Why Firms Merge or Acquire: A Historical Perspective. Merger and Acquisition Premiums. The Process of Valuation. Alternative Valuation Frameworks. Summary. Notes.

Financial Review. Pro Forma Analysis. Sensitivity Analysis: Alternative Scenarios. Summary. Notes. Appendix 2A: Nokia Corporation Financial Data. Appendix 2B: Preparation of Statement of Cash Flows. Appendix 2C: Displayed Formulas for EXCELª Spreadsheet. Appendix 2D: Account Forecasting Alternatives.

Earnings Multiples Analysis. Discounted Cash Flow Analysis. Summary. Notes. Appendix 3A: Calculating the WACC for a Complex Capital Structure. Appendix 3B: Some Frequently Asked Questions and Answers About DCFA and Earnings Multiples Valuation.

Valuation in the Absence of Earnings or Cash Flow. Valuation When Capital Structure Changes. Economic Value Analysis. Real Options Analysis. Summary. Notes. Appendix 4A: Discounted Cash Flow Analysis: GoAmerica, Inc. Appendix 4B: Capital Cash Flow Analysis. Appendix 4C: DCFA When a Firm's Capital Structure Changes. Appendix 4D: The Black-Scholes Model.

Assessing Economic Reality. Income Statement Transformations: Forecasting Permanent Earnings and Free Cash Flows. Balance Sheet Transformations: Forecasting the Equity Value of a Company. Cash Flow Statement Transformations: Forecasting CFFO and Free Cash Flow. Summary. Notes.

Financial Reporting: To Combine, or Not to Combine? Consolidated Reporting: Pooling versus Purchase Accounting. Pooling versus Purchase Accounting: The Effect on Firm Valuation. Tax Considerations of Mergers and Acquisitions. Minority Interest. Accounting for Goodwill. Summary. Notes. Appendix 6A: Negative Goodwill.

Valuation: A DebrieÞng. Some Caveats to Consider. Closure.