Principles of Private Firm Valuation -- Contents -- Preface -- Chapter 1: The Value of Fair Market Value -- FAIR MARKET VALUE: THE MEANING FOR THE VALUE OF PRIVATE FIRMS -- FMV AND THE VALUES OF CONTROLLING AND MINORITY INTERESTS -- FMV AND STRATEGIC VALUE -- SUMMARY -- Chapter 2: Creating and Measuring the Value of Private Firms -- THE MVM -- MEASURING THE CONTRIBUTION OF STRATEGY TO FIRM VALUE -- THE CONTROL GAP -- PRIVATE FIRM VALUE AND TRANSPARENCY -- SUMMARY -- Chapter 3: The Restructuring of Frier Manufacturing -- INITIATING THE VALUE CIRCLE FRAMEWORK -- INTERNAL OPPORTUNITIES -- RESTRUCTURING FRIER MANUFACTURING -- THE FINAL DEAL STRUCTURE -- THE CONTROL VALUE -- Chapter 4: Valuation Models and Metrics -- DEFINING CASH FLOW FOR VALUATION PURPOSES -- THE GENERAL VALUATION FRAMEWORK -- DISCOUNTED CASH FLOW OR THE METHOD OF MULTIPLES: WHICH IS THE BEST VALUATION APPROACH? -- SUMMARY -- Chapter 5: Estimating the Cost of Capital -- THE COST OF EQUITY CAPITAL -- CALCULATING BETA FOR A PRIVATE FIRM -- THE COST OF DEBT -- THE COST OF PREFERRED STOCK -- SUMMARY -- Chapter 6: The Value of Liquidity -- DOES LIQUIDITY AFFECT ASSET PRICES? SETTING THE STAGE -- MEASURING ILLIQUIDITY IN THE PUBLIC SECURITY MARKETS -- EVENT STUDY METHODOLOGY -- STUDIES OF THE LIQUIDITY DISCOUNT -- IS THE LIQUIDITY DISCOUNT GREATER IN A CONTROL TRANSACTION? -- SUMMARY AND CONCLUSIONS -- Chapter 7: Estimating the Value of Control -- THE TAKEOVER MARKET FOR PRIVATELY HELD FIRMS -- THE TAKEOVER MARKET FOR FAMILY-OWNED BUSINESSES -- ESTIMATING THE CONTROL PREMIUM -- A PRELIMINARY TEST OF THE MODEL -- SUMMARY -- APPENDIX 7A: ESTIMATING PRIVATE FIRM VOLATILITY -- APPENDIX 7B: THE DATA -- Chapter 8: Taxes and Firm Value -- DOUBLE TAXATION AND THE VALUE OF S AND C CORPORATIONS -- NON-INCOME-TAX FACTORS THAT AFFECT THE SIZE OF THE S PREMIUM -- INVESTMENT AND THE S TAX ADVANTAGE.

CAPITAL CONSTRAINTS AND THE VALUE OF C AND S -- CAPITAL GAINS TAXATION AND THE VALUE OF FREESTANDING S AND C CORPORATIONS -- OPTIMAL ACQUISITION STRUCTURES FOR FREESTANDING C AND S FIRMS: THE IMPACT OF THESE STRUCTURES ON PREACQUISITION PRICES -- TAX-FREE ACQUISITIONS OF FREESTANDING C CORPORATIONS -- TAX STRUCTURES AND DIVESTITURES -- DO ACQUISITION PRICES REFLECT THE VALUE OF TAX ATTRIBUTES? -- SUMMARY -- APPENDIX 8A: ACQUIRERS' INDIFFERENCE PRICE EQUATIONS -- Chapter 9: Valuation and Financial Reports -- TESTING FOR GOODWILL IMPAIRMENT -- QUESTION OF VALUE -- SUMMARY -- Notes -- Index.