The potential acquisition of haute equipe by korn ferry & holland capital Lbo model

This thesis aims to analyze the potential acquisition of the small private consultancy firm, Haute Equipe, by a multinational consultancy, Korn Ferry. To evaluate it several valuation methods were conducted: income-based and market-based in order to have a range and to discuss the most suitable one. Furthermore, the M&A deal is studied, and a synergy valuation range is determined as a premium that could be paid above the standalone value. Additional asset-based approach is compared. Finally, an LBO scenario is addressed, where IRR is calculated

Contextualized property market models vs. Generalized mass appraisals: An innovative approach

The present research takes into account the current and widespread need for rational valuation methodologies, able to correctly interpret the available market data. An innovative automated valuation model has been simultaneously implemented to three Italian study samples, each one constituted by two-hundred residential units sold in the years 2016-2017. The ability to generate a "unique" functional form for the three different territorial contexts considered, in which the relationships between the influencing factors and the selling prices are specified by different multiplicative coefficients that appropriately represent the market phenomena of each case study analyzed, is the main contribution of the proposed methodology. The method can provide support for private operators in the assessment of the territorial investment conveniences and for the public entities in the decisional phases regarding future tax and urban planning policies

Forecasting modeling and analytics of economic processes

The book will be useful for economists, finance and valuation professionals, market researchers, public policy analysts, data analysts, teachers or students in graduate-level classes. The book is aimed at students and beginners who are interested in forecasting modeling and analytics of economic processes and want to get an idea of its implementation

Complete Accrual Taxation

This Article considers and analyzes complete accrual taxation, the inclusion in the tax base of annual increases and decreases in the value of property, regardless of disposition. This system does away with the rule that income must be realized in order to be taxed. The Article outlines the complete tax accrual system and engages in a rigorous examination of the benefits resulting from such a system. It compares the consequences of such a system to the consequences of adopting other alternatives to the realization rule. It explores a computerized valuation system for nonmarketed business interests, and deals with legitimate privacy concerns raised by such a system. The author concludes by noting that complete accrual taxation is beneficial and feasible, and that further research should be done to address these issues

\u27Complete\u27 Accrual Taxation

Under the realization rule, accrued gains and losses generally are not taken into account for income tax purposes until a disposition occurs. Thus, the realization rule is responsible for tax deferral, which in turn likely leads to economic inefficiencies and inequities. The realization rule also contributes greatly to the complexity of the federal income tax system by necessitating numerous Internal Revenue Code provisions that address the many consequences arising from the decision to postpone taxation until a disposition occurs. An alternative to the realization rule is accrual taxation - the inclusion in the tax base of annual increases and decreases in the value of property, regardless of disposition. Accrual taxation may improve economic efficiency and equity, and certainly would obviate a substantial portion of the Code. Yet, accrual taxation presents serious problems of its own - the difficulty of valuing assets and possible taxpayer illiquidity. For these reasons, few have supported such a system. And the rare proposals made are merely calls for partial accrual taxation. This article considers and analyzes complete accrual taxation. Actually, like prior proposals, the system considered here also excludes certain assets as well as the imputed income on consumer items. However, this accrual system is more complete in that it seeks to value and tax on an annual basis what are likely the most difficult-to-value assets - nonmarketed business interests and collectibles. To value these assets, this article suggests the use of computer software, in particular, artificial intelligence. The goal of this article is to demonstrate that complete accrual taxation is potentially beneficial and feasible, and that further research should be done to address these issues. Much of the remaining work should be left to those who are expert in the fields of economics, artificial intelligence, and valuation. While this research may be difficult and costly, the potential benefits of complete accrual taxation warrant the endeavor

\u27Complete\u27 Accrual Taxation

Under the realization rule, accrued gains and losses generally are not taken into account for income tax purposes until a disposition occurs. Thus, the realization rule is responsible for tax deferral, which in turn likely leads to economic inefficiencies and inequities. The realization rule also contributes greatly to the complexity of the federal income tax system by necessitating numerous Internal Revenue Code provisions that address the many consequences arising from the decision to postpone taxation until a disposition occurs. An alternative to the realization rule is accrual taxation - the inclusion in the tax base of annual increases and decreases in the value of property, regardless of disposition. Accrual taxation may improve economic efficiency and equity, and certainly would obviate a substantial portion of the Code. Yet, accrual taxation presents serious problems of its own - the difficulty of valuing assets and possible taxpayer illiquidity. For these reasons, few have supported such a system. And the rare proposals made are merely calls for partial accrual taxation. This article considers and analyzes complete accrual taxation. Actually, like prior proposals, the system considered here also excludes certain assets as well as the imputed income on consumer items. However, this accrual system is more complete in that it seeks to value and tax on an annual basis what are likely the most difficult-to-value assets - nonmarketed business interests and collectibles. To value these assets, this article suggests the use of computer software, in particular, artificial intelligence. The goal of this article is to demonstrate that complete accrual taxation is potentially beneficial and feasible, and that further research should be done to address these issues. Much of the remaining work should be left to those who are expert in the fields of economics, artificial intelligence, and valuation. While this research may be difficult and costly, the potential benefits of complete accrual taxation warrant the endeavor

Risk Management for the Future

A large part of academic literature, business literature as well as practices in real life are resting on the assumption that uncertainty and risk does not exist. We all know that this is not true, yet, a whole variety of methods, tools and practices are not attuned to the fact that the future is uncertain and that risks are all around us. However, despite risk management entering the agenda some decades ago, it has introduced risks on its own as illustrated by the financial crisis. Here is a book that goes beyond risk management as it is today and tries to discuss what needs to be improved further. The book also offers some cases

Identification of investment opportunities in urban regeneration projects

The evolution of cities creates a socioeconomic system which generates investment opportunities for the actors within real estate sector. These opportunities occur through large scale urban development projects which aim to regenerate wide areas of the city structure. Although the initiative derives mainly from the public authorities, the involvement of the private sector plays a significant role for the success of such projects. However, the complexity of urban regeneration schemes poses definite challenges for a robust and accurate investment analysis. This thesis initially investigates the relation between real estate development and urban regeneration. Thereafter, it examines the approach of the real estate sector, focusing mainly on the perspective of the property developers, by identifying and evaluating the emerging investment potentials in urban regeneration projects. The research methods include a literature review as well as an empirical study from the property market of Helsinki Metropolitan Area. The literature part reviews the theoretical framework of urban regeneration and real estate development and combines their features in a separate chapter. In particular, urban regeneration is examined as an investment process with certain content, context, and organisation; the DCF comprises the prevailing method for the investment analysis. The findings of the literature review indicate the employment of more sophisticated risk analysis methods in order to capture the high complexity and the required flexibility of urban regeneration projects. The empirical study is performed by semi-structured interviews with real estate developers and investors. The results of the case study underpin the findings of the literature review, in terms of capturing latent opportunities and providing higher flexibility in the investment analysis. However, real estate developers believe that this flexibility derives from complex quantitative methods which are hard to grasp and comprise rather an encumbrance than facilitating the decision-making process. The findings of the thesis can be utilised for further research by conducting quantitative analysis on particular projects. This spherical approach can provide a solution in balancing the trade-off between the robustness and the clarity of the investment analysis

Valuation and decision-making of real estate development project based on real option

In view of the multi-stage, highly uncertainty and irreversibility of real estate, more literatures are based on NPV investment decisions, but traditional NPV decision-making rules are difficult measure quantitatively, is an important component of project value. This thesis is to closely integrate the multi-stage, high uncertainty, and irreversibility of investment characteristics in real estate development, consider multiple decision-making flexibilities simultaneously, apply the real options method to scientifically evaluate the value of real estate projects, and give dynamic decision-making paths that accompany the revelation of uncertainty. It is expected that the results of the study will not only expand the research on the application of real options method in the valuation and dynamic decision-making of real estate projects and enrich cross-study of the fields of decision science and business management, but also provide realistic guidance for investment and operational decision-making of real estate enterprises in uncertain environments.Tendo em conta as múltiplas fases, altamente incertas e irreversíveis dos investimentos em bens imóveis, a literatura atual denota que as decisões de investimento são essencialmente baseadas no VAL, mas as regras tradicionais de decisão baseadas no VAL são quantitativamente difíceis de medir, sendo esta uma importante parte da avaliação do projeto. Esta tese visa integrar as características do investimento em imobiliário em várias fases dada a incerteza e irreversibilidade, assim como, considerar múltiplas potenciais decisões em simultâneo de forma a aplicar o método das opções reais para avaliar cientificamente o valor dos projetos imobiliários, e dar alternativas de decisão que acompanham a incerteza. Os resultados do estudo não só expandem a investigação sobre a aplicação do método das opções reais na avaliação e tomada de decisão dinâmica de projetos imobiliários, como também enriquecem o estudo da ciência da decisão e gestão empresarial, além de fornecerem uma orientação realista para o investimento e tomada de decisão operacional de empreendimentos imobiliários em ambientes incertos