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The Economics of Business Valuation: Towards a Value Functional Approach, by Patrick Anderson
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For decades, the market, asset, and income approaches to business valuation have taken center stage in the assessment of the firm. This book brings to light an expanded valuation toolkit, consisting of nine well-defined valuation principles hailing from the fields of economics, finance, accounting, taxation, and management. It ultimately argues that the "value functional" approach to business valuation avoids most of the shortcomings of its competitors, and more correctly matches the actual motivations and information set held by stakeholders.
Much of what we know about corporate finance and mathematical finance derives from a narrow subset of firms: publicly traded corporations. The value functional approach can be readily applied to both large firms and companies that do not issue publicly traded stocks and bonds, cannot borrow without constraints, and often rely upon entrepreneurs to both finance and manage their operations. With historical side notes from an international set of sources and real-world exemplars that run throughout the text, this book is a future-facing resource for scholars in economics and finance, as well as the academically minded valuation practitioner.
- Sales Rank: #2108560 in eBooks
- Published on: 2013-04-10
- Released on: 2013-04-10
- Format: Kindle eBook
Review
"This book clearly reviews the existing literature and shows the shortcomings of conceptual and practical methods that are used throughout the business and consulting world. It introduces fundamental changes that build up to an improved methodological approach and that significantly advance the 'science of valuation.'"—Fernando Torres, Chief Economist, IPmetrics LLC
About the Author
Patrick L. Anderson founded Anderson Economic Group in 1996 and serves as a Principal and Chief Executive Officer in the company. His recent books include Applied Game Theory and Strategic Behavior and Business, Economics, and Finance with Matlab, GIS, and Simulation Models.
Most helpful customer reviews
1 of 1 people found the following review helpful.
Great discussion of valuation methods.
By Scott Gilbert
This book is an elegant and thoughtful presentation of the diverse ideas commonly used
to value businesses that have no obvious market price. The author is a practicing consultant in the area,
and the work is both erudite and appealing as a meditation on a consulting economist's attempt to
tame divergent perspectives and methods. The book is quite scholarly and modern, and the text has plenty of
formal mathematics without being excessively technical -- a free (extensive!) companion supplement provides
additional supplementary technical content.
For the typical business valuation consultant, the book may seem at times daunting -- it never shies away from
heavy theoretical concepts -- and perhaps overly concerned with the limitations of popular valuation methods.
But for the consultant who is an economist at heart, the book is a delightful query into problems of
economic theory when applied to business valuation. I hope that more economists, consultants and non-consultants,
will enjoy reading it as I have.
The lively and insightful discussion of modern valuation methods, plus the supporting quantitative analysis, is well worth
the purchase price of the book. As a bonus, Anderson takes the extra step to suggest a possible remedy for some shortcomings
he sees in existing methods. This remedy, which he calls the value functional approach, restates the business valuation
problem as a valuation + business decision problem, making explicit the importance of good business decisions for
firm value. This adds complexity, inherently, but he simplifies the exposition somewhat by focusing on stable/stationary decision/value problems. If the business decision ("now") is held fixed, the situation reduces to a business (current and future earnings steam) valuation problem, and the new method becomes indistinguishable from more conventional economic methods of business valuation.
The new method addresses two problems (valuation and business decision) at once, and may be useful to consultants working on business decisions or public policy, For consultants interested only in business valuation, the new method may not be of interest, but it occupies only the last two chapters of the book. The first twelve chapters are all very relevant to mainstream business valuation, and the technical appendix makes them even more valuable!
1 of 1 people found the following review helpful.
A Tool for the Academic Turned Practitioner
By Michael Garrison
As a newly minted economist with a primarily academic background, this book filled the chasm between academic usage and real world application of the variety of quantitative, modeling, and analytical skills taught in most economics graduate programs. I found it most useful to read the book with a notepad to log ideas on how to put to use the procedures outlined in the text. Mr. Anderson succinctly sums up traditional valuation methods, their flaws, their strengths, and gives the reader insight into what valuation techniques best apply to many situations and which do not. I would highly recommend this book and the author's other works.
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