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A clear and comprehensive guide to financial modeling and valuation with extensive case studies and practice exercises Corporate and Project Finance Modeling takes a clear, coherent approach to a complex and technical topic.

Praise for the First Edition of Quantitative Business Valuation A Mathematical Approach for Today's Professionals \"Jay Abrams' book is close to the equivalent of several graduate dissertations rolled into one book. For each topic (covered), he presents a scholarly summary of past research, new empirical research of his own, and his conclusions. It is a well-documented contribution to in-depth understanding of important business valuation issues, and should not be overlooked by the serious practitioner.\" -Shannon Pratt, DBAManaging Director, Willamette Management AssociatesCoauthor, Valuing a Business \"A must-read for the serious business appraiser.\" -Jay E. Fishman, ASA, CBAPresident, Financial Research, Inc. \"The problem of simplified valuation procedures and coherent theory still remains complex and is ever evolving. Jay Abrams deals very effectively with this complexity through the use of mathematical formulas. Input to his models is explained with clarity and effectiveness, which adds to the overall value of this advanced text on business valuation.\" -Terry A. Isom, Chairman, National Association of Certified Valuation Analysts \"Jay Abrams' book strives to provide mathematical modeling for what practitioners often do by reasoning alone. This book is a must-read for practitioners who are searching for additional techniques for dealing with some of business valuation's imponderables.\" -David M. Bishop, FIBA, BVAL, ASA, MCBAPresident, American Business Appraisers, Inc. \"Jay Abrams' book will not only challenge the top theoreticians in the field; his step-by-step explanations will make advanced quantitative techniques available to the many appraisers who are not capable of independently creating the underlying mathematical analysis.\" -Kent Osborne, ASAChairman, Editorial Review Board of the American Society of Appraisers \"While a proliferation of business valuation treatises and guides exists in the market, most are very general in nature and do nothing more than rehash fundamental concepts. I am unaware of any author who has stepped into the unknown as Jay Abrams has and compiled and developed a treatise of extremely useful analytical tools for the serious valuator.\" -Robert J. Grossman, CPA/ABV, ASA, CVAPartner, Grossman Yanak & Ford \"Jay Abrams develops unusual approaches which merit consideration when 'cookie cutter' methodologies are inadequate. This manuscript contributes to the dialogue among practitioners and strengthens the theoretical foundations of business valuation.\" -Herbert T. SpiroPresident, American Valuation Group, Inc. \"There is no question about it, the use of rigorous quantitative methods is the cure for subjective valuation analysis. This book not only satisfies this need-which has grown considerably in recent years-but is chock-full of new tools that have been carefully developed.\" -Edward MurrayValuation Partner, Arthur Andersen, LLP

The Mobile Source Emissions Factor (MOBILE) model is a computer model developed by the U.S. Environmental Protection Agency (EPA) for estimating emissions from on-road motor vehicles. MOBILE is used in air-quality planning and regulation for estimating emissions of carbon monoxide (CO), volatile organic compounds (VOCs), and nitrogen oxides (NOx) and for predicting the effects of emissions-reduction programs.1 Because of its important role in air-quality management, the accuracy of MOBILE is critical. Possible consequences of inaccurately characterizing motor-vehicle emissions include the implementation of insufficient controls that endanger the environment and public health or the implementation of ineffective policies that impose excessive control costs. Billions of dollars per year in transportation funding are linked to air-quality attainment plans, which rely on estimates of mobile-source emissions. Transportation infrastructure decisions are also affected by emissions estimates from MOBILE. In response to a request from Congress, the National Research Council established the Committee to Review EPA's Mobile Source Emissions Factor (MOBILE) Model in October 1998. The committee was charged to evaluate MOBILE and to develop recommendations for improving the model.

\"Regression theory, while the most accurate and appropriate method for business valuation, is often avoided by appraisers out of fear that its complex mathematical model won't be understood by judges and juries. Instead, they opt for the easy sell, using median and quartiles to value a business despite their unreliable results. Businesses Using Regression Analysis solves this issue by teaching analysts how to simplify the method into straightforward and undeniable valuations Current methodologies using median, quartiles, or standard deviations to calculate Revenue Multipliers and Cash Flow multipliers often produce values that are wildly divergent. This forces the appraiser to choose between a very high or a very low value or consider averaging the values, opening the possibility for the appraiser to be challenged. On the surface, regression analysis appears to be the more complex, mathematical model, so many professionals shy away from using it out of fear that readers will be confused and reject the results of the appraisal. Valuing Businesses Using Regression Analysis solves this issue by breaking down regression to its simplest terms and providing easy-to-read charts and explanations that can be understood by all. Since regression analysis does not come pre-installed in Excel, the reader will be shown how to enable Excel's regression in their computers. The reader will then be shown four different Regression tools that can be used for business valuations or for forecasting in general. As an added perk, this book will also come with a template that simplifies the entire regression methodology into the click of one button. With minimal amount of work, the template will produce a compelling four-page valuation report\"--

The definitive guide to fixed income valuation and risk analysis The Trilogy in Fixed Income Valuation and Risk Analysis comprehensively covers the most definitive work on interest rate risk, term structure analysis, and credit risk. The first book on interest rate risk modeling examines virtually every well-known IRR model used for pricing and risk analysis of various fixed income securities and their derivatives. The companion CD-ROM contain numerous formulas and programming tools that allow readers to better model risk and value fixed income securities. This comprehensive resource provides readers with the hands-on information and software needed to succeed in this financial arena.

Tourism is the industry with the most vitality and development potential. Today, it is the largest industry in the world. It is not only recognized by many developed countries, but also recognized as a priority industry by more and more developing countries and regions. Today, with the development of the knowledge economy, information has become the lifeblood of the tourism industry, and computerization has become an important factor in promoting overall economic development. And global society. This article mainly introduces the resources and management information of tourism service facilities based on the tourism management system GIS. In this article, we will study and discuss the application of GIS in tourism information systems, integrate the concept of autonomous tourism into the system, make the country a research field, and establish, verify and implement corresponding autonomous tourism information systems. The experimental results of this paper show that the construction of this system has improved the management level of map data in tourist destinations. The map data is continuously updated. The source of land is managed within a week, and the passenger flow in Sanhe area has increased by 15%. Sustainable development is a favorable guarantee.

Value creation is at the heart of an economic enterprise, defining its capability to serve customers and generate profits and growth. This fact has led to an ever-increasing set of tools and techniques that start with customers, focusing on serving their preferences from the very inception of a product until its disposal. To date, most of these techniques have been only partially adopted in management accounting. This is unfortunate, because much of the data required to adequately implement a value creation approach has its roots in the Management Accounting System (MAS). The resulting model is called the Value-based Cost Management System (VCMS). This book is principally designed for managers who want to take the lessons learned in product development, process management, and marketing and extend it to their MAS. It seeks to make this transformation of the MAS both logical and easy to implement, with a focus on the new types of information that can be garnered when the MAS is modified to fit the value creation approach. After reading this book, a manager or executive will be equipped with the tools and techniques to both implement and use the VCMS. The resulting information will allow the company to align its efforts by creating a common language which uses the transformed accounting language to compare, evaluate, and choose the best strategic and tactical options available. After making these choices, the VCMS also allows managers to subsequently track how closely actual results come to the projected outcomes.

Valuation and hedging of financial derivatives are intrinsically linked concepts. Choosing appropriate hedging techniques depends on both the type of derivative and assumptions placed on the underlying stochastic process. This volume provides a systematic treatment of hedging in incomplete markets. Mean-variance hedging under the risk-neutral measure is applied in the framework of exponential Lévy processes and for derivatives written on defaultable assets. It is discussed how to complete markets based upon stochastic volatility models via trading in both stocks and vanilla options. Exponential utility indifference pricing is explored via a duality with entropy minimization. Backward stochastic differential equations offer an alternative approach and are moreover applied to study markets with trading constraints including basis risk. A range of optimal martingale measures are discussed including the entropy, Esscher and minimal martingale measures. Quasi-symmetry properties of stochastic processes are deployed in the semi-static hedging of barrier options.

The market approach aims to establish the value of a company based on how similar firms are priced on the stock exchange or through company transactions. Using the market approach, price-related indicators such as price to earnings, sales and book values are utilised. An ever-present problem however, is that different valuation multiples and valuation methodologies tend to provide the analyst with contradictory outputs. The solution to this problem so far has been to claim that the market approach is more art than science, thus providing the analyst with the freedom to alter the multiples at their own discretion to reach a uniform value or range. Valuation: The Market Approach puts an end to this problem, providing the reader with a rational scientific-based understanding and the necessary tools to perform a sound market approach valuation, or if reviewing such valuations, provide the tools to challenge the work of the arts-based senior experts. The book begins with an in-depth review of the basics; which is then applied in a detailed worked example. Step-by-step, the reader's expertise is built towards a complete understanding and implementation of the market approach, not only on a standalone basis but also in relation to the DCF methodology. The book is aimed at the seasoned professional, but will also be invaluable to students as they apply their academic knowledge to the real world of valuation and M&A. About the author: SETH BERNSTROM is a Director at the Valuations practice of PwC. He has 15 years of experience as a valuation expert with a special focus on private equity, with long-running engagements in Valuation for some of the leading Nordic private equity houses. Additionally, he provides valuation support and valuation-related advisory services to large and medium-sized Nordic and (Nordic-based) global companies. In addition to his regular work at PwC, he also acts as Visiting Lecturer on valuation at KTH Royal Institute of Technology in Stockholm. Furthermore, he often gives lectures and seminars on valuation at other leading Nordic universities, investment banks, companies, and organizations. He holds a Master of Science in Business Administration and Economics from the Stockholm University School of Business.