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The Economics of Business ValuationTowards a Value Functional Approach$
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Patrick Anderson

Print publication date: 2013

Print ISBN-13: 9780804758307

Published to Stanford Scholarship Online: September 2013

DOI: 10.11126/stanford/9780804758307.001.0001

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APPLICATIONS: FINANCE AND VALUATION

APPLICATIONS: FINANCE AND VALUATION

Chapter:
(p.295) 17 APPLICATIONS: FINANCE AND VALUATION
Source:
The Economics of Business Valuation
Author(s):

Patrick L. Anderson

Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804758307.003.0017

The author argues that start-up firms, distressed firms, and near-bankrupt firms are the exception, not the rule, in the modern economy. This raises the question of whether such firms, which are commonly small and financed largely by the entrepreneurs involved, have value. The chapter also discusses the applicability of traditional valuation methods for such firms, compared with the novel value functional or recursive method. The author concludes that, when properly evaluated, start-ups and distressed firms do have value.

Keywords:   Start-up firms, entrepreneurial finance, bankrupt firms, distressed firms, business value, sports franchises, traditional valuation methodologies, failure of, value functional method, recursive method

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