The Definitive Guide to Valuing Hard-to-Value Companies: Fully Revised for Today's Financial Markets Valuing money-making companies that have long histories and established business models is straightforward. It is when you encounter difficult-to-value companies that you feel the urge to go over to the dark side of valuation-where you abandon first principles and create new metrics. Aswath Damodaran looks at a range of these companies, from start-ups in new businesses to distressed companies, from banks facing regulatory turmoil to commodity firms, and from emerging market upstarts to multinationals that spread across geographies and businesses. With each grouping, he helps you examine the call of the dark side and its practices and frameworks to value these firms. To answer these questions, Aswath looks at companies across the life cycle and in different markets, from Uber and Shake Shack at one end of the spectrum to Vale, Royal Dutch, and United Technologies at the other end. In the process, you learn how to Deal with "abnormally low" and negative risk-free rates in valuation Adapt to dynamic and changing risk premiums Value young companies that are disrupting existing businesses Analyze commodity and cyclical companies across cycles Value a company as the sum of its parts or as an aggregation of its users/subscribers and customers Determine the difference between pricing and valuation, and why some investments can only be priced

First published in 2003. Routledge is an imprint of Taylor & Francis, an informa company.

Artificial intelligence (AI) technologies are transforming economies, societies, and geopolitics. Enabled by the exponential increase of data that is collected, transmitted, and processed transnationally, these changes have important implications for international economic law (IEL). This volume examines the dynamic interplay between AI and IEL by addressing an array of critical new questions, including: How to conceptualize, categorize, and analyze AI for purposes of IEL? How is AI affecting established concepts and rubrics of IEL? Is there a need to reconfigure IEL, and if so, how? Contributors also respond to other cross-cutting issues, including digital inequality, data protection, algorithms and ethics, the regulation of AI-use cases (autonomous vehicles), and systemic shifts in e-commerce (digital trade) and industrial production (fourth industrial revolution). This title is also available as Open Access on Cambridge Core.

Trademark law grants right holders an exclusive right to prevent third parties from using a sign. This can readily be seen as the antithesis of freedom of expression, which arguably includes a right of third parties to non-exclusive use of a sign for a variety of purposes, ranging from informing consumers, to voicing criticism or to artistic expression. Drawing on cultural theory - which has shown that society is involved in a constant struggle about shaping the meaning of signs (including trademarks) - this highly original and provocative book contends that trademark law fails to sufficiently differentiate between commercial purpose and the social, political, or cultural meanings carried by one and the same sign. The author shows that the 'functional approach' to justifying trademark rights taken in current jurisprudence and doctrine is deficient, in that it does not take sufficient account of the fact that trademark rights can restrict the freedom of expression of third parties. Specifically, the exercise of rights granted under the European Trademark Regulation and the national trademark rights harmonized by the European Trademark Directive can cause a disproportionate impairment of the freedom of commercial and non-commercial expression of third parties as protected by Article 10 of the European Convention on Human Rights (ECHR). The author's in-depth analysis explores such elements as the following: o the economic and ethical rationales of trademark rights; o whether trademark rights under European law can be justified by these rationales; o how freedom of expression can serve as a limitation to trademark rights; o what level of protection such freedom of expression grants to third parties; o the role of trademarks of social, cultural, or political importance in public discourse; o chilling effects on public discourse that can be caused by the exercise of trademark rights; o the interpretation of provisions regulating the grant and revocation of trademark rights in light of freedom of expression; and o the interpretation of the scope of protection and the limitations of trademark rights in light of freedom of expression. In effect, the analysis serves to expand the focus of legislators, courts, and trademark registering authorities from the interests of trademark right holders, who seemingly are granted ever more protection, to the justified interests of third parties. The critical analysis of existing trademark law leads the author to clearly identify the areas of trademark law in which the law needs to be reinterpreted and the areas in which legislative action should be taken, with recommendations for a number of limitations that should aid legislators in drafting concrete amendments. The new insights and imperatives provided by this book are sure to prove useful to both courts interpreting existing provisions of trademark laws and to legislators who are faced with the challenges of drafting new rules or revising existing laws.

This book provides an in-depth study on current perceptions of, and responses to, fragmentation in the European patent system (EPS). For decades, attempts have been made to address this fragmentation by introducing a unitary patent system. The most recent attempt, the EU unitary patent system, will be the first of its kind. It is expected to significantly change the EPS. However, rather than reducing existing fragmentation, it will likely add to it. Based on an analysis of the current and forthcoming system, the book argues that the inherent nature of fragmentation within the EPS needs to be recognised and suggests that a multifaceted approach is required to respond to it. Uniquely, it draws on work regarding fragmentation outside of the patent and intellectual property regimes, gaining insights from both European law-making and the international legal system. These insights are used to investigate current responses to fragmentation in the EPS. Interpretations of substantive patent law are examined, including claim construction (Actavis v Eli Lily), exceptions to patentability related to uses of human embryos for industrial or commercial purposes (WARF, Brustle, ISCC), and products resulting from essentially biological processes (Broccoli and Tomatoes II, G3/19). Attempts towards convergence in these areas have had mixed results and in some instances fragmentation may be necessary. However, similar techniques to those applied in the international legal system to respond to fragmentation are being used in the EPS, and, where this is seen, it has been to good effect. It is argued that these methods should be recognised, structured, and promoted to make our response to fragmentation more effective. Fragmentation and the European Patent System will be of interest to academics, students and practitioners looking for a new perspective on the EPS.

First published in 2003. Routledge is an imprint of Taylor & Francis, an informa company.

The Marriage Act 1836 established the foundations of modern marriage law, allowing couples to marry in register offices and non-Anglican places of worship for the first time. Rebecca Probert draws on an exceptionally wide range of primary sources to provide the first detailed examination of marriage legislation, social practice, and their mutual interplay, from 1836 through to the unanticipated demands of the 2020 coronavirus pandemic. She analyses how and why the law has evolved, closely interrogating the parliamentary and societal debates behind legislation. She demonstrates how people have chosen to marry and how those choices have changed, and evaluates how far the law has been help or hindrance in enabling couples to marry in ways that reflect their beliefs, be they religious or secular. In an era of individual choice and multiculturalism, Tying the Knot sign posts possible ways in which future legislators might avoid the pitfalls of the past.

Public health, safety and access to reasonably priced medicine are common policy goals of pharmaceutical regulations. As both the context for innovation and competitive structure change, industry actors dynamically challenge the balance between the incentive for protection and the achievement of those policy goals. Considering the arguments from the perspectives of innovation, competition law and patent law, this book explores the difficult question of balancing protection with access, highlighting the difficulties in harmonization and coordination. The contributors to this book, including academics, judges and practitioners from Europe, the US and Japan, explore to what extent patent strategies and life-cycle management practices take advantage of patent laws and health-care regulation and disrupt the necessary balance between incentives for innovation and access to affordable medicine and health care. Addressing fundamental questions in the field of pharmaceutical innovation, this book will appeal to scholars and practitioners in intellectual property, competition law and life sciences regulation, as well as pharmaceutical companies and regulators. Contributors: R. Arnold, M.A. Bagley, B. Domeij, J. Drexl, R.C. Dreyfuss, C.R. Fackelmann, T. Imura, R. Iseki, N. Lee, R. Moufang, H. Ullrich

Protection of intellectual property rights (IPRs) serves a dual role in economic development. While it promotes innovation by providing legal protection of inventions, it may retard catch-up and learning by restricting the diffusion of innovations. Does stronger IPR protection in a developing country encourage technology development in or technology transfer to that country? This book aims to address the issue, covering diverse forms of IPRs, varied actors in innovation, and multiple case studies from Asia and Latin America. IPRs and their interaction with other factors such as such as the quality of knowledge institutions (e.g. academia, public research institutes or industrial research centers such as science parks), availability of trained human capital, and networks for research collaboration or interaction (e.g. university-industry research collaboration or international collaboration) in a development context, is the subject of this book.Intellectual Property for Economic Development: - Considers the diverse forms of IPRs and technology transfer and their implications for economic development. - Analyzes the role of inventors in different contexts including those in universities and in domestic and international mobility and collaborations. - Presents in-depth analyses of specific issues involving IPRs in the context of countries at different levels of development, including Mexico, China and Korea. Focus is paid to the differences between East Asia and Latin America. This book will appeal to academics and researchers in the areas of development economics, the economics of IP, law and economics and IP innovation. Contributors: S.A. Ahn, C.R. Duran, B.H. Hall, A. Hu, S. Karmakar, J. Kim, Y.K. Kim, K. Lee, S. Lee, D.C. Lippoldt, G. Marschke, F. Montobbio, S. Nagaoka, T. Naotoshi, K.-H. Park, W.G. Park, V. Sterzi, J. Suh

First published in 2002. Routledge is an imprint of Taylor & Francis, an informa company.

For the average person, genetic testing has two very different faces. The rise of genetic testing is often promoted as the democratization of genetics by enabling individuals to gain insights into their unique makeup. At the same time, many have raised concerns that genetic testing and sequencing reveal intensely personal and private information. As these technologies become increasingly available as consumer products, the ethical, legal, and regulatory challenges presented by genomics are ever looming. Assembling multidisciplinary experts, this volume evaluates the different models used to deliver consumer genetics and considers a number of key questions: How should we mediate privacy and other ethical concerns around genetic databases? Does aggregating data from genetic testing turn people into products by commercializing their data? How might this data reduce or exacerbate existing healthcare disparities? Contributing authors also provide guidance on protecting consumer privacy and safety while promoting innovation.

First published in 2002. Routledge is an imprint of Taylor & Francis, an informa company.

First published in 2002. Routledge is an imprint of Taylor & Francis, an informa company.

Though mental harm can be profoundly disabling, the law imposes strict limits on who can recover damages for it. In the absence of physical injury, compensation is not normally available for negligently caused mental suffering, however severe, unless it constitutes a 'recognisable psychiatric illness'. Claimants whose mental trauma stems from injury caused to someone else are subject to arbitrary restrictive liability rules that dispense with established legal principles and cannot be reconciled with scientific advances. The book traces the history of civil liability for mental harm up to the present day. It is argued that the reluctance to provide redress reflects an enduring suspicion of intangible injury and undue fear of proliferating claims. The scale and legal ramifications of the Hillsborough disaster; the emergence of claims arising from work-related stress, and other new categories of claims based mainly on prior relationships between the parties, have all added to a 'floodgates fear' that has intensified due to popular perceptions of a 'compensation culture'. The book contrasts the limited scope for liability under English law with developments in several other jurisdictions. It is argued that statutory reform is needed to achieve greater legal coherence and to provide a remedy that tracks the impact and severity of harm and is not confined to psychiatric disorders. A new legal framework is offered, rooted in reasonable foreseeability of mental or emotional harm, with a liability threshold of 'moderate severity'. To allay concerns about proliferating claims, modifications to the compensatory regime for personal injury are proposed.

First published in 2002. Routledge is an imprint of Taylor & Francis, an informa company.

Leading scholars in the field of law and economics contribute their original theoretical and empirical research to this major Handbook. Each chapter analyzes the basic architecture and important features of the institutions of property law from an economic point of view, while also providing an introduction to the issues and literature.Property rights and property systems vary along a large number of dimensions, and economics has proven very conducive to analyzing these patterns and even the nature of property itself. The contributions found here lend fresh perspectives to the current body of literature, examining topics including: initial acquisition; the commons, anticommons, and semicommons; intellectual property; public rights; abandonment and destruction; standardization of property; property and firms; marital property; bankruptcy as property; titling systems; land surveying; covenants; nuisance; the political economy of property; and takings. The contributors employ a variety of methods and perspectives, demonstrating the fruitfulness of economic modeling, empirical methods, and institutional analysis for the study of both new and familiar problems in property. Legal scholars, economists, and other social scientists interested in property will find this Handbook an often-referenced addition to their libraries.

First published in 2001. Routledge is an imprint of Taylor & Francis, an informa company.

While franchising promotes economic and social welfare objectives, Elizabeth Crawford Spencer argues that monitoring and regulation are needed to address potential areas of abuse of the form that can result in costly market inefficiencies. This unique study surveys franchise-specific legislation worldwide as a starting point for a thorough examination and analysis of the role of both private and public regulation of the sector in the context of current theoretical approaches to regulating contractual relationships. The book concludes that properly calibrated regulation can minimize inefficient allocations of power and risk and lead to maximum economic and social benefits by promoting the development of small business, enabling the growth of entrepreneurial skills, and facilitating economic well-being and independence among SMEs.This comparative survey will prove to be invaluable for academics in franchising marketing, management, law and practice. The Regulation of Franchising in the New Global Economy will also appeal to franchise law practitioners, consultants, policymakers and those wishing to influence policy on all sides of the debate in the many jurisdictions that are engaging in the processes of adopting, or reviewing, franchise regulation.

This is a new dictionary which provides a clear and concise explanation of terms used in land, property and construction law and management. The four key areas of coverage are: planning/construction law, land law, equity/trusts and finance and administration. It will be a useful reference for property and building professionals and a personal purchase for students of property and construction law on building, construction management, estate management and law courses.
Jack Rostron is an experienced author and editor whose 1997 Spon book Sick Building Syndrome has been well received and widely reviewed. His co-authors will bring the necessary specialist knowledge from their respective fields of teaching and legal practice.

Addressing the management of genetic resources, this book offers a new assessment of the contemporary Access and Benefit Sharing (ABS) regime. Debates about ABS have moved on. The initial focus on the legal obligations established by international agreements like the United Nations Convention on Biological Diversity and the form of obligations for collecting physical biological materials have now shifted into a far more complex series of disputes and challenges about the ways ABS should be implemented and enforced. These now cover a wide range of issues, including: digital sequence information, the repatriation of resources, technology transfer, traditional knowledge and cultural expressions, open access to information and knowledge, naming conventions, farmers' rights, new schemes for accessing pandemic viruses sharing DNA sequences, and so on. Drawing together perspectives from an interdisciplinary range of leading and emerging international scholars, this book offers a new approach to the ABS landscape; as it breaks from the standard regulatory analyses in order to explore alternative solutions to the intractable issues for the Access and Benefit Sharing of genetic resources. Addressing these modern legal debates from a perspective that will appeal to both ABS scholars and those with broader legal concerns in the areas of intellectual property, food, governance, Indigenous issues, and so on, this book will be a useful resource for scholars and students as well as those in government and in international institutions working in relevant areas.

First published in 2001. Routledge is an imprint of Taylor & Francis, an informa company.

This book provides a stimulating, carefully planned introduction to the key issues and debates within family law from some of the leading authorities within their field. It is designed both as a self standing book focusing on the key issues in the subject, and as a supplement to more detailed textbooks on the subject. It is essential reading for anybody studying or practising in the field of family law. Each chapter is concerned with one of the main areas of family law (such as adoption, domestic violence, marrriage and divorce), and covers a range of themes, including the public/private divide, balancing the interests of family members, moral values and family law, cost and the legal system, and the enforcement of family law. The book reflects the interdisciplinary nature of the debates on family law, and the difficult social and political issues which these have raised.

This concise and detailed Handbook addresses some of the most complex issues raised by the implementation of the TRIPS Agreement globally. Among other themes, the Handbook explores the applicability of GATT jurisprudence for the interpretation of the Agreement?s provisions. It also considers key issues relating to the enforcement of intellectual property rights, such as border measures and injunctive relief. Teamed with the first volume ? Research Handbook on the Protection of Intellectual Property under WTO Rules ? this analysis is supplemented by a thorough review of the most important cases on TRIPS decided under the WTO dispute settlement mechanism.This accessible Handbook will be invaluable not only for academics, policymakers, and professionals in the area of intellectual property, but for all those interested in or working with the intricacies of the WTO system.