Public Utilities Their Fair Present Value and Return (Classic Reprint)
Public Utilities Their Fair Present Value and Return (Classic Reprint)

Author: Hammond V. Hayes

Publisher:

Published: 2015-06-28

Total Pages: 224

ISBN-13: 9781330457887

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Excerpt from Public Utilities Their Fair Present Value and Return The present volume is intended to supplement a previous study, made by the writer, of the methods to be pursued in the valuation of the property of public utilities, by entering into a discussion of the line of reasoning which must be followed by those whose duty it is to ascertain the fair present value of a property after an appraisal has been made and all necessary information has been obtained. Likewise the subjects of going value and depreciation have been considered at some length with the hope of removing some of the present misunderstanding that exists relative to these two subjects. It is realized that the sequence of the subjects treated in the several chapters of the present work is not as logical as it might be as, under ordinary circumstances, it would have been better to have explained the full meanings of replacement cost, actual original cost, going value, and depreciation before taking up the discussion of the subjects of fair present value and fair rate of return. It was felt, however, that much of the present controversy on the latter subjects arises from attempts of partisans on the part of the public or on the part of the utilities to advocate the methods of valuation which will produce a value conforming with their personal interests. It is hoped that, by first clearly defining the significance of fair present value, many of the objections frequently raised to certain features of valuation herein advocated may be removed. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Prentice-Hall Tax Service for 1919 (Classic Reprint)
Prentice-Hall Tax Service for 1919 (Classic Reprint)

Author: Prentice-Hall Inc

Publisher: Forgotten Books

Published: 1919

Total Pages: 640

ISBN-13:

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Excerpt from Prentice-Hall Tax Service for 1919 This allowance is not based upon the difference between the actual war cost of such facilities and what they would have cost at pre-war prices. Obviously the taxpayer is not entitled to recover or extinguish through amortization more than the difference between the war cost of such property and what he can sell the property for after the war, or if he continues to need and use it in his business, what it would have cost him after the war. As the rule is expressed in Article 183 of the Regulations: The total amount to be extinguished by amortization, in general, is the excess of the unextinguished or unrecovered cost of the property over its maximum value (either for sale or for use as part of the plant or equipment of a going business) under stable post war. Conditions.' About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.

Valuation Approaches and Metrics
Valuation Approaches and Metrics

Author: Aswath Damodaran

Publisher: Now Publishers Inc

Published: 2005

Total Pages: 102

ISBN-13: 1601980140

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Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.