Index of Past Issues of FVLE

The Financial Valuation and Litigation Expert Journal ended publication with Issue 86 and was replaced with the monthly “Hardball with Hitchner – Tough Issues…Clear Answers.” To learn more or subscribe, visit the Hardball page.

Individual issues of the Financial Valuation and Litigation Expert Journal are still available. Scroll down to review the contents and make a purchase.

Issue 1 | Issue 2 | Issue 3 | Issue 4 | Issue 5 | Issue 6 | Issue 7 | Issue 8 | Issue 9 | Issue 10 | Issue 11 | Issue 12 | Issue 13 | Issue 14 | Issue 15 | Issue 16 | Issue 17 | Issue 18 | Issue 19 | Issue 20 | Issue 21 | Issue 22 | Issue 23 | Issue 24 | Issue 25 | Issue 26 | Issue 27 | Issue 28 | Issue 29 | Issue 30 | Issue 31 | Issue 32 | Issue 33 | Issue 34 | Issue 35 | Issue 36 | Issue 37 | Issue 38 | Issue 39 | Issue 40 | Issue 41 | Issue 42 | Issue 43 | Issue 44 | Issue 45 | Issue 46 | Issue 47 | Issue 48 | Issue 49 | Issue 50 | Issue 51 | Issue 52 | Issue 53 | Issue 54 | Issue 55 | Issue 56 | Issue 57 | Issue 58 | Issue 59 | Issue 60 | Issue 61 | Issue 62 | Issue 63 | Issue 64 | Issue 65 | Issue 66 | Issue 67 | Issue 68 | Issue 69 | Issue 70 | Issue 71 | Issue 72 | Issue 73 | Issue 74 | Issue 75 | Issue 76 | Issue 77 | Issue 78 | Issue 79 | Issue 80 | Issue 81 | Issue 82 | Issue 83 | Issue 84 | Issue 85 | Issue 86


downloadISSUE 86 – AUGUST/SEPTEMBER 2020

  • Front Page – COVID-19 and Its Effect on Business Valuation: Frequently Asked Questions Part II by Jim Hitchner
  • Robert Reilly- Valuation Analyst Considerations Regarding Closely Held Company Buy/Sell Agreements
  • Kristopher Boushie – Trade Secret Misappropriation and Monetary Remedies under the Federal Defend Trade Secrets Act
  • Mark Warshavsky – The Changing Landscape and Evolution of the Forensic Accounting Profession
  • Rod Burkert – These drivers quantify the time and money you get from your practice
  • Cost of Capital Corner


  • Front Page – COVID-19 and Business Valuation: Frequently Asked Questions by Jim Hitchner
  • Harold Martin – “It’s Like Déjà Vu All Over Again” – Valuing a Business in the Post-COVID-19 Pandemic Economy
  • Stacy Udell – Loss of the Alimony Deduction under the Tax Cuts and Jobs Act
  • Robert Reilly – Intellectual Property Valuations within Bankruptcy Controversies – Part 3
  • Rod Burkert – Are You a “Vitamin” or a “Painkiller”?
  • Cost of Capital Corner

downloadISSUE 84 – APRIL/MAY 2020

  • Front Page – How to Detect a Rigged Cap Rate
  • Mike Gregory – Who’s Who at the IRS?
  • Bob Grossman – Recent Court Cases Continue the “Tax Affecting” Controversy
  • Rodd Burkert – Why we struggle with pricing relative to “those” competitors
  • Cost of Capital Corner

downloadISSUE 83 – FEBRUARY/MARCH 2020

  • Front Page – Webinar Polls Reveal Who’s Doing What in Business Valuation by Jim Hitchner
  • Jim Alerding – Artificial Intelligence and the Future of Valuation
  • Robert Reilly – Intellectual Property Valuations Within Bankruptcy Controversies
  • Gil Matthews – Valuation Decisions by the Delaware Supreme Court, 2017-2019
  • Rod Burkert – If You Want a Better Practice, Perform File Autopsies
  • Cost of Capital Corner

downloadISSUE 82 – DECEMBER 2019 /JANUARY 2020

  • Front Page Valuation’s Dirty Little Secrets Part Three by Jim Hitchner
  • Scott Saltzman – Review of Best Practices: Thought Leadership in Valuation, Damages, and Transfer Price Analysis by Robert F. Reilly and Robert P. Schweihs
  • Jeff Balcombe and Kevin Brooks – Estimation and Measurement of Equity Volatility in Valuation
  • Robert Reilly – Financial Feasibility Analysis Considerations Regarding ESOP and ERISA-Related Litigation
  • Rod Burkert – Asking Clients for Referrals

downloadISSUE 81 – OCTOBER/NOVEMBER 2019

  • Front page: Application of Cost of Capital Data – An Update
  • Kelsey Griffin, Courtney Crowley, and Megan Lindsey – Are You a Technophobe or a Technophile?
  • Chris Hamilton – CVs: Marketing or Evidence?
  • Chris Treharne – Estate of Jones: Validating S Corporation Tax-Affecting
  • Rod Burkert – Will Social Media Marketing Work for You?
  • Cost of Capital Corner

downloadISSUE 80 – AUGUST/SEPTEMBER 2019

  • Front Page – Valuation’s Dirty Little Secrets Part Two by Jim Hitchner
  • Bill Quackenbush – Quantitatively Adjusting Guideline Public Company Multiples
  • Ron Seigneur – Musings on the Cost of Capital
  • Scott Saltzman – Analysis of AICPA “Statement on Standards for Forensic Services No. 1”
  • Chris Hamilton – Damages: Returning to the Basics
  • Rod Burkert – Rod On Practice Management: Ten Social Networking Tactics I Would Use to Build My BVFLS Practice If I Were Starting Today

downloadISSUE 79 – JUNE/JULY 2019

  • Front Page – Valuation’s Dirty Little Secrets by Jim Hitchner
  • Don Barbo and Brad Parker – Would Your Ambulatory Surgery Center Pay Less in Income Taxes as a C Corporation Under the TCJA?
  • Gary Trugman – Answering Tough Cross-Examination Questions
  • Robert Reilly – Forensic Analyst Expert Report and Expert Testimony Guidelines
  • Richard Wise – Allocating Fair Market Value Among a Corporation’s Share Classes: Some Observations
  • Rod Burkert – Rod On Practice Management: What Could Pricing With Options Do for Your Practice?
  • Cost of Capital Corner

downloadISSUE 78 – APRIL/MAY 2019

  • Front Page – Federal Court Accepts Tax Affecting an S Corp by Jim Hitchner
  • Stacy Preston Collins – Stock-based Compensation and Guidelines to Estimate a Supportable Value
  • Michael A. Crain – Transparency in Cost of Capital Data: Making Sausage?
  • Robert Reilly – Practical Guidance Related to Forensic Analysis Due Diligence Interviews
  • Stephen J. Bravo – A Look at the Ever-evolving U.S. Health Care Industry
  • Rod Burkert – Rod On Practice Management: Being different is more profitable than being better
  • Cost of Capital Corner


  • Front Page – Who’s Doing What in Business Valuation? Webinar Poll Results Reveal Common Practices by Jim Hitchner
  • Robert Reilly – Goodwill Valuation Considerations Involving Private Companies and Professional Practices
  • Kris Boushie – Analyzing Commercial Success and Its Implications for Patent Validity
  • Robert Gray – AICPA Proposes Forensic Accounting Professional Standards for Forensic Services Engagements
  • Rod Burkert – Rod On Practice Management: How do you recover the cost of your reference library?
  • Cost of Capital Corner

OrderISSUE 76 – DECEMBER 2018/JANUARY 2019

  • Front Page – Sources of Cost of Equity Data: New versus Old by Jim Hitchner
  • Mike Gregory – What can be Learned from Experts Who Advocate Too Well?
  • Mark Warshavsky – The Art of Interpreting Body Language: Deciphering Clues Through Physical Movements
  • Stacey Udell – AICPA Association News
  • Rod Burkert – Rod On Practice Management: The system you need for vetting prospects
  • Cost of Capital Corner


  • Front Page – Valuation Designation Wars: What’s the Best Designation for You? By Jim Hitchner
  • Bob Grossman – The Tax Cuts and Jobs Act and ESOP Valuations
  • Gil Matthews – Fairness Opinions, Experts, and the Courts
  • Eva Lang – TagniFi: A ‘Four Seasons’ Experience at a ‘Comfort Inn’ Price
  • Rod Burkert – Rod On Practice Management: Pricing – Are You discounting or negotiating?
  • Cost of Capital Corner


  • Front Page – Calculation Engagements: The REAL Story – R.James Alerding, Edward J. Dupke, and James R. Hitchner
  • R. James Alerding – Have We Lost the Forest For the Trees ?(Financial Valuation – the Income Approach)
  • Donald P. Wisehart – Pension Benefit Obligation: Is It Double Counting?
  • Robert P. Gray – To ‘QB’ or NOt to “QB’? That is the question (Forensics/Fraud – Financial Information)
  • Rod Burkert – Rod On Practice Management: Do You Carry a Portfolio of Your Work?
  • Cost of Capital Corner

OrderISSUE 73 – JUNE/JULY 2018

  • Front Page – Business Valuation and the Tax Cuts and Jobs Act Your Questions Answered – Jim Hitchner
  • Mark Dietrich – Data, Statistics, Information, and Knowledge in the Healthcare Valuation Arena: What to Use and What Not to Use
  • Neil Beaton – The Cannabis Industry Accounting and Appraisal Guide – Book Review
  • Jeanna Hermance and Morgan Lindsey – How to Attract and Keep Young Professionals as Part of Your Succession Plan
  • Scott Saltzman- Client Gratification versus Professional Standards
  • Kyle Wishing and Nicholas Henriguez – Overview of the “But-for” Investment Portfolio to Measure Trustee Breach of Fiduciary Duty Damages
  • Rod Burkert – Rod On Practice Management: Work for Yourself or a Firm What’s the Risk?
  • Cost of Capital Corner

OrderISSUE 72 – APRIL/MAY 2018 (Special Expanded Issue)

  • Front Page – The Impact of the Tax Cuts and Jobs Act on Business Valuation- Jim Hitchner
  • Jeff Balcombe – The Tax Cuts and Jobs Act: Analytical Considerations for Your Valuation Practice
  • Robert Gray, Elizabeth Schrupp, and Holly Roundtree – New Tax Law Changes – Spur in Divorces
  • Harold Martin Jr. – A Primer on Business Valuation and Classification of Property for Equitable Distribution in Divorce
  • Rod Burkert – Rod On Practice Management: In Order to Thrive, Our Practices Need “Aspirational” Clients
  • Cost of Capital Corner


  • Front Page – Poll Results Reveal Current Business Valuation Practices – Jim Hitchner
  • Serena Morones, Alina Niculita, and Paul Heidt – Synergistic Values in the Organic and Natural Foods Industry
  • Larry Cook – Shareholder Agreements: A “Prenup” for Business
  • Robert Reilly – The Fair Value Valuation of Intangible Assets for Acquisition Accounting Controversy Purposes – Part 3
  • Rod Burkert – 10x your social media efforts with this 1 tactic

OrderISSUE 70 – DECEMBER 2017/JANUARY 2018

  • Front Page – AICPA Releases Guidance on Use Of Calculation Engagements – Jim Hitchner
  • Chris Hamilton – Balance Sheets and the Asset Approach
  • Robert Reilly – The Fair Value Valuation of Intangible Assets for Acquisition Accounting Controversy Purposes – Part 2
  • Rod Burkert – Two Reason Why You Didn’t Land that New Client


  • Front Page – BEST PRACTICES: Business Valuation Methods(Part 2 of 2) – Jim Hitchner
  • Kevin Yeanoplos – The Evolution of Business Valuation: Beware the Ch-Ch-Ch-Changes
  • Robert Reilly – Valuation of Intangible Assets for Acquisition Accounting Controversy Purposes- Part 1
  • Rod Burkert – 7 Things You Can Do When You Have Nothing to Do


  • Front Page – BEST PRACTICES: Business Valuation Methods(Part 1 of 2) – Jim Hitchner
  • Dave Ellrich and Josh Angell – The Burning Question: Does the Definition of Fair Market Value Assume the Existence of a Covenant Not to Compete?
  • Linda Trugman – Debt versus Equity: How Do You Know?
  • Bob Gray, Robert Kester, and Bradley Minor – Working Capital Considerations for Business Valuations
  • Kristopher Boushie and Matthew Ginsberg What’s in a [Domain] Name?
  • Rod Burkert -5 Forces Influencing BVFLS Marketing
  • Steve Bravo – Review of The Business Valuation Bench Book, a new book by William J. Morrison and Jay E. Fishman
  • Richard Wise and Andrew Yas – The Effect of Special Purchasers on Fair Value in Canada
  • Stacey Udell – AICPA Forensic and Valuation Services Conference

OrderISSUE 67 – JUNE/JULY 2017

  • Front Page – DLOM Guide and Toolkit Debuts after Five Years in the Making – Jim Hitchner
  • Gil Mathews – The Flawed Perpetual Growth Assumption and Its Impact on Terminal Value
  • Marvin Brown – Is Closely Held Stock Really ‘Preferred’?
  • Stacey Udell – It’s Time to Gear Up for the 2017 AICPA FVS Conference
  • Chris Mercer – Recollections of My First Expert Witness Experience, 10 Ideas for Giving Effective Expert Depositions, and
  • Testifying as an Expert Witness with Impact
  • Rod Burkert – Five lessons I’ve learned that help me win more engagements at fees I can live with

OrderISSUE 66 – APRIL/MAY 2017

  • Front Page – Why Perpetual Growth Models Are Not Really Perpetual by Jim Hitchner
  • Mark Kucik and Mark Hanson – Global Valuation Standards: A Practical Approach Through the Eyes of a Practitioner
  • Jason Pierce – How Commercial Real Estate Appraisals Affect Business Valuations
  • Mark Warshavsky – Forensic Statement Analysis — The Art and Science of Analyzing Words
  • Rod Burkert – Are you a digital sharecropper?


  • Front Page – Poll Results Reflect Current Trends in Business Valuation by Jim Hitchner
  • William Quackenbush – Pitfalls to Avoid in the Guideline Public Company Method
  • Nathan DiNatale – The Profession Evolves with a New Credential
  • Robert Reilly – The Asset-Based Approach to Business Valuation
  • Rod Burkert – Five Signs that we Need to Part Ways with a Client

OrderISSUE 64 – DECEMBER 2016/JANUARY 2017

  • Front Page – Presenting Cost of Equity Calculations in a Valuation Report by Jim Hitchner
  • Bob Grossman – Marketability, Liquidity, and Controlling Equity Interest
  • Gary Trugman – Should You Ever Use the MCAPM to Value Small Businesses?
  • Mark Dietrich – Protected Health Information: The Toxic Waste of Litigation in Healthcare
  • Rod Burkert – What’s in your business model?
  • Ron Seigneur – The Impact of Judicial Reform on Financial Experts


  • Front Page – Best Practices in Cost of Equity Capital: The Build-Up Model: A Simpler Approach by Jim Hitchner
  • Ed Dupke – Using Standards to Strengthen Business Valuation Reports
  • Chris Mercer – Valuation implications of the Proposed Changes to section 2704
  • Mike Gregory – Conflict Resolution with the IRS when your Business appraisal is under Examination
  • Rod Burkert – Wait! You want me to cut a check for HOW much?


  • Front Page – Two “Must-Read” Delaware Valuation Court Cases by Jim Hitchner
  • Scott Saltzman – A Financial look at the Double Dip
  • Ray Rath – Stock Compensation and the IPO Process— Insights from SEC Comment Letters
  • Bob Gray and Rebert Kester – AICPA to Publish New Forensic Accounting Practice Aid to Assist Experts in Being More Credible
  • Rod Burkert – The Etiquette of Connecting on LinkedIn

OrderISSUE 61 – JUNE/JULY 2016

  • Front Page – The Risk-Free Rate in the Cost of Equity Capital: Why It May Be One of the More Important Data Inputs by Jim Hitchner
  • Stacey Udell – Double Dipping: A Close Look at a Hot Topic
  • Rod Burkert – Is your new client onboarding process missing any of these steps?
  • Robert Reilly –Intellectual Property Market approach Valuation Methods in Bankruptcy Controversies

OrderISSUE 60 – APRIL/MAY 2016

  • Front Page – Cross-Examination Skits: It’s Not Always About the Analysis by Jim Hitchner
  • Jeff Balcombe – Optimizing Capital Structure and the Level of Debt Assumption
  • Rod Burkert – Why Are We Reluctant to Specialize?
  • Robert Reilly – Valuation of Health Care Entity Transactions – Part Two
  • Jim Alerding – Confessions of a Tax Court Failure


  • Front Page – Best Practices: The Capitalized Cash Flow Method by Jim Hitchner
  • Ray Rath – Deferred Revenue Valuation for Accounting Standards Codification (ASC) 805
  • Chris Hamilton – Benefit Stream Error: Locking in Adjustment for an Eternity
  • Robert Reilly – Valuation of Health Care Entity Transactions – Part One
  • Darrell Dorrell – What Did I Miss? How to Employ Countervailing Evidence
  • James Mangraviti, Jr. and Steven Babitsky – How to impress retaining Counsel

OrderISSUE 58 – DECEMBER 2015/JANUARY 2016

  • Front Page – New Guide Brings Consensus View from Three BV Leaders (Hitchner, Pratt, and Fishman)
  • Robert Reilly – Distinguishing Personal Goodwill from Entity Goodwill in Closely Held Company Valuations
  • Kristopher Boushie – Valuing Intellectual Property in Bankruptcy
  • Michael Crain – Data Sampling— Methods and Sample Size
  • Harold Martin – What’s the Damage? A Primer on Economic Damages in Business Litigation


  • Front Page – Webinar Poll Results Reveal Common Industry Practices by Jim Hitchner
  • Jason Pierce – Analyzing Compensation and Valuation Issues for Authors in Divorce
  • W. David Ellrich, JR. and Joshua B. Angell- Estimating Volatility for Privately Held Companies
  • Linda Trugman – What’s Happening with Business Valuation Education at ASA?
  • Robert Gray – Credible Lost Profits Analysis: One- or Two- Model Approach?


  • Front Page – The Size Premium: Criticisms You Should Be Aware Of
  • Don Wisehart – What’s New? Duff & Phelps 2015 Valuation Handbook
  • Stacye Preston Collins – Taking a Closer Look …. ERI Executive Compensation Assessor
  • Lance Hall – Do You Really Know the Guideline Public Company Method as Well as you Think You Do?
  • Gary Trugman – The Income Approach: Quick Reminder Basics Checklist
  • Mark Warshavsky – Business Valuation Considerations in Ownership Buy-Sell Agreements
  • Richard Wise – Valuation of a Beneficiary’s Interest in a Trust

OrderISSUE 55 – JUNE/JULY 2015

  • Front Page – The New IRS S Corp Job Aid: What You Need to Know by Jim Hitchner
  • Harold Martin – AICPA Presents New Fair Value Measurement Credentials
  • Eric Nath – Directly Valuing Private Minority Interests Using the Income Approach
  • Jim Alerding – Standards of Value and Personal Goodwill and Double Dipping in Divorce Cases
  • Gil Matthews and Michelle Patterson – How the Court Undervalued the Plaintiffs Equity in Ferolito v. AriZona Beverages Part II
  • Marvin Brown – Non-Controlling Interests and Capital Structures: A Discussion of the Interrelationship
  • Ron Seigneur – Business Appraisal within the Cannabis Industry: The Ultimate Appraisal Challenge?

OrderISSUE 54 – APRIL/MAY 2015

  • Front Page – Best Practices: The Terminal Year of a Discounted Cash Flow Model
  • Raymond D. Rath – Thoughts on the Excess Earnings Method for Estimating Business Values
  • Robert j. Grossman – Discounts for Lack of Marketability and Fair Value
  • Bruce B. Bingham – Bingham Says….
  • Scott R. Saltzman – Ethical Lapses in Business Valuations: Be aware of These Key areas
  • Gilbert E. Matthews – How the Court Undervalued the Plaintiffs’ Equity in Ferolito v. AriZona Beverages – Part i: Tax-Affecting S Corporation earnings
  • Mark O. Dietrich – Trending Topics in Healthcare Valuation
  • Edward J. Dupke – Providing Testimony: What to WATCH For and What to WATCH OUT For


  • Front Page – Business Valuation Mistakes: How to Avoid Them, Part Four, The Guideline Company Transaction Method
  • Lindsey D. Lee – Sources of GDP Growth and Inflation Forecasts when Selecting a Constant Growth Rate
  • William C. Quackenbush – Common Sense Issues in the Cost of Capital
  • Larry R. Cook – Impressions and Judgments: Part Two of a three-part series,”Fundamentals of an Effective Interview”

OrderISSUE 52 – DECEMBER 2014/JANUARY 2015

  • Front Page – Calculation Survives Daubert Challenge – Does This Help Open the Door for Calculations in Litigation?
  • Valuation Update – Poll Results
  • Jeff Balcombe – Market Approaches Miss the Mark when the Subject Company has Untransferrable Goodwill
  • Z. Christopher Mercer – An Introduction to Dividends and Dividend Policy for Private Companies
  • L. Gail Markham – The Twelve Ways of the Expert Witness


  • Front Page – Twenty Ways to Calculate the Cost of Equity: A Case Study by Jim Hitchner
  • Rod Burkert – Averaging Multiple Valuation Methods: Best Practice or Inviting Trouble?
  • Robert Reilly – Qualitative Considerations in the Intellectual Property Valuation
  • Stacey Udell – AICPA Conference To Offer Hand-On Tracks for “Next Gen” Valuation Analysts and Forensic Accountants
  • Jim Alerding – A Tangled Web: Problems Arise when Appellate Court Awards “Equalization Payment”
  • Jeff Windham – Case Law Update


  • Front Page – Calculations and Opinions: Bringing Clarity to a Cloudy Issue by Jim Hitchner
  • Jay Fishman, Lester Barenbaum and Kyle Garcia – Revisiting Lack of Control Discounts Using Closed-End Fund Pricing
  • Richard Wise – The Valuation of a 50% Shareholding in a Closely Held Corporation
  • Darrell Dorrell – Build or Buy? Is It Time for You to Take the Step?
  • Raymond Rath – Advancing the Quality of Valuations for Financial Reporting
  • Kristopher Boushie – Trade Secrets and Damages
  • And Book Reviews of – Cost of Capital: Applications and Examples, 5th Edition (Pratt/Grabowski), Review by Steve Bravo and the Guide to Intangible Asset Valuation (Reilly/Schwelhs), Review by Roger Grabowski

OrderISSUE 49 – JUNE/JULY 2014

  • Front Page – An Overview of the Duff & Phelps 2014 Valuation Handbook Guide to Cost of Capital by Jim Hitchner
  • Derald Lyons – M&A Deals – Stock vs. Asset Sales: What Every Valuator Nees to Know
  • John Stockdate – Reaching a Conclusion of Value: Reflections on the use of Market Data
  • Mike Crain – Capital Structure of Private Firms
  • Chris Hamilton – Valuing Contract Earn-out Provisions
  • Mike Mard and Korey Rubenstien – The 100 Pound Phone Leveraging Insight: Strategically Selling Business Valuation Services

OrderISSUE 48 – APRIL/MAY 2014

  • Front Page – Business Valuation Mistakes: How to Avoid Them, Part Three Capitalized Cash Flow Method
  • Jim Alerding – Is Personal Goodwill Double Counted and Thoughts on McReath
  • Mark Kucik – Standards through the Eyes of a Practitioner
  • Scott Saltzman – Standards of Value vs. Ethics
  • Robert Reilly -Intellectual Property Damages Analysis: An Overview
  • Thomas Hilton – Indirect Methods of Income Reconstruction: What Forensic Accountants Can Learn from the IRS


  • Front Page – Business Valuation Mistakes: How to Avoid Them, Part Two Discount and Capitalization Rates by Jim Hitchner
  • Carla Glass – The Question of Calculations and USPAP – Another Round
  • Gil Matthews – Amortization Should be Excluded from Terminal Value Calculations
  • Robert Reilly – Common Reasons to Conduct Intangible Asset Damages Analyses
  • John Barrett – Analysis of the Kessler Valuation Metric
  • Mark Dietrich – Pitfalls, Pratfalls, and Bad Calls in Healthcare Valuation
  • Bob Gray – Securities Fraud: How Forensic Accountants Can Assist the Various Stakeholders

OrderISSUE 46 – DECEMBER 2013/JANUARY 2014

  • Front Page – Valuation Update: Webinar Poll Results Reveal Common Industry Practices
  • Steve Bravo – Shareholder/Member Agreement’s Influence on Value: Should We Be Bound by Them?
  • William Quackenbush – Terminal Value: A look at Some Key Issues
  • Robert Grossman – Special Valuation Considerations in ESOPs
  • Mark Warshavsky – Using the People to Find the Money: Advanced Financial Forensic Techniques


  • Front Page – Cost of Capital: Comparisons of Ibbotson and Duff & Phelps Data Inputs in the MCAPM and BUM by Jim Hitchner
  • James Harrington, Carla Nunes, and Niel Patel – The Duff & Phelps Equity Risk Premium and Risk-free Rate Recommendation
  • Stacey Udell – Engagement Letters: How Do Yours Measure Up?
  • Stacy Preston Collins – Current Issues: Private Equity and Hedge Funds
  • Bruce Bingham – Valuation Professionals: Be Aware of New Rules; Speak Your Mind
  • Don Wisehart – Book Review: Valuation of Privately-Held Company Equity Securities Issued as Compensation
  • Robert Gray and James O’Brien – Performing Credible Lost Profits: Consider the ‘Fab Four’ Steps for Your Analysis


  • Front Page – Business Valuation Mistakes: How to Avoid Them by Jim Hitchner
  • Ron Seigneur – Partner’s Capital How Much Is Enough?
  • Kevin Yeanoplos – Growth in a Vacuum: Maximizing Value in a Depressed Economy
  • From the AICPA, ASA, IBA and NACVA – Association News
  • James Mangraviti and Steve Babitsky – How to Draft an Expert Witness Retention Agreement

OrderISSUE 43 – JUNE/JULY 2013

  • Front Page – Cost of Capital update: Ibbotson and Duff & Phelps 2013 by Jim Hitchner
  • Chris Hamilton – Long Term Growth – Have the Facts Changed?
  • Scott R. Saltzman – Valuation and Litigation Pitfalls
  • Larry Cook – Fundamentals of an Effective Interview Part I
  • Gail Markham – THe BP Settlement: Are You Aware of its Far-Reaching Effects?
  • Kristopher Boushie – Using Comparables in Valuing Patents in Litigation

OrderISSUE 42 – APRIL/MAY 2013

  • Front Page – How to ‘Rig’a Valuation Part Two: Long-Term Growth Rates by Jim Hitchner
  • Jay Fishman – Do Put Option Models Overstate Discounts for Lack of Marketability?
  • Ray K. Bratcher – Reducing Appraiser Subjectivity in Determining DLOM
  • Darrell Dorrell – Built-in Gain (BiG) Adjustments in Partnerships & LLCs: why a section 754 Election is Not Inevitable


  • Front Page – How to ‘Rig’ a Valuation: The Discount Rate by Jim Hitchner
  • Gary Trugman – Advocacy vs. Objectivity
  • Ray Rath – Intangible Asset Valuation: The Distributor Method
  • Tom Hilton – Calculation Reports in Litigation: Are You Cruisin’ for a Bruisin’?
  • Michael Mard, Don Wisehart & M. Seph Mard – Why is Valuation Trapped in the ’70s? Limitations of the Black-Scholes Option Pricing Model as used in the DLOM (Special Extended Length Article)

OrderISSUE 40 – DECEMBER 2012/JANUARY 2013

  • Front Page – ‘LinkedOut’: A Response to a Business Valuation Standards Discussion
  • Steve Bravo – Synergy and Fair Market Value:  Are they mutually exclusive?  BTR Dunlop says ‘no’
  • Rod Burkert & Bob Dohmeyer – Mean Reversion Model to Adjust Excess Compensation
  • Darrell Dorrell – Does ‘Offer Price’ Equal Value?  The Top 20 Factors
  • James Mangraviti & Steve Babitsky (SEAK) – The 10 Biggest Mistakes Expert Witnesses Make During Depositions


  • Front Page – Valuation Update: Webinar Poll Results Reveal ‘Who’s Doing What’
  • Travis Harms – Valuation’s Dirty Little Secret: Financial Projections and the Income Approach
  • Mark Warshavsky – Analyzing Earnings Quality as a Financial Forensic Tool
  • Jim Hitchner – Book Review: How to Work with the IRS: Strategies for Attorneys, Accountants & Appraisers by Michael Gregory


  • Front Page – Pratt’s Stats:  The Public Side
  • Gary Trugman – How to Use Transaction Databases
  • David Ellrich, Jr. and Joshua B. Angell – Update on the New FMV Opinions Database and Newly Added Transactions
  • Derald Lyons – M&A Deals – Stock vs. Asset Sales: What Every Valuator Needs to Know
  • Thomas Burrage – Rule One Initiative Works to Increase Efficiency of Judicial System
  • John Walker and Chris Treharne with two New Court Cases: Wimmer v. Commissioner and Mohamed v. Commissioner

OrderISSUE 37 – JUNE/JULY 2012

  • Front Page – Ibbotson Update: New Support for Old Data
  • Bob Gray and Dave Duffus – Encountering New Venues with Shareholder Disputes? Remember the Special Ks
  • Jim Alerding –  Personal Goodwill in Divorce
  • Don Wisehart – The Elusive Size Premium
  • Eva Lang – Facing the IRS:  Some Quick Tips to Make the Experience Less Painful

OrderISSUE 36 – APRIL/MAY 2012

  • Front Page – Business Valuation Standards Top Ten Myth Busters
  • David Ellrich, Jr. and Joshua B. Angell – Thoughts on Duff & Phelps ‘Normalizing’ Risk-Free Rate
  • Carla Glass – Revisions to the Uniform Standards of Professional appraisal Practice (USPAP) 2012-2013 Edition
  • Neil Beaton – Are Secondary Markets Accurate Indicators of Market Value?
  • Ronald D. DiMattia – Treatment of Cash When Calculating Enterprise Value
  • Linda Trugman – What’s Happening at the American Society of Appraisers?
  • Stacey Udell – Top Five Issues When Valuing a Small Business for Divorce
  • John Walker and Chris Treharne with a New Court Case: Wandry v. Commissioner


  • Front Page – Control Premiums and Minority Discounts in Operating Businesses
  • Bill Quackenbush – Current Issues in Developing the Cost of Capital
  • Gil Matthews – An Investment Banking View of Enterprise Value.
  • Mark Dietrich – Sizing Up Healthcare Reform’s Impact on Business
  • Eva Lang – Resources: It is All About the Apps
  • Steve Babitsky and James Mangraviti – Expert Witness New Client Interview Checklist
  • John Waker and Chris Treharne with a New Court Case: Estate of Liljestrand v. Commissioner

OrderISSUE 34 – DECEMBER 2011/JANUARY 2012

  • Front Page – FMV Opinions Restricted Stock Database: Before You Rely on Restricted Stock Block Size to Determine an Incremental DLOM Applicable to Private Equity, Know the Facts
  • Bruce Bingham –  Update on Standards: A Review of the International Valuation Standards 2011 of the international Valuation Standards Council (IVSC)
  • IRS DLOM Job Aid Webinar Results
  • Stacy Preston Collins – Women in Business Valuation:  Some Perspectives
  • Scott Saltzman – Valuation Ethics: Questions and Answers
  • Kevin Yeanoplos – The Private Cost of Capital Model: Panacea or Perciatelli?
  • Jim Alerding – Is the Traditional Risk-Free Rate Still Risk Free?
  • Kristopher Boushie –  Post Uniloc — Calculating Reasonable Royalty Damages: What’s a Damages Expert to Do?


  • Front Page – VPS Webinars and Poll Results Show High Impact of IRS DLOM Job Aid
  • Jeffrey R. Mills, Guest Columnist – Common Errors in Discounted Cash Flow Models
  • Chris Hamilton – Is It the Market Approach or the Income Approach?
  • Stephen J. Bravo – Massachusetts Supreme Judicial Court Deals Effectively with Cash Flows in Divorce Valuation of Hedge Fund Firm
  • R. James Alerding – Valuation Ethics
  • John J. Stockdale – Methods for Determining Synthetic Volatility for Private Companies
  • Howard A. Lewis – Quality Assurance in Business Appraisal
  • Steven Hyden and Guest Columnist Darren Cordier – Using Trendlines to Determine Survivor Curves for the Valuation of Customer Relationships
  • Jay E. Fishman – The Changing Face of Private Equity
  • Robin E. Taylor – Volunteering for the Profession
  • Richard M. Wise – Quantification of a Complex Business Interruption Loss


This is a SPECIAL ISSUE – 144 pages focusing on Discounts for Lack of Marketability. Issue No. 32, August/September 2011 contains:

  • The IRS Discount for Lack of Marketability Job Aid – 39 page discussion and summary of the Job Aid by Jim Hitchner.
  • Why Finnerty’s Put Option Model is the DLOM Model of Choice
  • Sumon C. Mazumdar’s Conference PowerPoint Slides from Judge Laro’s 2008 DLOM Summit
  • Bajaj et al. Criticisms and Pratt and Hall Rebuttals
  • Jim Hitchner’s Review of An Integrated Theory
  • QMDM: A Long but Important Answer to a Short but Important Question
  • Partnership Profiles, Inc. 2010 Executive Summary Report
  • Mandelbaum Factors Revisited: A Peek Behind the curtains
  • The Mysterious Willing Seller
  • A DLOM Computational MOdel
  • Other Evidence about Discounts for Lack of Marketability
  • Issue 15 of Financial Valuation and Litigation Expert – Major National Summit on DLOMs: Everything You Wanted to Know and Were UNafraid to Ask
  • Major National Summit on DLOM Case Study from Judge Laro’s Tax Conferences 2009 and 2010

OrderISSUE 31 – JUNE/JULY 2011

  • Front Page – Expert Ethics: Bias and Plagiarism – The Dark Side of Business Valuation
  • Edward Dupke, Nancy Fannon, and Mark Hanson – Evolution of Valuation Professional Standards
  • Ron DiMattia – Excess Cash Flow Method and Required Rates of Return
  • Steve Gonsoulin – Consideration of the Asset Approach in Appraising a Minority Interest in an Operating Company
  • J. Michael Hill, Jr. and Anthony DeBenedictis – First Experiences under the Amended Federal Rules of Civil Procedure

OrderISSUE 30 – APRIL/MAY 2011

  • Front Page – Industry Update: Who’s Doing What
  • Don Wisehart and Mike Mard – The Valuation House of Cards? The Risk Components of Cost of Capital
  • Ron Seigneur – Divorce of a Business: When Partnerships Fail
  • Andy Smith and Brian Sullivan – We are not Paid to Agree with our Clients, The Art of Agreeing to Disagree
  • Brenda Clarke – Book Review of Financial Valuation: Applications and Models, 3rd edition.
  • Joel Rakower and Nannette Watts – Potential Pitfalls to Benchmarking Marketability Discounts
  • Chris Mercer, Journal Review of Dunn on Damages
  • Gail Markham, Toni Sparkman, Becky Bokrand, and Kelsey Thompson – Fallacy Free Forensics


  • Front Page – Cost of Capital Update: Things You Need to Know
  • Derald Lyons – Another Look at Valuing Pass-Through Entities: Cvs. S Corp Income Tax Law
  • Bob Grossman –  Business Valuation in a Public Accounting Firm
  • Tom Burrage -New Legislation in Estate Tax Prompts Self-Examination: A Look at the Cobbler’s Shoes
  • Darrell Dorrell – Aberrant Pattern Detection: Harnessing the ability to empirically measure pattern aberration
  • Harold Martin, Book Review – Cost of Capital: Applications and Examples
  • Kris Boushie – The Demise of the 25% Rule for Determining a Reasonable Royalty in Patent Litigation
  • Robert Ambrogi – Expert Witness Proposed Code of Ethics

OrderISSUE 28 – DECEMBER 2010/JANUARY 2011

  • Front Page – The Future of Business Valuation in the United States Part II
  • Mark Lee –  Credibility, DCF, and the Company-Specific Risk Premium
  • Rodney Bosco – What is the Value of Forever? Choosing Between Long-Term Mitigation and a Perpetual Damages Period
  • Jim Hitchner, Book Review – Cost of Capital in Litigation
  • Richard Wise -Quantifying Damages for lost Profits — Estimating Costs


  • Front Page – The Future of Business Valuation in the United States
  • Gary Trugman – The TVA Restricted Stock Study in Practice
  • Rod Burkert – Keeping Up Technically in a Small BV Firm
  • Bob Gray – The AICPA CFF Credential— Opening the Door Wider
  • Tom Hilton – Aristotle’s Rhetoric and the 21st Century Testifying Expert
  • In the Courtroom Jensen v. Commissioner
  • Jim Alerding – Salable Professional (Personal) Goodwill Is it IN or OUT?
  • Stacy Preston Collins – A Review of the PitchBook/BVR Guideline Public Company Comps Tool™


  • Front Page – Websites: Uninteresting, Unsupportable, and Unsafe
  • Roger Grabowski Concerning the Equity Risk Premium and Structural Changes to Capital Markets
  • Nancy Fannon – A New View of an Old Debate – Rethinking the Benefit of Pass-Through Entities
  • Scott Saltzman – Financial Reporting: What is in the Best Interest of the Public
  • Ed Dupke – Evolution of Business Valuation with the AICPA: A Look Back to Look Forward
  • Steve Campana – Probability Weighting of Family Limited Partnership Minority Interest Expected Future Cash Flows

OrderISSUE 25 – JUNE/JULY 2010

  • Front page – Cost of Equity Capital: Straight, with a Chaser
  • John Stockdale – Other Evidence about Discounts for Lack of Marketability (DLOMs)
  • Robin E. Taylor – Reports: How to Make Them More Understandable and Convincing
  • Marvin T. Brown – A Closer Look at Small Businesses and the S Corp Premium: Where’s the Value?
  • Kristopher A. Boushie – Direct and Indirect Patent Infringement – Damage Issues and Licensing
  • Chris D. Treharne and John Walker – Estate of Fortunato v. Commissioner
  • Chris D. Treharne and John Walker – Suzanne J. Pierre v. Commissioner
  • Chris D. Treharne and Fawntel Romero – Ringgold Telephone Company v. Commissioner
  • Chris D. Treharne and Fawntel Romero – Ludwick v. Commissioner
  • Chris D. Treharne and John Walker – Homan v. Commissioner

OrderISSUE 24 – APRIL/MAY 2010

  • Front page – Cost of Equity Capital: Straight, No Chaser
  • Stacey Udell – A Morningstar and Duff & Phelps Risk Premium (“ERP”) Comparison for 2010
  • Harold G. Martin and Peter N. Thacker, Jr. – Calculating the Terminal Period Value When Using the Discounted Cash Flow Method: Gordon Growth Model or Exit Multiple?
  • Carla G. Glass – USPAP: Current Issues
  • Why should you be concerned about the first proposals for changes to the 2012-2013 edition of USPAP?
  • What’s in the current (2010-2011) edition of USPAP?
  • Jay E. Fishman – Civil Money Penalties Against Appraisers: What Practitioners Should Know
  • Neil Beaton – Measuring Damages for New of Early-stage Businesses
  • Chris D. Treharne and John Walker – Estate of Charlene B. Shurtz v. Commissioner


  • Front Page – Industry Update: Who’s Doing What?
  • Robert Reilly – AICPA Statement on Standards for Valuation Services: Implementation Update 2010
  • Michael A. Crain – Using statistics to asses lost profits during an economic downturn
  • R. James Alerding – Recognizing and Analyzing Promising Intellectual Property
  • Chris Hamilton – Business Valuation Services for Liquidation or Re-evaluation
  • Mark O. Dietrich – Current Issues in Healthcare Valuation
  • Eva Lang – GF Data Resources: Another Option for Information on Private Company Transactions
  • Stephen J. Bravo – Discount for Built-in Gain Taxes: An Update (“Litchfield, TCM 2009-21”)
  • Fawntel Romero and Chris D. Treharne – Price vs. Commissioner
  • Robert Ambrough – Rule 26: Major Changes for Attorneys and Experts

OrderISSUE 22 – DECEMBER 2009/JANUARY 2010

  • Front Page – Cross-Examination A View from the “Other” Side
  • Donald P. Wisehart – Boston’s Battle of the Beta
  • Michael J. Mard – Does the Fair Market Value of Land and Building Create Fair Value Error?
  • Darrell D. Dorrell – Are you a “Forensic Accountant”?
  • Chris D. Treharne and John Walker – Estate of Samuel P. Black vs. Commissioner


  • Front page – Transaction Databases: Useful of Not?
  • William Quackenbush – Risk Assessment and the DuPont Formula
  • Stacy Preston Collins – Industry Focus: Engineering and Architectural Firms
  • Checklist – Valuation Services Engagement Control
  • Richard M. Wise – What the Expert Witness Should Know About the Cross-Examiner’s Trial Tactics
  • Michael G. Kaplan – Eleven Ways that Attorneys Kill Their Own Experts


  • Front page – Common Sense Issues in Weighting Values
  • Kevin Yeanoplos – General Benchmarks Help Determine Cost of Capital
  • M. Mark Lee and Adrian M. Campelo – Adjusting Market Multiples: The Final Decision is Still a Matter of Professional Judgment
  • Rod P. Burkert – Increasing Your Personal Productivity
  • Derald Lyons – Guideline Company Transaction Method: When Comparables Sold Before the Financial Markets’ Meltdown
  • Stacey Udell – A Look at Reasonable Compensation
  • Thomas Hilton – Discovery of Draft Reports: How Do You Spell Relief?

OrderISSUE 19 – JUNE/JULY 09

  • Front page – Butler Pinkerton and the Total Beta Model – Measuring Total Cost of Equity and Company-Specific Risk: An Interview with Peter Butler and Keith Pinkerton
  • Gil Matthews – Testing for an ‘Implied Minority Discount’ in Guideline Company Prices
  • Robin Taylor – Market Characteristics and Fair Value Reporting— Evolution, Revolution and Continuing Confusion
  • Larry Cook – Pulling the Plug: Small Business Owners Who Take a Hit and What They Can Do About It
  • Robert Ambrogi – When Your Own Experts Disagree
  • Steve Babitsky – Expert Witness Fees
  • Cost of Capital Corner

OrderISSUE 18 – APR/MAY 09

  • Front page – Cost of Capital: Should It be Adjusted to Reflect the Current Economic Climate?
  • Steve Bravo – The Appraiser, Penalties and the IRS: A Costly Combination
  • Linda Trugman – Valuing “Mom and Pop” Businesses: A Primer
  • Bob Grossman – Are Restricted Stock Studies Still Valid?
  • Harold Martin – The Direct and Indirect Methods of Valuing Minority Interests Using the Income Approach
  • Gail Markham and Becky Bokrand – Which Expert Are You — Leia or Boba Fett?
  • In the Courtroom
  • Discounts and Only Discounts
  • Attorney-Client Privileges and Experts
  • Cost of Capital Corner


  • Front page – Industry Risk Premium Data: If You Use It, Use It with Knowledge
  • Bob Duffy – Exploring the New World of Quantitative DLOM Analyses
  • Ron Seigneur – Using Alternative Weighting Schemes to Project an Economic Benefit Stream
  • Jeff Balcombe, Keith Konen and J.R. Radcliffe – SFAS 142 Impairment Testing: Lack of Definition Creates Confusion
  • Alfred Zeiler, Guest Article – Sanity Checks: How? When? Why?
  • Scott Saltzman – Getting Conflicted Out of Engagements: An Old Game
  • Robert Ambrogi, Guest Article- Top Ten Expert Witness Cases of 2008
  • Bob Gray – Proven Professionals Address Tough Questions on Corporate/Special Investigations
  • Cost of Capital Corner

OrderISSUE 16 – DECEMBER 2008/JANUARY 2009

  • Front page – AICPA Standards: The Former Chair Interviews the Current Chair
  • Nancy Fannon – The Real S Corp Debate: Impact of Embedded Tax Rates from Public Markets
  • Harold Martin – The Guideline Co. Transaction Method: What Does the Information Really Mean?
  • John J. Stockdale – Regression Requires Elimination of Common Cause
  • Ron Seigneur – review- Understanding Business Valuation: A Practical Guide to Valuing Small to Medium Sized Businesses, 3rd ed.
  • Kristopher Boushie – An Introduction to Using Attribute Analysis in Valuing Patents
  • Jim Hitchner – New Study-Expert Witness Testimony
  • Mark Dietrich – Supply and Demand: Assessing the Impact of the Shortage of Physicians on Value
  • Robert Ambrogi – Guest Article – Expert Reports: Should Lawyers Keep Hands Off?
  • Daubert on the Docket
  • Jim Hitchner – review- Cost of Capital: Applications and Examples, Third Edition
  • Cost of Capital Corner


  • Front page- Major National Summit on DLOMs
  • Lance S. Hall -The Comparative Analysis of Restricted Stock Approach (CARS) and The FMV Restricted Stock Study
  • Z. Christopher Mercer- Quantitative Marketability Discount Model (QMDM)
  • Marc Vianello – The VFC Longstaff DLOM Methodology
  • Dr. Sumon C. Mazumdar – Firm Value and Marketability Discounts and The Bajaj et al Study
  • Dr. Ashok Abbott – Abbott Liquidity Factor and Study


  • Front page – 2 court cases (Berquist; Daubert challenge)
  • Steve Hyden- Valuing Two Assets Using the Excess Earnings Method
  • Don Wisehart – SFAS 123r Valuation Defies “Intuition”
  • Don Barbo- Healthcare Valuations are All Local… or Are They?
  • Mike Crain- Discount Rates Used in Lost Profits Damages
  • Steve Babitsky and James Mangraviti- Forensic Companies Retooling
  • Prepping an Expert: How Far is Too Far?
  • Eva Lang- Adventures in Acrobat

OrderISSUE 13 – JUNE/JULY 2008

  • Front page- BV Standards Applications Update: Six Months into Compliance
  • Rod Burkert- Using Duff & Phelps Equity Risk Premiums with Fundamental Measures of Accounting Risk
  • Todd Fries and J.D. Radcliffe (Guest Columnists) – Accounting for Significant Risk in Discounted Cash Flow Analyses (DCF)
  • Gil Matthews – The Superiority of the Harmonic Mean as a Method for Averaging Multiples of Guideline Companies and Acquisitions
  • Mel Abraham – Build a Reputation, Build a Practice: The Best Four Investments You Can Ever Make
  • Tom Hilton – Imposter or the Real McCoy? The Looming Crisis of the Authenticity of Electronically Stored Information in Commercial Litigation
  • Michael Kaplan – What’s Happening at NACVA?
  • John Gilbert – In the Courtroom – Astleford v. Commissioner, T.C. Memo 2008-128 – May 5, 2008
  • Cost of Capital Corner

OrderISSUE 12 – APRIL/MAY 08

  • Front page- Cost of Capital Insights
  • Mark Lee- Jelke, Again: The Built-In Capital Gains Tax for a Stock Portfolio held by a C Corporation: A Third Alternative View
  • Jim Alerding- Ethics: Knowledge of Independence Issues is Especially Important to CPAs
  • • Michael Mard- SFAS 141R Accelerates Fair Value
  • Stephen Bravo- The Appraiser Penalty— Are You “More Likely Than Not”?
  • Steven Campana (Guest Columnist) The Ratio of Depreciation and Capital Expenditures and the Related Capital Expenditures Debt Service: The Mark Lee Model Continued
  • Daubert on the Docket
  • Risk Management, Engagement Letters, Reports and Turning Down Work or… Protection, More Protection and Don’t Eat Bad Food
  • Harold Martin- The Vavasseur Prime Bank Securities Fraud: A New Variation on the Classic Ponzi Scheme
  • Robin Taylor- An Update on the AICPA Business Valuation Committee


  • Front page- A Look at Alternate Views on Discounts for Lack of Marketability
  • Jim Hitchner – Book Review An Integrated Theory, 2nd edition – Mercer
  • John Stockdale- A DLOM Computational Model
  • Marc Vianello (Guest Columnist)- New Insight into Calculating DLOMs: The VFC Longstaff DLOM Methodology
  • Z. Christopher Mercer- A Long but Important Answer to a Short but Important Question
  • Ronald Seigneur- The Mandelbaum Factors Revisited: A Peek Behind the Curtains
  • Jim Hitchner- Recent Daubert Study Very Revealing
  • Kristopher Boushie- Apportionment of Intellectual Property Damages and the Entire Market Value Rule
  • James Rigby – Understanding Royalty Rates
  • Steven Campana – A Letter to the Editor
  • Eva Lang- Google Docs
  • Cost of Capital Corner


  • Front page – BV Standards: The Positive Side
  • Marvin Brown- Cost of Capital and Directors’ Duty of Care: The Interrelationship
  • Larry Cook- Valuation Premise, Standard or Both? Strategic, Synergistic or Investment Value vs. FMV
  • Jacob, Smith Weiss- Quantifying the Probability of Going Public: One of the Many Challenges in Applying the PWERM
  • Scott Saltzman – Conflict of Interest: Marital Dissolutions
  • Gail Markham and Becky Bokrand- Components of a Damages Claim in a Wrongful Death Case
  • Richard Wise- Shareholder and Income Tax Litigation: Canadian Courts Look to U.S. Jurisprudence
  • In the Courtroom
  • Court Rules on Three Important Issues Concerning Experts: Equal Access to Documents, Why They Excluded an Expert under Daubert, and Supplementing Rule 26 Reports
  • Speculative and Unreliable Damage Calculation Causes Expert Exclusion; Failure to Discount Lost
  • Profits Causes Partial Testimony Exclusion
  • It Ain’t Over Till It’s Over and Be Careful What You Ask For–You Just Might Get It!
  • Estate of Jelke (Gilbert)
  • Daubert on the Docket
  • Cost of Capital Corner


  • Front page- Divorce Valuation: A Tale of Two States
  • Linda Trugman- Proper Use of IBA Database
  • Steve Hyden- Fair Value Measurements- The Interrelated Issues of Market Participants and Highest and Best Use
  • Don Wisehart- Probability-Weighted Expected Return Method: ‘PWERM’ might make an analyst squirm
  • Ed Dupke- The New AICPA Business Valuation Standards
  • Nancy Fannon- Expert Testimony in the courtroom: Is vigorous cross-examination enough?
  • Bob Gray- Common Problems in Purchase Price Disputes: An M&A ‘Expectation GAP’ v. ‘GAP’
  • Jay Fishman- AWake-up Call for All Appraisers
  • Mark Dietrich- The Summer of Our Discontent: Centers for Medicare and Medicaid Services (CMS) Add to the Burden of a Long, Hot Summer


  • Front page – Standards: A Summary of AICPA’s Updated BV Standards
  • Rod Burkert – Adjusted Present Value: An Alternative ro the Traditional DCF/WACC Model
  • M. Mark Lee – The Ratio of Depreciation and Capital Expenditures in DCF Terminal Values
  • Tom Hilton – The E-Discovery Amendments to the Federal Rules of Civil Procedure
  • Gil Matthews and Michelle Peterson- Fairness in Delaware Freezeout Transactions: How Two Discrepant Legal Standards Affect Valuations
  • Bruce Bingham- Report on Valuation Standards’ Activity
  • In the Courtroom – Valuation Group on Trial: Sued for Alleged Improper Valuation
  • Eva Lang – EDGAR to Undergo Major Update

OrderISSUE 7 – JUNE/JULY 2007

  • Front page – Managing Risk: Engagement Letter and Report Language Examples
  • Ron Seigneur – A Review of the 2007 Morningstar Classic and Valuation SBBI Editions
  • Scott Saltzman – IRC§ 409A: Why It is Important to Public and Private Companies
  • Richard Gray (guest) – Corporate Divorce: ‘Breaking Up is Hard to Do’
  • Michael Crain – Cost Estimation in IP Damages
  • Kristopher Boushie – Establishing a Cap on Patent Damages
  • Michael Kaplan – Valuation Experts and Invited Risk

OrderISSUE 6 – APRIL/MAY 2007

  • Front page – DCF The ‘Disconnected’ Cash Flow Method
  • Robert Grossman – What is the Level of Value Produced by the Guideline Publicly Traded Company Method?
  • John J. Stockdale- DLOM for a Controlling Interest?
  • Steve Bravo- Ready or Not Part 1- New Tax Law and More Guidance for Federal Tax-Related Valuations
  • Robin Taylor – Common Mistakes in Valuation Reports
  • Terry Allen – Teaching Business Valuation in Foreign Countries
  • R. James Alerding – Intellectual Asset Theft: Losing a Foothold
  • Larry Cook – ‘Sweating the Small Stuff’ in Collaborative Divorce
  • David Ellner – Book Review of Z. Christopher Mercer’s – Buy Sell Agreements: Ticking Time Bombs or Reasonable Resolutions?
  • “Testimony-als”
  • Steven Babitsky – The 10 Biggest Marketing Mistakes Experts Make and How to Avoid Them
  • In the Courtroom
  • Daubert Challenge Rejected: Assumptions in Expert Testimony Must be Tested by Cross-Examination and Introduction of Competing Testimony
  • Idaho Rejects Differentiation of Personal and Enterprise Goodwill in Professional Services
  • Daubert on the Docket


  • Front page – Survival of the Fittest? Ten Experts Challenged in Daubert Case
  • Shannon Pratt – Pratt Says “Value” has no meaning unless the “standard of value” is defined
  • Dan Van Vleet – S Corporation Valuation Update
  • Tom Hilton – You Have to Be Believed to be Heard
  • Mark Dietrich – Regulatory Issues in Using Replication Cost for Valuing Physician Practices
  • Gail Markham – The Vital V’s of the Discovery Process
  • Mel Abraham- Family Limited Partnerships -Go forward and prosper, but watch your step!
  • Eva Lang- GOOGLE a Patent?
  • Linda Trugman – New IRS Business Valuation Guidelines
  • Robin Taylor – Common Mistakes in Valuation Reports
  • Richard Wise – Putting Fair Value Measurements to the ‘Attest’


  • Front Page – AICPA Standards Update: Interview with Ed Dupke
  • Rod Burkert – Developing the Cost of Equity: Ibbotson Associates vs. Duff & Phelps
  • Mike Mard – The Private Entities Endowed Research Fund
  • Steve Hyden – Overview of FASB’s New Fair Value Measurements: SFAS No. 157
  • Nancy Fannon – Presumed Innocent/Presumed Advocate? Why Experts Differ and What We Can Do About It
  • Scott Saltzman – Economic Damages: A Basic Primer on What Forensic Experts Need to Know
  • Jim Rigby – From Start-Up to Wind-Up: A Look at the High-Tech Industry
  • Mike Crain – News from the AICPA
  • Gary Trugman – Trugman Says… Valuation Landmines: If They Blow Up, You Do Not Want to be Close!
  • In the Courtroom
  • New Jersey Considers Fair Value and Synergy


  • Front Page – Daubert on the Docket:
  • Nancy Fannon – Lag Time in Date of Appraisal Results in Another S Corp Win for the IRS
  • Ron Seigneur – Industry Risk Premiums: What They Are and How to Apply Them
  • Jim Alerding – I.P. Value or No Value?
  • Kristopher Boushie – The Bell Tolls for Trolls? Potential Impact of the eBay Decision on Patent Litigation
  • Michael Kaplan – The Evidence vs. the Litigant’s Spin on the Evidence
  • Harold Martin – The Vavasseur Prime Bank Securities Fraud: A New Variation on the Classic Ponzi Scheme
  • Don Barbo – Current Events in Ambulatory Surgery Center Valuations
  • Chris Mercer – Mercer Says: The Effect of Life Insurance Proceeds in Valuation for Buy-Sell Agreements
  • Eva Lang – Expert Resources: Understanding the Industry
  • In the Courtroom
  • Lost Profits Award Based on Comparable Dealerships and Management Projections Affirmed
  • Expert’s Testimony is a Reasonable Yardstick to Find Lost Profits Reasonably Certain


  • Front Page – Fair Value Measurement: FASB Update
  • Robin Taylor – Sensitivity (or is it Sensibility?) Analysis
  • Robert Duffy – What’s in a Letter? An Introduction to 141R
  • Linda Trugman – Using the Income Approach to Value Family Limited Partnerships
  • Donald Wisehart – Dangers of Mixing Transaction Databases
  • Gail Markham – Are Stock Options Marital Assets Subject to Equitable Distribution?
  • Five Tips for Preparing an Engagement Letter
  • Steve Oscher (guest columnist) – Forensic Services in Fraud: From Super Nerd to Super Sleuth
  • Terry Allen – What is Unique About Bank Valuation?
  • Mike Hill Sr. – Hill Says… USPAP 2006: Major Changes Afoot
  • Robert Grossman – What’s Happening at the NACVA?
  • Eva Lang – Expert Resources: Alacra – They’ve Got the Good Stuff
  • In the Courtroom
  • Appreciation in Controlling Interest in Separate Property: Business Valued Using Recent
    Transaction of Minority Interest
  • Court Tax Affects S Corporation in Fair Value Matter
  • Herbert Kohler Jr. et. al. v. Commissioner

Get IssueISSUE 1 – JUNE/JULY 2006

  • Front Page – Litigation Services and Fees: What Clients Need to Know
  • Mel Abraham – Can a Hypothetical Buyer/Seller be Too Hypothetical?
  • Nancy Fannon – The Pratt’s Stats Private Transaction Database: Items You Need to Know
  • Robert Grossman – Does the Sum of the Parts Equal the Whole?
  • Rod Burkert – Control Adjustments and Levels of Value: Reality or Make-Believe?
  • John Stockdale – FLPs: Understanding Discounts from General Equity Closed-End Funds
  • Steve Hyden – Relief from Royalty Method
  • Mike Mard – Driving Your Company’s Value: Strategic Benchmarking for Value
  • Ron Seigneur – Introduction to Data Choices in the Income Approach to Value
  • Larry Cook – Resolving Tough Spots in Family Matters: Collaboration for Equitable Resolutions
  • Mike Crain – Financial Models: IP Valuation vs. IP Damage Measurements
  • Tom Hilton – The Damage Period: A Key Component in Economic Damages
  • Jim Alerding – What’s in a Name?
  • Michael Kaplan – Financial Experts: A Powerful But Underused Tool in Mediation
  • Eva Lang – Expert Resources: Fetch XL
  • Five Tips for Marketing and Managing a Practice
  • Bruce Bingham – Bingham Says… Guideline Public Company Method
  • Mike Hill Jr. – What’s Happening at the ASA?
  • Jim Rigby – Innovation and Software Firms
  • Mark Dietrich – A Brief Look into a Cloudy Crystal Ball: MedPAC’s 2006 Report
  • In the Courtroom
  • Event Study Analysis Rejected When Other Possible Events Not Considered
  • Consulting Company’s Lost Profits Speculative When Based on Potential Earnings of At-Will Employee
  • Recovery of Lost Business Profits as Loss of Earning Capacity in Personal Injury Actions
  • Huber v. Commissioner – Estate of Kelley v. Commissioner – Albert Strangi et. al. v. Commissioner
  • SEAK Deposition Preparation Outline