, commercial, industrial, leisure and rural. Further, chapters also cover valuations for purposes including lending, insurance, rating, taxation and financial reporting. The most up to date valuation text for the Australian market, this book will appeal to both valuation practitioners and undergraduate/postgraduate students as well as to accountants, lawyers and professionals dealing with property valuation issues.




Valuing a Practice


Book Description




Valuation


Book Description

The sixth edition of Valuation: Principles into Practice continues to be both a core text for all students undertaking surveying qualifications and a handy reference guide for valuers in practice. The new edition has been thoroughly updated with nine completely re-written chapters. The book provides extensive details of valuation principles and practices in agricultural, commercial, residential, industrial and leisure sectors. The balance of academic and practicing contributors explore the law and regulation within the field of valuation and include chapters on valuations for financial investments, taxation and rating insurance, as well as useful case studies and detailed approaches to valuation procedures for a variety of properties from farms to public houses. With extensive market knowledge and the obvious benefit of his involvement with the five previous editions, Richard Hayward brings the sixth edition well into the twenty-first century. The book continues it’s tried and tested melding of ‘town and gown’, and the twenty six contributors to the twenty three chapters are all leading specialists in their fields.