ACC_411_Chapters_1-3_Intro

ACC_411_Chapters_1-3_Intro - ACC411BusinessValuation n n n...

Info iconThis preview shows pages 1–8. Sign up to view the full content.

View Full Document Right Arrow Icon
ACC 411 - Chapters 1-3 1 ACC 411 - Business Valuation n Professor Jon Bartley n Nelson 3118 n Jon_Bartley@ncsu.edu
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Recommendations for getting the  most out of the course q Look at the slides, read the text and do your assignment before class. It is OK to consult with your classmates on the homework q Take notes during class q Ask and answer questions without fear (hard to do at first?). You will learn more and begin to overcome a significant handicap…the fear of speaking up in a group. Besides, dumb questions lead to smart questions and better decisions! q Focus on learning something rather than gaming the exams q Read a business newspaper or magazine. I recommend the free on-line Bloomberg.com, headlines on New York Times Business Section & Wall Street Journal (also online) & Business Week. n Nytimes.com bloomberg.com finance.yahoo.com online.wsj.com online.barrons.com ACC 411 - Chapters 1-3 2
Background image of page 2
ACC 411 - Chapters 1-3 3 Why Value a Business? n Investment q Purchase or sale of minority equity (stock) q Purchase or sale of an controlling interest in a company or business unit (different value) n Pricing an IPO n Legal settlements, taxation, etc. q Estate q Divorce q Partnership ownership changes
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Is there value in this course if You don’t  plan to be a valuation analyst? n Yes…. And this is the real benefit of the course n You will learn what drives the financial value of a company. i.e., how do decisions that change a company’s revenues, expenses, assets, liabilities, equities, or risk profile impact the value of the company? n You will learn the value implications and tradeoffs that are implicit in every choice management makes. ACC 411 - Chapters 1-3 4
Background image of page 4
Constraints for the Course o We will examine only public companies. Private company values o Our valuations are for investments in common equity (stock) that are non-controlling , i.e., we are not valuing companies in the context of takeovers or divestures although the principles are the same. o Our focus is fundamental valuation , i.e., long-run value without regard to short-term fluctuations in value that are the basis of trading strategies used by day traders and other short-term investors . ACC 411 - Chapters 1-3 5
Background image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Chartered Financial Analyst (CFA) Preparation to be a Financial Analyst (portfolio theory, etc.) n Sponsored by CFA Institute n International n Required for many jobs on Wall Street n 3 6-hour examinations (40-50% pass rate) n Self study n 3 Years related experience n CFA substitutes for licensing examinations for investment advisors in most states ACC 411 - Chapters 1-3 6
Background image of page 6
Accredited in Business Valuation  (ABV)  Valuations of small businesses and specialized  assets n Sponsored by the Forensic & Valuation Services Center of the AICPA (you must be a CPA) n 8-hour examination n Self study n 10 valuations experience requirement n 20 hrs of CPE ACC 411 - Chapters 1-3 7
Background image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 8
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 02/14/2012 for the course ACC 411 taught by Professor Hancock during the Spring '08 term at N.C. State.

Page1 / 32

ACC_411_Chapters_1-3_Intro - ACC411BusinessValuation n n n...

This preview shows document pages 1 - 8. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online