The Implied Private Company Pricing Line (IPCPL) model is intended to calculate a reliable present value discount rate for a 100% control interest in a private/closely-held operating company under the Fair Market Value Standard. But, would its application be more reliable than the Adjusted...

A new method for calculating reliable discounts for lack of marketability (DLOMs) for Limited Partner (i.e., non-controlling) family limited partnership (FLP) interests, which we term the Managed Asset Portfolio Market (MAPM) Analysis, is developed. DLOMs typically are the largest valuation...

Courts require royalty rate calculations based on rigorous economic foundations. The licensing literature provides limited guidance for royalty rate determination, leaving appraisal report readers wanting a more tangible and objective lens through which to judge the credibility of royalty rate...

The Capital Asset Pricing Model (CAPM) is theoretically incomplete in its demand-side focus, risk-averse investors, and internally inconsistent homogeneous beliefs; is not conclusively supported empirically; and yet it legitimizes a notion that investors can earn higher returns by bearing...

Intangibles exhibit zero marginal licensing cost, including cross-border intra-firm licensing of intangibles within a multinational corporation (MNC). An MNC may not realise the full profit potential of licensing intangibles intra-firm, however, under suboptimal negotiated transfer pricing...

Inaccurate damage awards for contract breach, due to inaccurate valuations, create incentives for inefficient contracting going forward, which inhibits trade and economic welfare. This paper’s purpose is to help the Court evaluate the merits of covenant not to compete (CNC) appraisals under...

Even as researchers, when we present our research to others, we are teachers. As teachers, our responsibility to others is manifold, to which we are held to a higher standard. It is upon the Truths (or falsehoods) that we teach that we are ultimately judged. This Applied Economics working paper...

The present value discount rate (PVDR) is the expected rate of return on the best alternative asset (BAA) the investor forgoes when purchasing an asset. How do we calculate it in the competitive market context? The Discounted Future Income Model projects an asset’s annual future income or...

The capital asset pricing model (CAPM) is theoretically incomplete in its demand-side focus, risk-averse investors and internally inconsistent homogeneous beliefs; is not conclusively supported empirically; and yet it legitimizes a notion that investors can earn higher returns by bearing...