by Shannon P. Pratt
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Product Description
Proven, practical techniques for estimating the cost of capital
"I would recommend Cost of Capital and the companion Cost of Capital Workbook as excellent tools for passing the various professional exams that lead to valuation accreditations and designations."
-James R. Hitchner, Phillips Hitchner Group, Inc., Atlanta, Georgia
"As a discussion leader for the AICPA ABV exam review course, this set of questions is perfect for people to use for practice for that exam and others (ASA and NACVA from my experience), for that matter. The mix of formats, including exercises, is great."
-Ronald L. Seigneur, Seigneur & Company, PC, CPAs, Lakewood, Colorado
"The exercises are particularly good."
-Stephen J. Bravo, Apogee Business Valuations, Framingham, Massachusetts
Cost of capital estimation has long been recognized as one of the most critical elements in business valuation, capital budgeting, feasibility studies, and corporate finance decisions-it is also, however, one of the most difficult procedures to perform and assess. The Cost of Capital Workbook will help financial officers of small, midsize, and even multibillion dollar companies estimate required rates of return and tackle the myriad issues associated with cost of capital. It will also help business valuation professionals of all levels to gain a greater understanding of cost of capital concepts and procedures.
Using hands-on exercises designed to implement procedures described in Cost of Capital, Second Edition, the Cost of Capital Workbook provides a deeper understanding of cost of capital problems by offering a practical experience in applying solutions. The Workbook includes multiple choice, true or false, and fill-in-the-blank questions as well as:
* Exercises estimating cost of capital by the build-up model and the Capital Asset Pricing Model
* Exercises using Ibbotson Associates' Stocks, Bonds, Bills, and Inflation Valuation Edition Yearbook
* Applications using discounted cash flow (DCF) methods, based on forecasted earnings and cash flows
* Examples covering valuing a business by both equity and invested capital procedures, making project selections, and utility-rate determinations
* Numerous exercises using Ibbotson data from the Cost of Capital Workbook
Business appraisers, corporate finance officers, CPAs, and attorneys will find the Cost of Capital Workbook an indispensable guide to the effective estimation and application of cost of capital.
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Average Customer Review:
3 of 6 people found the following review helpful:
 Best Valuation Tool Available, 2000-12-19
Pratt took his many years of valuation experience and put it in this one book. The book reviews the theory and practice of how to derive a discount rate for use in a DCF. At present, it's the best book in print for appraisers.
5 of 5 people found the following review helpful:
For valuation of nonpublic companies - A good read!, 2000-01-31
The valuation profession has exploded among CPAs, CBAs and others who attend a few seminars and then undertake to do this complicated work. Many end up doing a shabby job, because they do not understand basic concepts of cost of capital. The understanding of aspiring business appraisers will grow from reading this book, as (I believe) mine did.This book is NOT written by an academician (although I think I recall that Shannon has a PhD in finance). A fair example of an academician's work, reflecting a different approach and serving different needs, is Bradford Cornell's fine work on the equity risk premium. Pratt has authored several classic books on business valuation. He has valued thousands and testified in US Tax Court, state courts and federal courts across the country. He continues to speak to business appraisers across the country. This book summarizes issues he knows need to be better understood by those of us who consult with closely held businesses. This is a short book and an easy read, but packed with good information for those who want to better understand the cost of capital in the context of valuing small businesses.
23 of 46 people found the following review helpful:
 101 Fudge Factors For Those Ignorant of Risk Neutral Pricing, 1999-05-29
This book should be titled "I do not know how to price all risks when valuing companies so here are 101 fudge factor guesses I use instead". This is the wrong way to value companies and is inconsistent with financial asset pricing theory. Look elsewhere for better resources.
Price is accurate as of the date/time indicated. Prices and product availability are subject to change. Any price displayed on the Amazon website at the time of purchase will govern the sale of this product.
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