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Product Description In Valuation: Avoiding the Winner's Curse, authors Kenneth R. Ferris and Barbara S. Pecherot Petitt will help you master both the science and the art of M&A valuation. Concise, realistic, and easy to use, it brings together the field's best "rules of thumb," compares every leading traditional and alternative approach, presents examples and case studies from many industries, and offers practical solutions for today's key accounting, reporting, and tax-related challenges. From the Back Cover Valuation will always be both an art and a science. This book will help you master both the science and the art. Concise, realistic, and easy to use, it brings together the field's best "rules of thumb," helps you compare every key approach, and offers practical solutions for your most important valuation challenges. Leading practitioners Kenneth R. Ferris and Barbara S. Pécherot Petitt review the entire valuation process, offering real-world advice for both acquiring and valuing target companies. Next, they cover each of today's most important valuation techniques, including discounted cash flow analysis, earnings multiples analysis, adjusted present value analysis, economic value analysis, and real option analysis, as well as such related concerns as the accounting structure of a deal, accounting for goodwill, and much more. From traditional ROE analysis to the latest reporting and tax issues, this book doesn't just make valuation comprehensible: it gives you the tools and insight you need to make valuation work. Hands-on advice for acquiring and valuing target companies Avoiding the process errors that lead to inaccurate valuation Examples and case studies from a wide variety of industries Pharmaceuticals, manufacturing, chemicals, food, technology, and more Financial review and pro forma analysis What to calculate, how to calculate it, and how to intelligently project the future Traditional and alternative methods: when to use each Discounted cash flow, earnings multiples, adjusted present value, real options and more Accounting for mergers and acquisitions Income statement, balance sheet, and cash flow statement transformations Key financial reporting and tax considerations Pooling, purchase accounting, goodwill, and other critical issues Valuing acquisitions: the concise, practical, easy-to-use guide for every decision-maker. Covers the entire valuation process, start to finish Offers expert guidance for choosing among traditional and alternative methods Covers reporting, accounting, and tax considerations in depth Includes examples and case studies from widely diverse industries Illuminates key points with actual data for the Nokia Corporation The M&A environment has never been more unforgiving, as target companies work harder than ever to maximize their worth, and acquiring companies fight to avoid overvaluationthe "winner's curse." In Valuation: Avoiding the Winner's Curse, two leading practitioners offer a hands-on, practical guide to valuation as it's practiced right now. The authors focus on the most crucial issues you face in valuing companies, offering expert advice and proven "rules of thumb" you simply won't find elsewhere. The authors introduce and illustrate both traditional and alternative valuation models, drawing on recent experience to illuminate the key accounting, reporting, and tax issues you must face in order to value a company accurately. They walk through several examples and case studies, including Eli Lilly, Quaker Oats, and Air Products and Chemicals-and clarify many key points with actual data for the Nokia Corporation. Whether you've moved valuation in-house or you're scrutinizing the work of your outside consultants far more closely, Valuation: Avoiding the Winner's Curse gives you crucial skills for minimizing risk-and maximizing shareholder value. "The new economy-creation machine of U.S. venture capital in the last decade has resulted in a lot of stranded technology ass