Corporate Valuation

We wrote this book to equip our students as well as practitioners—many of whom are our former students—with the current knowledge used to value companies, parts of companies, and the securities issued by companies. Our goal is to provide current conceptual and theoretical valuation frameworks and translate those frameworks into practical approaches for valuing companies. We present the research and descriptive data underpinning these frameworks and use detailed examples to demonstrate how to implement them, often using data from real companies.

“Corporate Valuation: Theory, Evidence & Practice has been the industry
standard on valuation for over two decades, well before it was widely
available. The corporate valuation course based on this book is one of
the few unstated requirements for graduates of The Wharton School that
hope to enter into the field of finance. Having hired dozens of Wharton
alumni who have learned valuation from this book, I cannot imagine a
more thorough guide or a better reference to learn valuation.”

                                                                                   Ben Frost
                                                                                   Partner, Managing Director
                                                                                   Goldman Sachs Consumer Retail and Mergers Departments

TARGET AUDIENCE

Corporate Valuation: Theory, Evidence & Practice is intended as a college textbook for both graduate and undergraduate courses in valuation. Given the detailed approach, it is also a useful book for practicing professionals. We have been using this material in both valuation-based finance and accounting M.B.A. classes at Chicago Booth and Wharton, as well as in undergraduate finance classes at Wharton, for many years. Although primarily serving as a text in courses that teach valuation, the book can also serve as a background book for case-based courses that include cases on valuation, leveraged buyouts, and mergers and acquisitions. The book can also be used as a “field guide” for those who engage in valuation work. We know that many of our former students refer to our writings in their work involving valuation and security analysis for years after they graduate from our respective institutions.