In any context where a discounted cash flow valuation is required, there is the issue of estimating the continuing value. The most common way to do that is to assume that by the terminal horizon the company is in a steady state and is growing at a constant rate. The issue is how to handle...

In this paper, we empirically examine whether there is evidence to support the hypothesis that a size premium is impounded in valuation multiples. Overall, we find essentially no evidence to support the hypothesis. One interpretation of this finding is that there is no size effect in current...

Since the mid-1960s inflation has been a consistent aspect of the U.S. economy. Even at the relatively low rates of approximately 2% that prevail today, inflation can have an important impact on property tax appraisal and must be treated consistently. In this paper, we derive the proper formulas...