The Effect of Taxes on Value in Private Capital Markets
BVR's Webinar Series
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As Nancy Fannon points out, "the area of pass-through entity valuation and the effect of taxes on value has been a topic that has confounded valuation analysts for about nine or ten years now." Indeed, it has been a problem without a solution in sight, particularly given the lack of data and studies on the subject within the business valuation community. Through groundbreaking research, Nancy has compiled a new collection of studies that address this previously unresolved area of valuation.
In "The Effect of Taxes on Value in Private Capital Markets" Nancy will present the findings of academic research on the effect of taxes on value, set to be released in a Guide of the same title. This 100-minute discussion will cover the results of years of study by researchers and the substantive evidence provided by numerous studies regarding tax affects. This presentation will have a lasting impact on anyone concerned with private market valuation. This opportunity to hear about this new research should not be missed.
- Discussion of the academic literature relating to the impacts of shareholder taxes on value in the public market
- Empirical data related to shareholder taxes embedded in public market returns
- The development of the cost of capital and how and why shareholder taxes are integral to modeling effects of shareholder taxes
- Incorporating public market research into private market valuation models
- Factors that mitigate the affect of shareholder taxes on value
- The impact of institutional investors; investor and firm behavior in response to tax policy; changing tax regimes
- Consideration of form of private entity when adjusting shareholder taxes from public market returns
- Legal, regulatory, capital constraints, income taxes (including that S corporations bear the highest income tax burden), etc.
- Q&A and conclusion
- Learn the academic literature relating to the impact of shareholder taxes on value
- Understand relevance of academic findings in the public market to private market valuation
- Understand the direction this research indicates for the pass-through entity debate
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