Cost of capital in litigation : applications and examples
著者
書誌事項
Cost of capital in litigation : applications and examples
（Wiley finance series）
Wiley, c2011
- : cloth
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注記
Includes bibliographical references and index
内容説明・目次
内容説明
Cost of Capital in Litigation addresses cost of capital issues in litigation and discusses major decisions, highlighting how to avoid errors that have often been made by experts. The book helps the attorney and valuation expert understand the decisions within the context of the theory of cost of capital and includes a chapter on cross-examining experts on cost of capital issues. Throughout, there are citation to relevant material and cross-reference to Cost of Capital: Applications and Examples, Fourth Edition.
目次
About the Authors xi Foreword xix Preface xxi Acknowledgments xxv Notation System and Abbreviations Used in This Book xxvii CHAPTER 1: Cost of Capital Basics 1 Introduction 1 Components of a Capital Structure 2 Characteristics of Cost of Capital 3 Cost of Capital Equals the Discount Rate 4 Net Cash Flow 6 Discount Rate Is Not the Same as Capitalization Rate 12 Cost of Capital Should Reflect Risk of the Investment 19 CHAPTER 2: Estimating the Cost of Equity Capital and the Overall Cost of Capital 25 Introduction 25 Estimating the Cost of Equity Capital by the Build-up Method 26 Estimating the Cost of Equity Capital by the Capital Asset Pricing Model 32 Other Methods for Estimating the Cost of Equity Capital 41 Overall (Weighted Average) Cost of Capital 45 CHAPTER 3: Other Cost of Capital Considerations 54 Introduction 54 Standard of Value 55 Handling Discounts for Lack of Marketability 55 How the Cost of Capital Relates to the Excess Earnings Method of Valuation 58 Adjusting the Discount Rate to Alternative Economic Income Measures 63 Converting from After-Tax Rates to Pretax Rates 64 CHAPTER 4: Cost of Capital in Estate and Gift Tax Matters 67 Introduction 67 Acceptance and Rejection of DCF 67 Evaluation of Cash Flow Forecasts 70 Equity Rate versus WACC 70 Build-up, CAPM, or Something Else? 71 Cost of Equity 71 Consistency of Data 73 Courts Demand Supporting Detail 74 Cost of Capital for a Regulated Company 76 S Corporations 76 Summary 77 CHAPTER 5: Cost of Capital Considerations in Corporate Restructuring and Other Federal Tax Matters 79 Introduction 80 Legal Entity Valuations 81 Intercompany Debt 93 Worthless Stock 95 Transfer Pricing Disputes 96 Summary 100 CHAPTER 6: Cost of Capital Included in Damage Calculations 101 Introduction 101 Why Discounting Is Necessary 101 Is a Risk-free Discount Rate Appropriate? 103 Cost of Capital Is the Appropriate Risk-Adjusted Discount Rate 109 Tax Effects 114 Common Errors in Discounting Lost Profits 114 Exclusion of Expert Testimony 117 Summary 119 CHAPTER 7: Cost of Capital in Intellectual Property Disputes 120 Introduction 121 Categories of Intellectual Property Disputes 122 Cost of Capital Issues in Intellectual Property Disputes 129 Court Guidance Regarding Discount Rate Selection 131 Other Considerations 135 Summary 139 CHAPTER 8: Cost of Capital in Bankruptcy 141 Introduction 141 Cost of Capital for Debt: Cram Down Interest Rates 142 Cost of Capital for Assets 147 Cost of Capital for a Business Enterprise 152 Summary 159 CHAPTER 9: Cost of Capital in Appraisal and Fairness Cases 161 Introduction 161 Discounted Cash Flow in Delaware Law 162 Capital Asset Pricing Model 163 Components of Weighted Average Cost of Capital 164 Build-up Method 181 Additional Points 182 Role of the Expert 182 Summary 184 CHAPTER 10: Cost of Capital in Family Law Matters 185 Introduction 185 Cost of Equity Capital versus WACC 186 Capital Structure: Industry versus Business 193 Solving for Market Value Weight Proportions and the Cost of Equity Capital 197 The Hidden Impact of Rounding 197 Cost of Capital in Family Law Courts 199 Summary 202 CHAPTER 11: Cost of Capital in Ad Valorem Taxation 203 Introduction 204 Unitary Property Cost of Capital by State 206 Company Cost of Capital versus Asset Cost of Capital 209 Assessed Value versus Market Value 214 General Categories of Legislative Constraints That Necessitate Adjustments to the Cost of Capital 216 Capital Structure 219 Weighted Average Cost of Capital 220 Ad Valorem Tax Adder 228 Flotation Costs 229 WACC versus WARA 230 Cost of Capital in the Courts 232 Summary 232 CHAPTER 12: Cost of Capital in Regulated Industries 233 Introduction 234 Overview of Regulatory Decision-making Process 234 Role for Cost of Capital 236 Alternative Approaches to Setting Cost of Capital 238 Specific Issues by Technique 251 Other Methods Being Developed 257 Railroad Cost of Capital Issues 258 Summary 262 CHAPTER 13: Questions to Ask Business Valuation Experts 264 Introduction 264 Examination Outline 264 Appendix I Bibliography 273 Appendix II International Glossary of Business Valuation Terms 277 Index 285
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