Editor's Column

Abstract

Hello Everyone,Happy New Year!This Winter Issue has an interesting group of articles: Andre Loeffler's article, “Why Total Beta Produces Arbitrary Valuations: A Violation of the ‘No Arbitrage’ Principle,” should stir some in our community. Michael Emaleh's article, “A Compensation-Based Method of Valuing Small, Closely Held Businesses” should be of interest to those valuing small businesses. Gil Matthews' article, “Capital Expenditures, Depreciation and Amortization in the Gordon Growth Model,” is near and dear to my heart, having written a couple articles published in the Business Valuation Review over the years. Dwight Grant's article, “Thoughts on Calculating DLOMs,” presents additional perspectives regarding a topic that has real dollar impacts to taxpayers and others. Mike Vitti provides an epilogue to his massive work on valuation in the insolvency context that we have had the privilege to publish over the last three issues.Next issue, volume 34.1, Spring 2015, will contain, among other articles, Eric Sondheim's “Implied Volatility and Volatility Smiles in Option-Pricing-Based Security and Business Valuations” and Joseph Thompson's “Expanding an Appraiser's Toolbox with Credit Default Swaps.” These will offer concepts and information that we have not seen a lot of.Sincerely,Daniel L. McConaughy, PhD, ASA