Management - Stanley J. Feldman

History

Stan is our chief valuation officer and has overall responsibility for Axiom Valuation content development. He is an expert in the theory and practice of small business valuation and financing. Stan is also an Associate Professor of Finance at Bentley College, a well-respected, business-centered college in the Boston area. As president of SJF Associates for the last ten years, he has consulted on complex business valuation situations. He has written on business topics for a number of publications.

From 1980 to 1989, Stan built and managed the industry forecasting services at DRI/Standard & Poors, the leading U.S. economic analysis and industry forecasting firm. He led the development of several, path-breaking expert system applications that enabled non-expert users to perform complex industry financial analyses. Prior to that, Stan was Associate Director of Pension Management for the Prudential Insurance Company.

Stan has both small and mid-sized company management experience. At DRI, he rose to Senior Vice President of Industry Services and he served on DRI's Executive Committee. He received a B.A. in Economics from the City University of New York, Hunter College, a M.A. in Economics from the New School for Social Research, and a Ph.D. in Economics from New York University.

Valuation Credentials

Dr. Feldman is an expert in the valuation of privately held businesses. Dr. Feldman has extensive real world experience in valuing both private and public firms.

Dr. Feldman’s experience and academic credentials in business valuation meet the standards for expert testimony set down in Daubert v. Merrell Dow Pharmaceuticals, Inc. and affirmed in Kumho Tire Company, Ltd. v. Carmichael.

He has litigation experience in cases centered on valuation related issues, conducted over the last decade as president of SJF Associates, LLC.

As an Associate Professor of Finance at Bentley College (Waltham, MA), Dr. Feldman teaches courses in firm valuation and strategy. He has also written extensively on valuation issues in both the lay press and in professional and academic journals. He is co-author of the book, What Every Business Owner Should Know About Valuing Their Business (McGraw-Hill), 2003. He frequently teaches continuing professional education courses on valuation related issues running the gamut from valuing the business for estate purposes to what is an acceptable marketability discount.

Dr. Feldman is also a member of the Financial Accounting Standards Board's (FASB) Valuation Resources Group, an external advisory committee on valuation issues.

Related Experience and Education

Industry Analysis and Forecasting:

Dr. Feldman is an expert on industry revenue and profit forecasting. He served as Senior Vice President for Industry and Regional Services at DRI/Standard & Poors in the late 1980s. He directed DRI’s successful expansion into detailed industry forecasting by region and by state for private sector and government clients.
Macroeconomic and Regional Forecasting:

He has for many years been a member of the Board of Directors of the New England Economics Project, a regional forecasting consortium. While at DRI/Standard & Poors, he was a major contributor to the Forecast Council deliberations on the DRI Macroeconomic Forecast.
Finance:

Dr. Feldman currently teaches courses in corporate finance, business and financial policy, and investments at both the graduate and undergraduate levels at Bentley College. Dr. Feldman has written extensively on issues related to business valuation and small business financing for both the Boston Herald and the Boston Business Journal. Dr. Feldman is currently engaged in research related to firm valuation and analysis of commercial damages related to breach of contract, bankruptcy and shareholder/bondholder claims.

Prior to joining DRI/Standard & Poors, Dr. Feldman was a senior economist with Prudential Insurance Company. In this capacity he analyzed financial markets, forecasted interest rates and helped develop asset allocation strategies for those retirement assets that were actively managed by Prudential. Before joining Prudential, Dr. Feldman was an economist with the Federal Reserve Bank of New York.
Education:

Dr. Feldman received a B.A. in economics from Hunter College, City University of New York, and a Ph.D. from New York University.

Selected Publications

Principles of Private Company Valuation

John A. Wiley + Sons, March 2005

What Every Business Owner Should Know About Valuing Their Business

(with Dr. Tim Sullivan and Roger Winsby)

Mc-Graw Hill Professional Books, February 2003

"A Note of the Size of the Liquidity Discount"

submitted to the Business Valuation Journal, June 2002

"Calculating Goodwill Impairment: Valuation Issues Raised by Financial Accounting Statement 142"

Terra-Firma Publications, May 2002

"Investor Attitudes Toward the Value of Corporate Environmentalism: New Survey Findings"

(with Peter Soyka)

Journal of Environmental Quality Management, Autumn 1998

"Does Improving a Firm's Environmental Management System and Environmental Performance Result in a Higher Stock Price?"

(with Peter Soyka and Paul Ameer)

Journal of Investing, Winter 1987

"Capturing the Business Value of EH&S Excellence"

(with Peter Soyka)

Environmental Management Journal, Winter, 1997

"Sources of Structural Change in the United States, 1963-1978: An Input-Output Perspective"

(with David McClain and Karen Palmer)

Review of Economics and Statistics, Vol. LXIX, No.3, Auguest 1987, pp. 503-510

"Industry Analysis and Investment Decision-making Under Conditions of Uncertainty."

Managerial and Decision Economics, Vol. 4, No. 3, 1983, pp. 193-207

"The Determinants of Profit Growth in the Manufacturing Sectors"

(with Richard DeKaser)

Profits, Deficits, and Instability, D.B. Papadimitriou ed., Macmillan, 1992

"The Impact of Productivity, Pricing, and Sales on Shareholder Wealth"

(with Timothy Sullivan)

Data Resources Long-term Review, Summer, 1992, pp.19-23

"Has the Private Rate of Return on Industry R&D Increased"

(with Timothy Sullivan and Richard DeKaser)

Data Resources Long-Term Review, Winter 1991, pp.21-24

Evaluation of Citibank's Debt Rating Model

This report reviewed Citibank's debt rating model, made suggestions for possible improvements and reviewed the literature on credit risk and default modeling.

October, 1997

A Primer on the Nature and Role of the Financial Markets: A Guide for State and Local Transportation Officials as they consider innovative Financing Mechanisms to Fund Future Highway and Road Construction

Prepared for the Federal Highway Administration under contract DTFH61-93-C-00206, work order DRI-94-011

September, 1995