Kasper's book is the first to explain the why, not just the how,
in the valuation of privately held businesses, and as such makes a
unique contribution to its field. Among its many points, the book
makes clear that there is no small stock premium, current valuation
practice produces business valuations that are too subjective, and
tax precedents and laws do not govern business valuations for other
purposes. A truly multidisciplinary approach to the advanced study
of valuation theory and practice, the book critically examines the
many common practices and assumptions accepted by certain
appraisers and finds them wanting. It is thus an in-depth
exploration of the foundation of current valuation practice, and
the evidence that supposedly supports or refutes traditional
wisdom. With easily grasped numerical examples and case studies
from Kasper's wide professional experience, this work is an
important source of information, knowledge, and applications for
professional and academics alike, not only in accounting and
related fields, but also in management, investment, and law.
Kasper begins with a discussion of the most quoted authority in
business valuation, Revenue Ruling 59-60. For attorneys, this is
probably the single richest source of cross examination material
available (and the ruling appears in its entirety in the Appendix).
Although Kasper concentrates on developing the conceptual
foundations of valuation, he also explores more practical matters
and their meanings, such as fair market values, valuations for tax
purposes, and trial strategy. Kasper points out that some of the
conclusions he offers are controversial, but if the logic
underlying them is understood, their truth will soon be apparent.
He also argues convincingly that theory is not just for academics,
but can be a useful tool to understand how the real world
works--and why it often fails.
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