650-730-9848 brian@sullivanco.net

Latest Paper on the Vanishing Size Effect

A new academic paper, “Why Has the Size Effect Disappeared?,” explores the disappearance of the small-firm effect after the early 1980s. The authors conclude that the reason is a combination of three empirical facts: (1) the size effect is significantly positive only...

Acquisitions of Private Firms Up 12% in 2018

The number of announced acquisitions of privately owned companies increased from 7,793 in 2017 to 8,761 in 2018 (a 12% increase), reveals the soon-to-be-released 2019 Mergerstat Review. The purchase of privately held companies is a significant component of merger and...

Experts Comment on Recent Brundle ESOP Decision

In its recent Brundle opinion, the 4th Circuit Court of Appeals, in describing the major actors in the case, included a quote (not attributed) that the ESOP world was “a very incestuous community.”  James F. Joyner (Integra Valuation Consulting LLC), an ESOP expert,...

Newest Survey on Private Rates of Return

Some appraisers are not comfortable using public market data when estimating the cost of capital for a private company. While this method is justified by valuation standards and IRS Revenue Ruling 59-60, many assumptions and adjustments need to be made to convert data...