Download or read book Cost of Capital written by Shannon P. Pratt and published by John Wiley & Sons. This book was released on 2010-11-04 with total page 794 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Cost of Capital, Fourth Edition "This book is the most incisive and exhaustive treatment of this critical subject to date." —From the Foreword by Stephen P. Lamb, Esq., Partner, Paul, Weiss, Rifkind, Wharton & Garrison LLP, and former vice chancellor, Delaware Court of Chancery "Cost of Capital, Fourth Edition treats both the theory and the practical applications from the view of corporate management and investors. It contains in-depth guidance to assist corporate executives and their staffs in estimating cost of capital like no other book does. This book will serve corporate practitioners as a comprehensive reference book on this challenging topic in these most challenging economic times." —Robert L. Parkinson Jr., Chairman and Chief Executive Office, Baxter International Inc., and former dean, School of Business Administration and Graduate School of Business, Loyola University of Chicago "Shannon Pratt and Roger Grabowski have consolidated information on both the theoretical framework and the practical applications needed by corporate executives and their staffs in estimating cost of capital in these ever-changing economic times. It provides guidance to assist corporate practitioners from the corporate management point of view. For example, the discussions on measuring debt capacity is especially timely in this changing credit market environment. The book serves corporate practitioners as a solid reference." —Franco Baseotto, Executive Vice President, Chief Financial Officer, and Treasurer, Foster Wheeler AG "When computing the cost of capital for a firm, it can be fairly said that for every rule, there are a hundred exceptions. Shannon Pratt and Roger Grabowski should be credited with not only defining the basic rules that govern the computation of the cost of capital, but also a road map to navigate through the hundreds of exceptions. This belongs in every practitioner's collection of must-have valuation books." —Aswath Damodaran, Professor, Stern School of Business, New York University "Pratt and Grabowski have done it again. Just when you thought they couldn't possibly do a better job, they did. Cost of Capital, Fourth Edition is a terrific resource. It is without a doubt the most comprehensive book on this subject today. What really distinguishes this book from other such texts is the fact that it is easy to read—no small feat given the exhaustive and detailed research and complicated subject matter. This book makes you think hard about all the alternative views out there and helps move the valuation profession forward." —James R. Hitchner, CPA/ABV/CFF, ASA, Managing Director, Financial Valuation Advisors; CEO, Valuation Products and Services; Editor in Chief, Financial Valuation and Litigation Expert; and President, Financial Consulting Group "The Fourth Edition of Cost of Capital continues to be a 'one-stop shop' for background and current thinking on the development and uses of rates of return on capital. While it will have an appeal for a wide variety of constituents, it should serve as required reading and as a reference volume for students of finance and practitioners of business valuation. Readers will continue to find the volume to be a solid foundation for continued debate and research on the topic for many years to come." —Anthony V. Aaron, Americas Leader, Quality and Risk Management, Ernst & Young Transaction Advisory Services

Download or read book Cost of Capital Website written by Shannon P. Pratt and published by John Wiley & Sons. This book was released on 2014-04-21 with total page 1344 pages. Available in PDF, EPUB and Kindle. Book excerpt: A one-stop shop for background and current thinking on the development and uses of rates of return on capital Completely revised for this highly anticipated fifth edition, Cost of Capital contains expanded materials on estimating the basic building blocks of the cost of equity capital, the risk-free rate, and equity risk premium. There is also discussion of the volatility created by the financial crisis in 2008, the subsequent recession and uncertain recovery, and how those events have fundamentally changed how we need to interpret the inputs to the models we use to develop these estimates. The book includes new case studies providing comprehensive discussion of cost of capital estimates for valuing a business and damages calculations for small and medium-sized businesses, cross-referenced to the chapters covering the theory and data. Addresses equity risk premium and the risk-free rate, including the impact of Federal Reserve actions Explores how to use Morningstar's Ibbotson and Duff Phelps Risk Premium Report data Discusses the global cost of capital estimation, including a new size study of European countries Cost of Capital, Fifth Edition puts an emphasis on practical application. To that end, this updated edition provides readers with exclusive access to a companion website filled with supplementary materials, allowing you to continue to learn in a hands-on fashion long after closing the book.

Download or read book Valuation Handbook U S Guide to Cost of Capital written by Roger J. Grabowski and published by John Wiley & Sons. This book was released on 2017-06-05 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Valuation Handbook – U.S. Guide to Cost of Capital, 2005 Essentials Edition includes two sets of valuation data: Data previously published in the 2005 Duff & Phelps Risk Premium Report Data previously published in the Morningstar/Ibbotson 2005 Stocks, Bonds, Bills, and Inflation (SBBI) Valuation Yearbook The Valuation Handbook – 2005 U.S. Essentials Edition includes data through December 31, 2004, and is intended to be used for 2005 valuation dates. The Valuation Handbook – U.S. Guide to Cost of Capital, Essentials Editions are designed to function as historical archives of the two sets of valuation data previously published annually in: The Morningstar/Ibbotson Stocks, Bonds, Bills, and Inflation (SBBI) Valuation Yearbook from 1999 through 2013 The Duff & Phelps Risk Premium Report from 1999 through 2013 The Duff & Phelps Valuation Handbook – U.S. Guide to Cost of Capital from 2014 The Valuation Handbook – U.S. Essentials Editions are ideal for valuation analysts needing "historical" valuation data for use in: The preparation of carve-out historical financial statements, in cases where historical goodwill impairment testing is necessary Valuing legal entities as of vintage date for tax litigation related to a prior corporate restructuring Tax litigation related to historical transfer pricing policies, etc. The Valuation Handbook – U.S. Essentials Editions are also designed to serve the needs of: Corporate finance officers for pricing or evaluating mergers and acquisitions, raising private or public equity, property taxation, and stakeholder disputes Corporate officers for the evaluation of investments for capital budgeting decisions Investment bankers for pricing public offerings, mergers and acquisitions, and private equity financing CPAs who deal with either valuation for financial reporting or client valuations issues Judges and attorneys who deal with valuation issues in mergers and acquisitions, shareholder and partner disputes, damage cases, solvency cases, bankruptcy reorganizations, property taxes, rate setting, transfer pricing, and financial reporting For more information about Duff & Phelps valuation data resources published by Wiley, please visit www.wiley.com/go/valuationhandbooks.

Download or read book Cost of Capital in Litigation written by Shannon P. Pratt and published by John Wiley & Sons. This book was released on 2010-10-26 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: Cost of Capital in Litigation addresses cost of capital issues in litigation and discusses major decisions, highlighting how to avoid errors that have often been made by experts. The book helps the attorney and valuation expert understand the decisions within the context of the theory of cost of capital and includes a chapter on cross-examining experts on cost of capital issues. Throughout, there are citation to relevant material and cross-reference to Cost of Capital: Applications and Examples, Fourth Edition.

Download or read book Cost of Capital Workbook written by Shannon P. Pratt and published by John Wiley & Sons. This book was released on 2003-02-03 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt: Proven, practical techniques for estimating the cost of capital "I would recommend Cost of Capital and the companion Cost of Capital Workbook as excellent tools for passing the various professional exams that lead to valuation accreditations and designations." -James R. Hitchner, Phillips Hitchner Group, Inc., Atlanta, Georgia "As a discussion leader for the AICPA ABV exam review course, this set of questions is perfect for people to use for practice for that exam and others (ASA and NACVA from my experience), for that matter. The mix of formats, including exercises, is great." -Ronald L. Seigneur, Seigneur & Company, PC, CPAs, Lakewood, Colorado "The exercises are particularly good." -Stephen J. Bravo, Apogee Business Valuations, Framingham, Massachusetts Cost of capital estimation has long been recognized as one of the most critical elements in business valuation, capital budgeting, feasibility studies, and corporate finance decisions-it is also, however, one of the most difficult procedures to perform and assess. The Cost of Capital Workbook will help financial officers of small, midsize, and even multibillion dollar companies estimate required rates of return and tackle the myriad issues associated with cost of capital. It will also help business valuation professionals of all levels to gain a greater understanding of cost of capital concepts and procedures. Using hands-on exercises designed to implement procedures described in Cost of Capital, Second Edition, the Cost of Capital Workbook provides a deeper understanding of cost of capital problems by offering a practical experience in applying solutions. The Workbook includes multiple choice, true or false, and fill-in-the-blank questions as well as: * Exercises estimating cost of capital by the build-up model and the Capital Asset Pricing Model * Exercises using Ibbotson Associates' Stocks, Bonds, Bills, and Inflation Valuation Edition Yearbook * Applications using discounted cash flow (DCF) methods, based on forecasted earnings and cash flows * Examples covering valuing a business by both equity and invested capital procedures, making project selections, and utility-rate determinations * Numerous exercises using Ibbotson data from the Cost of Capital Workbook Business appraisers, corporate finance officers, CPAs, and attorneys will find the Cost of Capital Workbook an indispensable guide to the effective estimation and application of cost of capital.

Download or read book Cost of Capital written by and published by . This book was released on 2006 with total page 582 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book 2017 Valuation Handbook U S Guide to Cost of Capital written by Roger J. Grabowski and published by John Wiley & Sons. This book was released on 2017-04-10 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ensure that you're using the most up-to-date data available: Buy the 2017 Valuation Handbook – U.S. Guide to Cost of Capital + Quarterly PDF Updates together! The New Industry Standard in Business Valuation Reference Materials 2017 Valuation Handbook – U.S. Guide to Cost of Capital provides the key annual valuation data previously published in (i) the now discontinued Morningstar/Ibbotson SBBI Valuation Yearbook (discontinued in 2013), and (ii) the Duff & Phelps Risk Premium Report Study (no longer published as a stand-alone publication). The size premia data previously published in the SBBI Valuation Yearbook is referred to as the "CRSP Deciles Size Premia" exhibits in the new 2017 Valuation Handbook – U.S. Guide to Cost of Capital, while the size and risk premia data published in the Duff & Phelps Risk Premium Report Study has been published annually since 1996 and, like the former SBBI Valuation Yearbook, provides data and methodology that can be used to develop cost of equity capital estimates using (i) the build-up method and (ii) the capital asset pricing model (CAPM). The 2017 Valuation Handbook – U.S. Guide to Cost of Capital includes data through December 31, 2016, and is intended to be used for 2017 valuation dates. For more information about Duff & Phelps valuation data resources published by Wiley, please visit www.wiley.com/go/valuationhandbooks. Also Available 2017 Valuation Handbook – U.S. Industry Cost of Capital 2017 Valuation Handbook – International Guide to Cost of Capital 2017 Valuation Handbook – International Industry Cost of Capital Key Features Key cost of capital inputs: The 2017 Valuation Handbook – U.S. Guide to Cost of Capital provides the key inputs needed for developing the cost of equity capital (i.e., "discount rate") for use in estimating the value of a subject business, business ownership interest, security, or intangible asset. Inputs provided include: equity risk premia, size premia, risk premia over the risk free rate, full-information industry betas, industry risk premia, and the risk-free rate. Discussion of topics that come up most when performing valuation analysis: The 2017 Valuation Handbook – U.S. Guide to Cost of Capital includes straightforward discussions about: (i) valuation theory, (ii) the differences between the various cost of capital estimation models (build-up, CAPM, Fama-French), (iii) understanding the basic building blocks of cost of equity capital (the risk-free rate, the equity risk premium, the size premium, beta, the industry risk premium, the company-specific risk premium), (iv) whether to "normalize" risk-free rates or not, (v) a detailed comparison of the CRSP Deciles Size Premia Study (the former SBBI Valuation Yearbook data) and the Risk Premium Report Study, and more. Easy-to-follow examples: The 2017 Valuation Handbook – U.S. Guide to Cost of Capital is packed with easy-to-understand examples for properly using the data to develop levered, unlevered, and even "high-financial-risk" cost of equity capital estimates using various build-up methods and CAPM.

Download or read book A Reviewer s Handbook to Business Valuation written by L. Paul Hood, Jr. and published by John Wiley & Sons. This book was released on 2011-05-03 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thorough guidance and detailed analysis of the valuation business engagement Discussing the practical aspects of business valuation that arise in the context of a tax valuation, this book provides you with detailed analysis of the valuation business engagement process. Detailed discussion is included of various cases outlining errors that appraisers have made in appraisal reports, as well as in-depth discussion of the current appraisal industry issues that are impacting tax valuations. Examines concepts and topics including level of value, the role of estate planners in the business valuation process, the use of appraisers in estate planning and litigation, and the appraiser identification/selection process Provides insight into the nature of the major appraisal trade associations Offers insights into preventing errors from getting into appraisal reports This helpful guide provides you with the detailed discussion you need on the various business valuation standards that have been promulgated by the Appraisal Standards Board as well as several appraisal trade associations.

Download or read book Fair Value Measurement written by Mark L. Zyla and published by John Wiley & Sons. This book was released on 2012-10-23 with total page 427 pages. Available in PDF, EPUB and Kindle. Book excerpt: FAIR VALUE MEASUREMENT Practical Guidance and Implementation "Writing Fair Value Measurement was a monumental task fraught with controversy not only in the U.S., but also abroad. Having coauthored a book with Mark as well as written one myself, I was even more impressed that Mark was able to navigate these fair value minefields and produce a work that will be a tremendous help to accountants and non-accountants alike. If you are looking for a 'one-stop' book on fair value measurement, this is it!" Neil J. Beaton, CPA/ABV, CFA, ASA, Managing Director, Valuation Services, Alvarez & Marsal "In recent years, the FASB and the IASB have added many requirements for various assets and liabilities to be measured at fair value. In this book, Zyla clearly describes how to implement fair value measurement and how investors and creditors should interpret it. The crisp writing and illuminating analysis will help readers to grasp the essence of fair value accounting and to apply it wisely." J. Edward Ketz, Associate Professor of Accounting, Pennsylvania State University "The focus of the book is on fair value measurement based on level 3 inputs. This is a critical area of valuations for financial reporting due to a false comfort given by routine application of evaluating models and assumptions without real possibilities of calibration. Mark Zyla offers an extraordinary help in understanding the reliability of the inputs and the outputs of the different methodologies and the inherent biases in each of them. The book is a precious support for better valuation both in U.S. GAAP and in IFRS fair value reporting." Mauro Bini, Full Professor of Corporate Finance, Bocconi University; Chairman, Management Board OIV (Organismo Italiano di Valutazione) Essential guidance on the fair value measurement process Now in a second edition, Fair Value Measurement: Practical Guidance and Implementation helps you succeed in understanding the fair value accounting rules that entities must follow. The result is a resource that you can rely on to understand the importance of valuation and the concepts that define it. In basic, nontechnical language, author Mark Zyla presents practical direction for best practices of financial valuation as well as for understanding the many FASB pronouncements involving fair value. An essential guide for auditors and valuation specialists, Fair Value Measurement: Practical Guidance and Implementation, Second Edition brings you up to speed on what fair value really means.

Download or read book Financial Valuation written by James R. Hitchner and published by John Wiley & Sons. This book was released on 2003-04-07 with total page 1056 pages. Available in PDF, EPUB and Kindle. Book excerpt: The appropriate, defensible way to prepare and present businessvaluations, with a strong emphasis on applications and models Financial Valuation provides an all-encompassingvaluation tome that presents the application of financial valuationtheory in an easily understood manner. Delivering valuation theory,the consensus view on application, and the tools to make it happen,James Hitchner?s all-star cast of contributors offer numerousexamples, checklists, and models to assist in navigating avaluation project. The book contains hundreds of short, easilyunderstandable "Valuation Tips," and covers best practices from theview of these twenty-five experts.

Download or read book Business Valuation Update Yearbook 2021 written by Andrew Dzamba and published by BVResources. This book was released on 2021-01-10 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: While ideas and methods continually evolve in the business valuation profession, 2020 marked a year of challenges unlike any other. Always a highly-anticipated annual publication, the Business Valuation Update Yearbook 2021 covers the year's most groundbreaking and thought-provoking advancements on valuation methodologies in the face of a global pandemic. It also captures, changes in regulations and professional standards, key takeaways from the best virtual conferences, and tactical practice-building ideas. This critical desktop reference puts you ahead of the competition with on-the-ground reporting from valuation experts, thought-leaders, and BVR's expert editorial and legal teams.The Yearbook is divided into eight sections for easy navigation.

Download or read book Financial Valuation Website written by James R. Hitchner and published by John Wiley & Sons. This book was released on 2017-05-01 with total page 1301 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practically-focused resource for business valuation professionals Financial Valuation: Applications and Models provides authoritative reference and practical guidance on the appropriate, defensible way to prepare and present business valuations. With contributions by 30 top experts in the field, this new fourth edition provides an essential resource for those seeking the most up-to-date guidance, with a strong emphasis on applications and models. Coverage includes state-of-the-art methods for the valuation of closely-held businesses, nonpublic entities, intangible, and other assets, with comprehensive discussion on valuation theory, a consensus view on application, and the tools to make it happen. Packed with examples, checklists, and models to help you navigate your valuation project, this book also provides hundreds of expert "tips" and best practices in clear, easy-to-follow language. The companion website provides access to extensive appendix materials, and the perspectives of valuation thought-leaders add critical insight throughout each step of the process. Valuation is an important part of any organization's overall financial strategy, and seemingly-small inaccuracies or incomplete assessments can have big repercussions. This book walks you through the valuation process to give you the skills and understanding you need to get it done right. Learn best practices from 30 field-leading experts Follow clear examples for complex or unfamiliar scenarios Access practical tools that streamline the valuation process Understand valuation models and real-world applications The business valuation process can become very complex very quickly, and there's no substitute for clear guidance and a delineated framework in the run-up to completion. Get organized from the beginning, and be systematic and methodical every step of the way. Financial Valuation: Applications and Models is the all-encompassing, expert guide to business valuation projects.

Download or read book Accounting for Goodwill and Other Intangible Assets written by Ervin L. Black and published by John Wiley & Sons. This book was released on 2018-10-09 with total page 244 pages. Available in PDF, EPUB and Kindle. Book excerpt: Concepts, methods, and issues in calculating the fair value of intangibles Accounting for Goodwill and Other Intangible Assets is a guide to one of the most challenging aspects of business valuation. Not only must executives and valuation professionals understand the complicated set of rules and practices that pertain to intangibles, they must also be able to recognize when to apply them. Inside, readers will find these many complexities clarified. Additionally, this book assists professionals in overcoming the difficulties of intangible asset accounting, such as the lack of market quotes and the conflicts among various valuation methodologies. Even the rarest and most problematic situations are treated in detail in Accounting for Goodwill and Other Intangible Assets. For example, the authors analyze principles for identifying finite intangible assets and appropriately accounting for amortization expenses or impairment losses. Using the information in this book, the results of these calculations can also be reported with precision on financial statements. These topics are especially important for ensuring the success of any asset acquisition or business combination. In these special cases, the utmost accuracy is essential. This book provides: Rules for identifying and recognizing intangible assets in business combinations and asset acquisitions Guidance on the accurate valuation and carrying amount calculation of acquired and self-created intangibles Tips for overcoming the challenges unique to intangible assets, including impairment testing Clear instructions for disclosing intangible assets, goodwill, and amortization expenses Accounting for Goodwill and Other Intangible Assets is an indispensable reference for valuation students and specialists. Ervin L. Black and Mark L. Zyla provide thorough instructions for understanding, accounting for, and reporting this challenging asset class.

Download or read book Applied Corporate Finance written by Aswath Damodaran and published by John Wiley & Sons. This book was released on 2014-10-27 with total page 663 pages. Available in PDF, EPUB and Kindle. Book excerpt: Aswath Damodaran, distinguished author, Professor of Finance, and David Margolis, Teaching Fellow at the NYU Stern School of Business, has delivered the newest edition of Applied Corporate Finance. This readable text provides the practical advice students and practitioners need rather than a sole concentration on debate theory, assumptions, or models. Like no other text of its kind, Applied Corporate Finance, 4th Edition applies corporate finance to real companies. It now contains six real-world core companies to study and follow. Business decisions are classified for students into three groups: investment, financing, and dividend decisions.

Download or read book Business Valuation and Federal Taxes written by David Laro and published by John Wiley & Sons. This book was released on 2011-03-25 with total page 532 pages. Available in PDF, EPUB and Kindle. Book excerpt: Business Valuation and Federal Taxes Procedure, Law, and Perspective SECOND EDITION Combining the expert knowledge of Senior Judge David Laro and Shannon Pratt, Business Valuation and Federal Taxes, Second Edition presents the authors' decades of experience, with advice on everything practitioners need to know about the relationship between federal taxes and valuation, and specifically valuations relating to business interests. This reference features indepth examinations of numerous topics that are particularly important to practitioners and explores a broad understanding of the basic knowledge needed to appreciate business valuation. Valuators, CPAs consulting on valuations, attorneys, corporate development officers, and intermediaries on business valuation will benefit from insightful discussions on topics ranging from general definitions to valuing complex business interests, as well as new discussions of: Personal versus enterprise goodwill New materials on transfer pricing and customs valuations and how recent markets have affected both the income and market approaches Coverage of FAS 157 and the many changes to penalties and sanctions affecting both taxpayers and appraisers Several important new court cases Coverage is also included on standards of business valuation, IRS positions, burden of proof in valuation controversies, questions to ask business valuation experts, economic and industry analysis, and tax-affecting passthrough entities. Complete with a full overview of the laws, procedures, and approaches related to business valuation, this invaluable reference is a wellspring of vital information on valuation approaches, techniques, finance-related issues, burden of proof, standards, choice of entity, and much more.

Download or read book Valuation for Financial Reporting written by Michael J. Mard and published by John Wiley & Sons. This book was released on 2007-10-19 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essential procedures for the measurement and reporting of fair value in Financial statements Trusted specialists Michael Mard, James Hitchner, and Steven Hyden present reliable and thorough guidelines, case studies, implementation aids, and sample reports for managers, auditors, and valuators who must comply with the Financial Accounting Standards Board Statement of Financial Accounting Standards Nos. 141, Business Combinations; 142, Goodwill and Other Intangible Assets; 144, Accounting for the Impairment or Disposal of Long-Lived Assets; and the new 157, Fair Value Measurements. This important guide: * Explains the new valuation aspects now required by SFAS No. 157 * Presents the new definition of fair value and certain empirical research * Distinguishes fair value from fair market value * Provides a case study that measures the fair values of intangible assets and goodwill under SFAS Nos. 141 and 157 * Includes a detailed case study that tests the impairment of goodwill and long-lived assets and measures the financial impact of such impairment under SFAS Nos. 142 and 144 * Cross-references and reconciles the valuation industry's reporting standards among all of the valuation organizations * Includes two sample valuation reports, one of which is a new USPAP- compliant PowerPoint? presentation format * Includes implementation aids for controlling the gathering of data necessary for analyses and for guiding the valuation work program

Download or read book Business Valuation Update Yearbook 2020 written by Andrew Dzamba and published by BVResources. This book was released on 2020-01-05 with total page 494 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the business valuation profession, ideas and methods continually evolve, making it imperative to stay current with the most innovative approaches and techniques, new court decisions, and regulatory and professional standards. BVR has you covered with the Business Valuation Update Yearbook 2019. This newest edition from the publishers of Business Valuation Update(BVU) covers the year's most groundbreaking and thought-provoking advancements on valuation methodologies, changes in regulations and professional standards, leading conferences, and practice-building ideas. This critical desktop reference keeps you ahead of your peers with on-the-ground reporting from valuation experts, thought-leaders, and BVR's editorial team. The Yearbook is divided into six easy to maneuver sections: Section I. Business Valuation Approaches, Methods, and Entity-Specific Issues: This section covers the latest industry news as well as the most discussed and most controversial business valuation topics that arose over the past year. Make sure you're in-the-know on topics such as the debate over the use of statistics in the transaction method, disagreements related to the use of calculation reports in valuation, methods to separate active and passive appreciation, work file checklists for fair value for financial reporting, and much more. Section II. Business Valuation Conference Coverage: Get on-the-ground reporting from the premiere business valuation conferences both in the U.S. and around the globe. Section III. Legal, Regulatory, Standards: It's imperative to stay current on the latest news regarding the legal, regulatory, and business valuation standards landscape. This section offers critical insight into how the Tax Cuts and Jobs Act will affect valuations going forward. Key issues include the deduction for "qualified business income" for owners of a pass-through entity as well as the limitation of business interest expense deductions. Also of note is the Department of Labor's (DOL) crackdown on ESOPs as well as the Public Company Accounting Oversight Board's new standards to address ongoing audit deficiencies in fair value. Section IV. Business Valuation Profession and Practice Management: A number of articles in this section reveal insights into valuation firm performance and practice development. These comprehensive articles offer tips on how to bring in more business valuation work, as well as coverage of cutting-edge techniques to collaborate with the IRS. Section V. Reviews of Data Sources and New Books: This section includes an overview of BVR's launch of the new platform, Cost of Capital Professional and a review of the major upgrade of Pratt's Stats to DealStats. In addition, we have included reviews of Gary Trugman's 5th edition of Understanding Business Valuation: A Practical Guide to Valuing Small to Medium Sized Businesses, the new edition of Nancy Fannon and Jonathan Dunitz's Comprehensive Guide to Economic Damages, 5th edition, and insight into the significant enhancements made to the Mergerstat Review. Section VI. Data: This important section is an amalgamation of the monthly cost of capital data presented in tabular and chart form. It also includes aggregated data from DealStats, the valuation profession's leading data platform for private company transactions.