Book Description
A theoretical and practical guide that enables readers to make sound investment and financing decisions
This book is a technical finance book that surveys the private capital markets-the major uncharted financial market. Representing nearly half of the U.S. gross national product, these markets are largely ignored, partially because of the difficulty obtaining information and because of the lack of a unified structure to approach them. This book provides a structured framework that owner-managers and their professional advisors can use to effectively deal with the complicated issues of valuation and capital structure and transfer issues.
Robert T. Slee, CBA, CPIM (Charlotte, NC), is President of Robertson Foley, an investment banking firm providing corporate finance service to private companies.
Download Description
A theoretical and practical guide that enables readers to make sound investment and financing decisions
This book is a technical finance book that surveys the private capital markets-the major uncharted financial market. Representing nearly half of the U.S. gross national product, these markets are largely ignored, partially because of the difficulty obtaining information and because of the lack of a unified structure to approach them. This book provides a structured framework that owner-managers and their professional advisors can use to effectively deal with the complicated issues of valuation and capital structure and transfer issues.
Robert T. Slee, CBA, CPIM (Charlotte, NC), is President of Robertson Foley, an investment banking firm providing corporate finance service to private companies.
Customer Reviews:
Comprehensive and multidisciplinary approach to valuation.......2007-09-16
This book clarifies several obscure aspects and concepts of valuation of any company by providing an innovative approach to the subject, and its content also reflects well the needs of those working with evaluating non listed assets or willing to further understanding myriad aspects that are important in any transaction involving small to middle market companies.
Valuation and deal making practitioners will find in this book an in-depth conceptual understanding of the risk-reward trade-off existing in major capital structure decisions by looking at all major funding alternatives, their risk, cost to borrower and return to fund providers at different levels of claims and their consequent pledges.
In addition, this book provides a fresh view on different levels/structures of financial sponsoring companies, ownership and/or control issues and other intricacies regarding the relation of entrepreneurs and financists when dealing with transaction's high level issues.
At Last...a Finance and Valuation Text for Privately Owned Companies!.......2007-01-24
Performing fair market valuations keeps thousands of appraisers busy in the United States. Most professional appraisers rarely venture outside of this one standard of value. Now imagine if fair market value accounted for less than 10% of the appraisal needs of the private capital markets. The private appraisal market would be huge! This is just one of the many messages contained in Robert T. Slee's book, Private Capital Markets.
Slee's book is not strictly a valuation book; rather, it is a conceptual Lewis & Clark-type survey of the private capital markets. This is the first book that attempts to develop a unified structure for the analysis of these markets. Think of it as a private finance textbook. Why do we need this?
Slee's premise is that the body of financial knowledge explaining the behavior of private players differs from corporate finance. Economists created corporate finance in the 1960s to explain the behavior of large public companies. Since that time, business professors have taught finance as if only public companies exist in the market. In fact, more than 99% of the companies in the United States are privately held. Private Capital Markets, on the other hand, focuses on the financial motives and needs of private company owners and their advisors.
In this book, Slee establishes private capital markets theory. This theory describes an integrated body of knowledge encompassing the valuation, capitalization and transfer of private companies, particularly those with annual revenues between $5 million and $500 million. Slee designed this theory to help players make better financing and investment decisions in private markets. He asserts that business owners can create competitive advantages with these tools.
Slee explains that valuation, capital, and transfer issues are inter-related and inter-dependent. This means that you cannot fully understand valuation, capital, or transfer discretely: You must first understand how they all fit together. He calls this holistic interconnection Triangulation. Each chapter of the book triangulates the reader's position so they understand their position within the private markets.
Slee introduces the new framework of value worlds to explain valuation, capital, and transfer. Value worlds dramatically extend the appraisal concept of standard of value. We all know that value is relative to the purpose of an appraisal. Slee illustrates how purpose selects a value world. As many value worlds exist as there are appraisal purposes. There are dozens. Because the valuation rules are different in each world, every private company has dozens of correct values at the same time.
Who sets the rules? Various authorities create and enforce the rules in each value world. For instance, in the fair market value world, the IRS, tax courts, ERISA laws, appraisal societies, and various other authorities tell appraisers how to value business interests within each's sphere of influence. Some authorities (IRS) have fairly strong sanctioning power; others (administrative rulings) can only suggest a course of action. Most value worlds, such as the owner or investment value worlds, have only one or two authorities. Slee's value world construct puts appraisers in their true role: as interpreters of authorities' decisions. This won't sit well with many appraisal purists, who for years have believed that they are authorities.
Slee views valuation as the common language that unites the private capital markets. He argues that we need this language to communicate with each other over capital structure and business transfer issues. Thus, the book surveys the entire capital and transfers spectrums of the private capital markets. It describes all institutional types of capital in terms of their access, sample terms, and effective all-in costs. Finally, Slee explains all transfer methods making up the private business transfer spectrum.
One surprise that springs from the book is that transfer methods select value worlds. This means that once a business owner chooses the method (ESOP, recapitalization, estate-planning, etc.) of transferring their business, they also choose (unknowingly in most cases) the transfer value as well.
This book and subsequent analyses of the private markets will likely impact fair market value appraisals significantly in a way that the book does not address. Businesses appraised for fair market value purposes are real flesh and blood businesses that operate in the private markets. As our young profession matures, continuing to treat private companies as if they operated in a market similar to the public markets will appear more futile.
Private Capital Markets is comprehensive and is aimed at the serious reader. Because we can competently value private businesses only to the extent we understand the private markets, this book belongs in every appraiser's library.
Book Description
While they are giving care, the nation's 25 million family caregivers rarely get a rest. Gone are the days when you could rely on others to do the work of caring for a loved one in your family. America's healthcare system throws many of the vital decisions, costs and burdens back on the family.
This book clearly defines your vital role in developing your loved one's care plan. It teaches you to deal successfully with managed care organizations, home health services, and especially your loved one; and arms you with the knowledge and skills you need for deciding if your loved one's care is appropriate, if your doctor is the right one, if something more is needed. From wills and powers-of-attorney, to practical tips for dealing with disabilities, to long term care options, to battling stress and depression -- the "shared wisdom" in this book comes not only from the experienced editors of Today's Caregiver Magazine, but also from the inspiring personal stories of readers of the magazine who have learned to "stand up to the system when the system no longer stands up for your loved one."
Customer Reviews:
on time and in good condtion.......2006-11-12
the book came on time and in good condition. I am very happy with the service
A Must-Read For Caregivers!.......2004-07-11
Caregiving usually doesn't happen gradually. Families are often thrust into the situation because of a crisis, without any experience on how to manage the overwhelming stress, responsibilities, legalities, and medical aspects. Gary Barg has done an excellent job sorting it all out with 'The Fearless Caregiver', guiding the reader through the maze. Very easy to read, motivating, empowering, and highly recommended!
Gary was a welcomed guest on my Internet Radio Program, 'Coping with Caregiving' on wsRadio. Online archive available.
Jacqueline Marcell, Author, Elder Rage.
A Must-Read for all Caregivers!.......2002-04-05
It is about time that someone tackled the issues that caregivers face. It can often be a lonely and confusing time. I was a caregiver for my mother a few years ago and looked everywhere for a book like this. I needed something to walk me through all of the things I didn't understand. This a well-crafted, easy to read and understand book that all caregivers should read. I wish it had been available five years ago! I recommend it highly.
The Fearless Caregiver.......2002-03-02
I recently purchased this book by Gary Barg. It is a terrific source for all caregivers and has every aspect that needs to be addressed in it. It takes you through every part of caregiving, from how to take care of yourself to attending to legal matters promptly. There is a list of ideas to help make your patient safe in his/her surroundings. This is valuable tool for every caregiver. It is superbly written and easy to read. It has been placed in our Parkinson's Library for our members to read.
Great help for Caregivers.......2002-01-30
This book compiles a variety of articles and poems, helpful practical hints and thoughtful commentary on the difficult task of caring for a loved one. As the owner of an internet list for caregivers of Parkinsonians, I have recommended it to others, and have received feedback from them, which indicates they found it "worth every cent" of the cost. The format is very readable, with short pieces suited to the busy lives of caregivers.
Book Description
The Pure Theory of Capital, F. A. Hayek’s long-overlooked, little-understood volume, was his most detailed work in economic theory. Originally published in 1941 when fashionable economic thought had shifted to John Maynard Keynes, Hayek’s manifesto of capital theory is now available again for today’s students and economists to discover.
With a new introduction by Hayek expert Lawrence H. White, who firmly situates the book not only in historical and theoretical context but within Hayek’s own life and his struggle to complete the manuscript, this edition commemorates the celebrated scholar’s last major work in economics. Offering a detailed account of the equilibrium relationships between inputs and outputs in an economy, Hayek’s stated objective was to make capital theory—which had previously been devoted almost entirely to the explanation of interest rates—“useful for the analysis of the monetary phenomena of the real world.” His ambitious goal was nothing less than to develop a capital theory that could be fully integrated into the business cycle theory.
Customer Reviews:
Compact compendium of financial information.......2003-07-14
In this text, Van Horne combines elements of both finance and economics; this results in an outstanding compendium of financial theory as it relates to financial markets. However, the breadth of the material and the detail to which the reader is exposed necessitates succinct dissemination in such a compact text (300 pages). I've found more information in this paperback than most hardcover texts (800 pages or more) that I've read, and at half the price.
My fellow students and I plowed our way through it in one 400-level course in the finance program at EWU. This is advanced material and not for the faint of heart. As I remember it, there was a sizable number of students with weak hearts about half-way through the quarter.
a great contribute to financial market theory.......1999-10-08
Professor Van Horne Books are certainly fundamental to approach right the theory of finance. I think we have all to thank him for his studies.
A good reference for fixed income securities.......1999-09-19
A compact book focusing on fixed-income market, derivatives, and risk management. Highly Recommended for advanced undergraduates
Amazon.com
Capital and Interest is von Boehm-Bawerk's magnum opus, one of the greatest achievements in the history of economic thought.In fact, it is a Magna Carta of the capitalistic production process. In an economic order based on production, income from capital investment provides the very basis of the system and a livelihood for a large middle-class, as well as capitalists and entrepreneurs. All observations about the nature and appraisals of the value of capitalism hinge upon the explanation of this capital income. Capital and Interest is divided into three parts:
The first volume, History and Critque of Interest Theories, is a diligent and persuasive analysis of virtually all capital income theories. It is a critical history of interest doctrines that defend or oppose capital income.
The second volume, Positive Theory of Capital, contains much more than the title seems to indicate. It presents a comprehensive theory of the entire production process. In particular, it elaborates on the principles that govern the allocation of incomes, that is, the amounts of interest, wage, and profit. von Boehm-Bawerk offers a persuasive solution to all questions of income and theories of distribution.
In Volume III, Further Essays on Capital and Interest, the publisher collected additional explanations and commentaries by the author. It comprises fourteen brilliant briefs explaining, elaborating, and defending the Positive Theory. It contains such great essays as "The Role of disutility in the Value Theory" "The Size of the Initial Fund That is Necessary for a Given Production Period." Capital and Interest is available in a three-volume set, or a three-in-one volume edition. In either form, it is a handsome, necessary addition to the complete Free Market library.
Book Description
Boehm-Bawerk's magnum opus, one of the greatest achievements in the history of economic thought. In fact, it is a Magna Carta of the capitalistic production process. In an economic order based on production, income from capital investment provides the very basis of the system and a livelihood for a large middle class, as well as capitalists and entrepreneurs. All observations about the nature and appraisals of the value of capitalism hinge upon the explanation of this capital income. Capital and Interest is divided into three parts:
The first volume History and Critique of Interest Theories, is a diligent and persuasive analysis of virtually all capital income theories. It is a critical history of interest doctrines that defend or oppose capital income. The second volume, Positive Theory of Capital, contains much more than the title seems to indicate. It presents a comprehensive theory of the entire production process. In particular, it elaborates on the principles that govern the allocation of incomes, that is, the amounts of interest, wage, and profit. Boehm-Bawerk offers a persuasive solution to all questions of income and theories of distribution. In Volume III, Further Essays on Capital and Interest, the publisher collected additional explanations and commentaries by the author. It comprises fourteen brilliant briefs explaining, elaborating, and defending the Positive Theory. It contains such great essays as "The Role of Disutility in the Value Theory" and "The Size of the Initial Fund that is Necessary for a Given Production Period."
Customer Reviews:
The most complete and thourough theory of capital to date.......2001-09-07
The most comprehensive theory of capital to date. Absolutely brilliant. It also contains the marginal utility theory which displaced the labor theory of vale (Smith, Ricardo). Also it has brilliant essays and critiques of the competing interest theories going back to Aristotle and including the socialist explotation theory of interest, the productivity theories and the agio theory. A warning howevor. This book is none to easy to read. If you think Smith and Ricardo are boring you had better brace yourself. Tremendously original, just unbelievably hard to read.
Customer Reviews:
Dynamics and Progress.......2007-09-12
The Theory of Economic Development represents a high point in the history of economic science. Schumpeter had a clear understanding of the difference between static and dynamic issues in economics, and an appropriate appreciation of the latter. This book also shows how advanced Schumpeter's thinking was. On page 10 Schumpeter appears to anticipate the modern definition of economics- 20 years before Robbins wrote his Nature and Significance of Economic Science (was this in the original edition, or just in my 1934 reprint?). Chapter one sorts out Say's Law of Markets in detail, and explains its static nature. Chapter two explains economic development in correct dynamic terms (unlike the pseudo-dynamics of Neoclassical growth theory). Schumpeter is able to explain dynamics because he examines entrepreneurship (and vice versa). Schumpeter also leaves room for real institutions, especially financial markets.
I can honestly say that I learned some new and important things from reading this book, despite the facts that I have a PhD in economics and took my first economics class 21 years ago. Unfortunately, most economists would learn more from reading this book than I. This is a sad commentary on the current state of affairs in economics. Schumpeter was interested in matters of great consequence and thought about them deeply. There is simply no comparison between Schumpeter's insightful analysis and the tedious and purely imaginary intellectual constructs of Solow influenced math modelers. There is a clear difference between Schumpeter's analysis and the intellectual gymnastics of modern mathurbationists. Schumpeter was a true professional.
I was somewhat surprised by the extent to which Schumpeter's ideas fit with the ideas of Mises, Kirzner, and Lachmann. Schumpeter is often seen as an Austrian born Walrasian instead of as an Austrian economist in the Menger-Mises-Hayek tradition. There are clear Austrian influences on Schumpeter's thinking, though he was not a Mises clone. I was already impressed with Capitalism, Socialism, and Democracy. Schumpeter was a true genius, and an economist on par with Ricardo and Hayek. Read this book to learn some development economics, and a little intellectual history too.
Before Keynes and Mandelbrot there was Schumpeter.......2004-11-23
Schumpeter had an expression that intuitively sums up in a few choice words quite a few of the theoretical concepts of J M Keynes and the empirical/statistical breakthroughs of Benoit Mandelbrot.Unfortunately,Schumpeter lacked the technical training in mathematics,statistics and probability that he needed in order to give a rigorous exposition of his intellectual and intuitive discoveries.Those few choice words are"regular irregularity".Looking at the data available to him early in the 20th century,Schumpeter was able to categorically argue ,correctly ,that price movements over time in different markets and changes in investment over the business cycle could NOT be modeled by assuming that a normal probability distribution could be applied.Schumpeter was the first economist to make a clearcut distinction between risk(applying a normal probability distribution with a stable mean and variance(standard deviation))and uncertainty.Uncertainty would automatically arise over time due to the regular irregularity of constant(nonconstant)technological innovation,change and advance over time.It is quite easy to see that Mandelbrot's nonparametric two variable constructs, measuring discontinuity and short run/long run persistence/dependence(as opposed to the normal distributions assumptions of continuity and independence),are described by Schumpeter's"regular irregularity".Unfortunately,instead of breaking with the classical and neoclassical schools of economics,as both Keynes and Mandelbrot did,Schumpeter decided to remain a loyal soldier,downplaying his severe disagreements.This was Schumpeter's great error.He recognized the severe limitations of the standard price adjustment equilibrium demand and supply analysis,but went along anyway.The potential reader will find chapter 6 of Schumpeter's book alone to be worth the price of admission needed to obtain access to Schumpeter's brilliant breakthroughs.
On the Economic Causes of Business Cycles.......2004-08-29
In this important book Schumpeter explains the ECONOMIC origins of business cycles. In a convincing way Schumpeter argues that business cycles are inevitable in a developing economy.
This does not mean that there are no other causes of business fluctuations such as changes in commercial policy, wars, inflationary government finance or panics. But these constitute non-economic data and cannot be explained by economic theory.
Conventional macroeconomic theory tends to explain business cycles by some kind of error and focus on correcting this error either by active policy or by advocating a hands-off policy. In this view business cycles have no function.
In a stationary ,non-developing economy (i.e. absence of innovations) there would be very little uncertainty. If you and your competitors have been selling essentially the same product in the same market year in year out and if this were to apply to all products and services would there be any economic risk (fires, epidemics and tax increases are non-economic data) left ? Were there any true economic causes, i.e. causes that economics can explain, of business cycles in the Dark Ages ?
There is still something to be said for Keynesian theory (although not for policy) in that uncertainty does influence investment decisions and that because of uncertainty in a monetary economy some hoarding of purchasing power does occur. But these are mere symptoms of underlying endogenous business cycles caused by the inflationary investment booms - "animal spirits" if you like - invoked by the swarms of innovating firms, e.g. the internet bubble, and the deflationary busts that follow when the old firms die off and yesterday's innovators become part of the stationary cycle. Schumpeter explains the origins of economic uncertainty.
What Schumpeter teaches us is that booms and recessions are necessary phenomena in developing economies, that can't be removed or corrected if we are not to thwart the creation of new wealth by innovation. Recessions are the price we pay for long term economic growth. However, recessions can lead to unnecessary panics that cause unnecessary harm to the economy. Here governments or central banks are able to, and should in my view, correct.
I hope you enjoyed this review and welcome any comments.
Schumpeter's explanation of economic progress.......2001-01-23
This book provides a useful corrective to some of the shortcomings of the so-called Austrian theory of Capital and the Business Cycle. Schumpeter, who studied under the great Austrian economists Bohm-Bawerk, was too much of an independent thinker to be part of an economic movement or school. The Theory of Economic Development is his declaration of independence from Austrian capital theory. In the book, he introduces a theory of development and the business cycle that shocked his more orthodox colleagues. Economic development, Schumpeter argues, involves transferring capital from old businesses using established methods of production to businesses using new, innovative methods. Schumpeter's special insight comes in trying to explain how the transfer of capital from the old to the new takes place. Schumpeter argued that it takes place through credit expansion. Through the fractional reserve system, banks are able to create credit, quite literally out of thin air. This money is lent to businesses specializing in new methods of production, who then bid up the price of production goods and consumer goods in their effort to pay for the production goods they require. Thus a form of inflationary spoliation takes place at the expense of established businesses and consumers. Although Schumpeter does not draw the spoliation inference from his theory, it is nonetheless there in the text for all who can see. Credit expansion is a form of spoliation, a form of robbery hardly distinguishable from counterfeiting. But what is unique about the capitalist engine of production is how it uses spoliation in the service of progress. And not merely spoliation through credit expansion, but spoliation through protectionism, stock manipulation, corporate welfare, cartels and monopolies, and outright fraud and manipulation. Schumpeter's book sheds light on just one aspect of this spoliation, and from this stems the book's vital importance to economic theory.
Average customer rating:
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European Foreign Exchange Movements and Financial Institutions
John Doukas
Manufacturer: International Business Press
ProductGroup: Book
Binding: Hardcover
 International
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Public Finance
| Economics
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Foreign Exchange
| Finance
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General
| Business & Investing
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Interest
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ASIN: 1560246634 |
Product Description
This Elibron Classics book is a facsimile reprint of a 1897 edition by Benj. R. Tucker, New York.
Book Description
A guide to the eccentric people, places and events of London for travelers looking for a different kind of guide to touring the greatest city in the world.
Customer Reviews:
A great starting point........2005-12-05
This book I found was really good for inspiring searches for different things in London. I used it quite extensively for a trip a few years ago. I did have some difficulty locating a few things which I originally attributed to inaccuracies on the part of the writer, but upon further investigation discovered that they did exist as he described them but that I was simply unable to find them (viz. Richard Burton's Tomb in Mortlake, the mysterious Hill Garden in Hampstead). I would advise the reader to research some of the items that he wishes to find on the internet before heading on a wild goose chase. A good supplement to this book is Andrew Duncan's Walking London.
Product Description
In 2000 alone, more than one million people in their 20's left the safe confines of their American college campuses and entered the workforce or graduate school. Many had completed internships to get real world experience, or had rented apartments during their final years of school. But the vast majority of recent grads have lived in dorms their entire college career, or otherwise have little experience in living on their own, not knowing anything about what awaited them at the end of their walk across the stage at graduation. In short, they needed the information in "Graduate! Everything You Need to Know to Succeed After College." "Graduate!" is a complete guide to not just surviving, but thriving and living well after college. It includes advice on finding and keeping a job, renting an apartment, living with a roommate, handling money issues including saving, budgeting, and credit, how to decipher health and auto insurance, and even how to decorate, cook, and dress. Chock full of checklists, questionnaires, and samples of key documents, "Graduate!" is the one source that college grads need to do well in the "real world."
Customer Reviews:
This is a nice handbook........2006-03-08
Kristen Gufstason has crafted a nice handbook on the unexpected pitfalls of post-college life. More than that, "Graduate..." is one of the few books in this subject that refuses to take the easy way out by telling college students how scary is the "Real World".
This is really more of a quick reference guide that covers such topics as rent, roommates, the job search and even wardrobe tips. Any college senior would do well by absorbing the information in this book.
A handy tool.......2003-03-13
I got this book for Christmas, and was able to read it quickly -- an easy read, chock-full of handy tips and time-saving advice from someone who's been there. I feel much better prepared to face the world after my college graduation this May. I felt like the author was talking to me, and seemed to anticipate issues I'm worried about already. Very common-sense stuff. I've shared it with my housemates -- I may never get it back!
At last!.......2003-03-10
At last! A gift that is really useful for the recent graduate. The author addresses real world issues of how to get by, after graduation, with humor, insight and a youthful enthusiasm.
Great graduation gift.......2003-03-06
I bought this for a friend's graduation. He claimed it was the perfect gift- even his mother agreed! It makes that thoughtful gift giving idea that much easier (and cheaper!)
A great book to guide you!.......2003-03-06
Informative, easy to follow and to the point. I liked how the author spilled out what people should expect to see and experience once they leave college. It truely opens your eyes to what was never taught in college. I strongly recommend this book to anyone who has questions on life after graduating college.
Books:
- Private Warriors
- Privatization and Public-Private Partnerships
- Probability and Stochastic Processes: A Friendly Introduction for Electrical and Computer Engineers
- Programmable Logic Controllers
- Public Finance: A Contemporary Application of Theory to Policy with Economic Applications
- Radicals for Capitalism: A Freewheeling History of the Modern American Libertarian Movement
- Radicals for Capitalism: A Freewheeling History of the Modern American Libertarian Movement
- Radicals for Capitalism: A Freewheeling History of the Modern American Libertarian Movement
- Readings in Public Choice Economics
- Real Estate Finance & Investments: Risks and Opportunities
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