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The Economics of Business Valuation: Towards a Value Functional Approach

Patrick Anderson

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
book
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.001.0001
Subject:
Economics and Finance, Financial Economics

For decades, the traditional approaches to business valuation (market, asset, and income) have taken center stage in the assessment of the firm. This book presents an expanded valuation toolkit, ... More


THE VALUE FUNCTIONAL: THEORY

Patrick L. Anderson

in The Economics of Business Valuation: Towards a Value Functional Approach

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.003.0015
Subject:
Economics and Finance, Financial Economics

This chapter presents the theory behind the novel value functional method. This includes the importance of the definition of the firm introduced in this book, which includes separation, replicable ... More


The Value Functional: Applications

Patrick L. Anderson

in The Economics of Business Valuation: Towards a Value Functional Approach

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.003.0016
Subject:
Economics and Finance, Financial Economics

This chapter demonstrates practical uses of the value functional approach in the estimation of the value of operating businesses. It includes a detailed discussion of state and control variables, a ... More


Real Options and Expanded Net Present Value

Patrick L. Anderson

in The Economics of Business Valuation: Towards a Value Functional Approach

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.003.0012
Subject:
Economics and Finance, Financial Economics

This chapter demonstrates the importance of management flexibility regarding the timing, scale, and type of investments, which is the basis for the study of “real options.” The chapter describes an ... More


Theories of Value

Patrick L. Anderson

in The Economics of Business Valuation: Towards a Value Functional Approach

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.003.0002
Subject:
Economics and Finance, Financial Economics

This chapter reviews the common definition of “market value” in Economics, and the practical use of the term in tax, accounting, and other fields. It then introduces ten different valuation theories. ... More


MODERN RECURSIVE EQUILIBRIUM AND THE BASIC PRICING EQUATION

Patrick L. Anderson

in The Economics of Business Valuation: Towards a Value Functional Approach

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.003.0009
Subject:
Economics and Finance, Financial Economics

The author introduces the “recursive” model that has emerged within micro-economics over the past few decades. This modern recursive equilibrium model is contrasted with the neoclassical model, in ... More


Applications: Law and Economics

Patrick L. Anderson

in The Economics of Business Valuation: Towards a Value Functional Approach

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.003.0018
Subject:
Economics and Finance, Financial Economics

This chapter demonstrates applications of the value functional or recursive approach to topics in law and economics, including the effects of government policy on business decisions, and the ... More


APPLICATIONS: FINANCE AND VALUATION

Patrick L. Anderson

in The Economics of Business Valuation: Towards a Value Functional Approach

Published in print:
2013
Published Online:
September 2013
ISBN:
9780804758307
eISBN:
9780804783224
Item type:
chapter
Publisher:
Stanford University Press
DOI:
10.11126/stanford/9780804758307.003.0017
Subject:
Economics and Finance, Financial Economics

The author argues that start-up firms, distressed firms, and near-bankrupt firms are the exception, not the rule, in the modern economy. This raises the question of whether such firms, which are ... More


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