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24 May 2012
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Following a fall in the share price of Facebook this week, its lead adviser on the floatation, Morgan Stanley, has been accused of pitching the original sale price too high.
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15 May 2012
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Since the worldwide 2008 financial crisis, longer-term sovereign yields on both sides of the Atlantic have continued to remain low in both a historical context and in the context of their ratings outlook, and some analysts have suggested that recent declines in yields may be more a function of governmental intervention than a function of “flight to quality” issues.
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04 May 2012
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The European Cross-Border Mergers Directive was adopted in 2005 and aims to facilitate mergers and acquisitions activity across the EU.
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04 May 2012
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Football club valuations are coming to the forefront again, unfortunately as a result of certain clubs getting into difficulties.
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04 May 2012
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Valuation cases dating as far back as March 1982 are proving increasingly challenging.
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26 Apr 2012
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There has been a sharp fall in the number of profit warnings made by listed companies after eurozone tensions eased, research shows.
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13 Dec 2011
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Figures have shown that just six investment companies were launched this year amid global financial turmoil.
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13 Dec 2011
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It will seem to most of us that the reason for a discount for lack of marketability and liquidity is self-evident: investors would prefer equities that can be rapidly realised for a known price in a liquid market rather than identical equities which do not share these qualities.
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12 Dec 2011
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The Financial Services Authority (FSA) has highlighted shortcomings in its own regulatory approach which contributed to the near-collapse of Royal Bank of Scotland in 2008.
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09 Dec 2011
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Three of France's leading banks have been downgraded by ratings agency Moody's as the eurozone debt crisis worsens.
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07 Dec 2011
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It is an accepted truth that the market capitalisations of listed companies are the aggregates of minority valuations; we recognise that market prices are normally determined by trades in small parcels of securities. It has therefore been axiomatic that an adjustment should be made for a control premium when valuing a holding of 50% or more in a private company if using listed company comparators.
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17 Nov 2011
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To assist users and preparers of financial statements, Duff & Phelps have analysed the impairment disclosure notes of the FTSE 100 group of companies.
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16 Sep 2011
The equity analyst faces a simple question: what value would a given company trade for in a fair and efficient market? Unfortunately markets themselves do not give much help. They give a price, volumes of activity and a price history. But what is driving the price? That is what the analyst needs to know.
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30 Jun 2011
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This is a follow-up article to: Part one: what is the price of marketability, and looks at the discounts on shares which are issued by private companies to shareholders in the period before an Initial Public Offering (IPO).
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01 Jun 2011
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Tullis Russell & Company Limited, a manufacturer of very high quality paper, had deep roots in the Scottish economy: with business dating back as far as 1809.
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01 Jun 2011
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It is well recognised that a remedy potentially available under the provisions of Section 994, Companies Act 2006 (formerly Section 459, Companies Act 1985) is an order by the court for the shares of a minority shareholder to be purchased.
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01 May 2011
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One of the most important elements of the Private Equity (PE) reporting process is the valuation of portfolio investments. This plays a key part in the understanding of investors and other stakeholders of fund performance.
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21 Apr 2011
Investors are on track to receive the highest level of dividend income since 2008 after British businesses returned £15 billion during the first quarter, research has revealed.
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05 Apr 2011
Government moves to buy back debt among nationalised lenders Bradford & Bingley and Northern Rock Asset Managers have saved taxpayers £1.5 billion, according to the National Audit Office.
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04 Apr 2011
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The Big Four accountancy firms should be reviewed by the Office of Fair Trading for their part in contributing to the financial crisis, a parliamentary committee has urged.
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15 Mar 2011
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Professor Patrick McNutt FRSA of Patrick McNutt & Associates, Dublin, and Visiting Fellow at Manchester Business School, continues to argue for a managed exchange rate regime as an agenda item at the G20 Summit meetings later this year in France.
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15 Mar 2011
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IS 10668 - Monetary Brand Valuation - was released in October 2010 and sets out the principles which should be adopted when valuing any brand. The new IS applies to brand valuations commissioned for all purposes, including: accounting and financial reporting, insolvency, tax planning and strategic planning.
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15 Mar 2011
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When you have your eye on a possible acquisition, but very little idea of its real value, where do you start? Travis Taylor of American Appraisal provides guidance on this potentially complex topic.
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15 Mar 2011
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Small and medium-sized businesses may feel they are going round in circles to find funding, but they need to chase down all the options, says Simon Blake of the UK200Group. This article first appeared in Corporate Financier, magazine of the ICAEW Corporate Finance Faculty, in February 2010.
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15 Mar 2011
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Year in review for the ICAEW Valuation Group.
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15 Mar 2011
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The third annual conference of the Valuation Special Interest Group, held on 12 July, took on the theme of 'The road to recovery'.
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15 Mar 2011
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As the recovery begins, it appears that a price expectation gap between buyers and sellers is still limiting deal flow.
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15 Mar 2011
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Borrowing and lending are common in business, and the commercial situations in which they occur and the forms they take are varied.
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15 Mar 2011
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How more than one approach can be used to increase confidence in estimating the cost of capital and the validity of the result.
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15 Mar 2011
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HSBC has reported pre-tax profits of 19 billion US dollars (£11.8 billion) for 2010, more than double the 7.1 billion dollars (£4.4 billion) posted in 2009.
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01 Mar 2011
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This article will examine the price of marketability in relation to valuations of shares in listed companies.
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01 Jan 2011
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The FTSE 100's foreign contingent is about to rise after two Russian mining companies and an Irish construction firm were admitted to the UK's premier share index.
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01 Jan 2011
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The Valuation Group Conference, held on 14 July and sponsored by Duff & Phelps, covered a number of current themes, such as the increasing regulatory environment we work in.
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01 Jan 2011
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Research has revealed that dividends paid to UK investors surged by more than 25% over the past quarter.
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01 Jan 2011
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The British banking industry faces a "Herculean task" as it tries to regain the position of strength it had before the credit crunch, a new report warns.
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01 Jan 2011
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Banks suffered a decline in business volumes during the three months to the end of June, research has indicated.
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01 Jan 2011
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A new report has revealed a stark picture of the difficulties facing the retail sector.
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01 Jan 2011
Northern Rock is to be sold to the private sector after Chancellor George Osborne said the time was right for the Government to "plan our exit" from the banking sector.