Abstract: Understanding of the relationship between the costs of the firm and the value the firm provides to its customers is the key to the ability of the firm to reach its profit potential. From this perspective the firm needs to have a thorough understanding of its activities, their costs and their relation to market prices. Advanced cost management studies and practices suggest a variety of different tools that help us understand the relationship between value and cost. However, most of these studies provide us with qualitative tools only. An exception is studies related to product cost planning, as in the case of target costing or value analysis/value engineering. This paper, while being a part of emerging literature on strategic cost management, extends the existing knowledge of the relationship between costs and value by introducing the value creation model (VCM). In particular, the VCM model defines the firms' cost structure in terms of value added, non-value added but required activities, as well as of was...

Abstract: Winning through Merger and Acquisition Building Value in a Nonpublicly Traded Entity Competitive Analysis Merger and Acquisition Market and Planning Process Measuring Synergies Valuation Approaches and Fundamentals Income Approach: Using Rates and Returns to Establish Value Cost of Capital Essentials for Accurate Valuations Weighted Average Cost of Capital Market Approach: Using Guideline Companies and Strategic Transactions Asset Approach Adjusting Value through Premiums and Discounts Reconciling Initial Value Estimates and Determining Value Conclusion Art of the Deal Measuring and Managing Value in High-Tech Start-Ups Merger and Acquisition Valuation Case Study.Index

Abstract: This short paper studies the Economic Profit, a different label for the Economic Value Added, EVA. Copeland et al. (1995) show that the present value of the free cash flow and the present value of EVA (Market Value Added MVA) are not the same, unless the present value of future EVA (they call it economic profit) be added to the initial capital invested. This present value includes, in both of them, the continuing value, which is the present value of the perpetuity for the cash flow and for the economic profit. For both of them, they end up with the Entity Value and the Equity Value. They present an extensive example and it will be analyzed in this paper. In that example they show that both, Entity and Equity Value are the same when calculated through the free cash flow or the economic profit. In this paper that assertion is examined in detail. It will be shown with the same example presented by them, that it holds true only under very restrictive assumptions. This is, when WACC assumes a given value.

Abstract: The valuation of insurance contracts using a market value approach, also known as the fair value approach has recently attracted a lot of interest. Seconding this trend, we would like to illustrate in this paper how we can determine the market value of a with-profits insurance policy. The method we use is based on finding a set of financial instruments that can identically replicate the cash flows of the insurance policy. Using this approach we show that the market value of a with-profits insurance policy can be determined objectively.

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