Formerly published by Cambridge Business Publishers, now published by Sage
Corporate Valuation: Theory, Evidence & Practice, Second Edition equips students and practitioners with the knowledge and tools needed to value companies, business units, and securities in today's complex financial environment. Drawing on decades of teaching experience at leading institutions and extensive professional practice, the book integrates valuation theory, empirical evidence, and detailed implementation. Designed for graduate and advanced undergraduate valuation courses, the text goes beyond high-level treatments found in many finance textbooks. It integrates relevant accounting information with finance theory and demonstrates--through detailed, step-by-step examples--how valuation frameworks are applied in practice using real company data.
Organized to support both classroom instruction and professional reference use, the Second Edition serves as a comprehensive guide for students preparing for careers in finance and for practitioners engaged in valuation, mergers and acquisitions, and security analysis.
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About the Author :
Robert W. Holthausen is the Nomura Securities Company Professor of Accounting and Finance at The Wharton School of the University of Pennsylvania.
He has been on the faculty there since 1989. He is also the Chair of the faculty advisory committee for Wharton Research Data Services (WRDS). Prior to 1989, he was on the accounting and finance faculty at the Graduate School of Business of the University of Chicago for 10 years. Dr. Holthausen earned his doctorate at the University of Rochester, where he also earned his M.B.A. Prior to his academic career, Professor Holthausen worked as a C.P.A. for Price Waterhouse and as a financial analyst with Mobil.His teaching has concentrated on the areas of investment management and valuation. Currently, his primary teaching responsibility is for the corporate valuation class he developed for Wharton, which he has taught for over 30 years. He has teaching experience at the undergraduate, M.B.A., and Ph.D. levels and has won teaching awards from both the undergraduate and M.B.A. programs at Wharton, including the David J. Hauck award for undergraduate teaching, awarded to one tenured faculty member per year. He has taught in many executive education programs at the Wharton School and is the academic director of Wharton's Mergers and Acquisitions Executive Education program. Professor Holthausen is widely published in both finance and accounting journals. His research has studied the effects of management compensation and governance structures on firm performance, the effects of information on volume and prices, corporate restructuring and valuation, the effects of large block sales on common stock prices, and numerous other topics. His research has appeared in such journals as The Accounting Review, Journal of Accounting Research, Journal of Accounting and Economics, Journal of Finance, and Journal of Financial Economics. He was formerly an editor of the Journal of Accounting and Economics. Professor Holthausen′s consulting experiences are varied. In the past, he has consulted with numerous companies on such diverse activities as serving as a compensation consultant, advising investment companies on the development of fundamental trading rules used to manage equity portfolios, and performing valuation analysis in a variety of situations. He served on the Board of Directors at Charles River Associates for ten years and was chair of their Audit Committee. MARK E. ZMIJEWSKI is the Charles T. Horngren Emeritus Professor of Accounting at The University of Chicago Booth School of Business. He has been a member of Chicago Booth since 1984. Professor Zmijewski earned his doctorate at the State University of New York at Buffalo, where he also earned his B.S. and M.B.A. degrees. Professor Zmijewski's research focuses on the valuation of the firm and its parts, as well as the ways in which various capital market participants use information to value securities. He has published various articles in academic journals such as the Journal of Accounting Research and Journal of Accounting and Economics, and won the American Accounting Association's Competitive Manuscript Award (1984). He has been an Associate Editor of The Accounting Review and on the editorial boards of both the Journal of Accounting Research and The Accounting Review.
In addition to his faculty duties at the University of Chicago, Professor Zmijewski also held the positions of Deputy Dean, Ph.D. Program faculty director, and the Center for Research in Security Prices faculty director. He teaches courses in valuation, mergers and acquisitions, financial analysis, accounting, and entrepreneurship and has won teaching awards for his teaching in both the M.B.A. and Executive M.B.A. programs at Booth.
Professor Zmijewski has consulted with numerous publicly traded and privately owned companies, as well as with entrepreneurs and private equity investors. Professor Zmijewski is a Senior Consultant to Charles River Associates, a consulting firm that provides economic, financial, and management consulting services. He is also a Senior Advisor to, and a member of, the Investment Committee at Patron Capital Partners, a private equity investment company. Professor Zmijewski is a founder of Chicago Partners, founded in 1994 and subsequently sold to Navigant Consulting, Inc. Within the time he conducted his consulting through Navigant Economics, he was Navigant Economics' Practice Leader, a member of its management committee, and a member of Navigant Consulting Inc.'s corporate executive committee.
