Recent Trends in Valuation: From Strategy to Value

ISBN-13: 9780470850299 / Angielski / Twarda / 2003 / 168 str.

Keuleneer;Verhoog; Luc Keuleneer

Opis

Conventional valuation techniques take little account of the unexpected outcomes and uncertainties of real life. Real options are one method of tackling these problems in order to give a realistic view in practice rather than simply in the theoretical world. Tom Copeland in his contribution considers the probability that real options will in the future become the standard method of valuation and of evaluating the financial viability of ventures. This book follows past, current and potential future valuation techniques and discusses current trends in this area in the light of the ever-increasing desire to assess and manage risk and uncertainty.

Spis treści

Preface.

About the editors.

1. Introduction – strategic valuation: the relationship betweeen strategy, valuation techniques and options (L. Keuleneer and W. Verhoog).

Relationship between value–based management and valuation techniques.

Option theory in the determination of value.

Conclusion.  

2. Valuation of companies: discounted cash flow, adjusted present value, decision–tree analysis and real options (W. De Maeseneire and L. Keuleneer).

Introduction.

Discounted cash flow method.

Adusted present value method.

Decision–tree analysis (DTA) and real options (RO).

Summary and Conclusions.

References.

3. Valuation in practice (T. Copeland).

Introduction.

Discounted cash flow valuation.

Expectations–based management.

Real options.

4. Value–based management: control processes to create value through integration (G. Scheipers, et al.).

Introduciton.

Value–based management.

Value–based performance metrics.

Value–based management practice.

Conclusion.

References.

Index.

O autorze

Luc Keuleneer is a commercial engineer (Catholic University Leuven 1981) and Master of Business Administration (Finance) (University of Chicago, 1983). He is a director at KPMG in Brussels, where he is responsible for strategic financial services. In addition, he is Adjudicator in the Brussels Commercial Court. He lectures at the Free University of Amsterdam and the University of the Netherlands Antilles as Professor of Financial Management and as visiting professor at the University of Gent, Vlerick Leuven Gent Management School ,the Catholic University of Leuven, the University of Maastricht and Royal NIVRA–VERA. He has various publications in his name.

Willem Verhoog has been the Secretary of Royal NIVRA′s Continuing Professional Education Committee (VERA) since 1976. He has enabled VERA to develop a CPE package with more than 100 seminars and 1000 participants each year. He is editor–in–chief of the monthly VERA Actueel journal, editorial board member of 30 different NIVRA publications, and is co–author of 7 books prior to this effort

Blurb

An optimal financial policy requires a strategy of value creation. This is translated into value–based management in a strategic decision–making and management model that focuses on maximising company value, and which therefore is essential for every company.

Recent Trends in Valuation provides both a clear and understandable analysis of the various valuation techniques and their recent refinements, and the use of option theory in valuation. The practical applications of the various methods are discussed and placed within a strategic and integrated framework.

Recent Trends in Valuation

• outlines the advantages and disadvantages of various valuation techniques;
• contains contributions from leading experts in the fields of valuation and real options;
• includes an extensive lecture by Tom Copeland on ′real options′;
• follows past, current and potential future valuation techniques, and
• discusses current trends in this area in the light of an ever–increasing desire to assess and manage risk and uncertainty.