The Business Valuation Journal has been created by OIV - Organismo Italiano di Valutazione, the Italian Valuation Standard Setter - to provide a forum for discussion and to foster progress in the field of business valuation.  The Journal can be downloaded free of charge from the OIV ( and the IVSC-International Valuation Standard Council ( websites.

The Journal intends to share ideas and solutions to advanced valuation problems common to different geographical areas and broader sectors by publishing high-quality, practitioner-relevant articles. The journal’s objective is to stimulate the exchange of the best practice, practical solutions, evidence and, more generally, experiences developed in academia and international professional practice for the cultural and professional advancement of the Business Valuer community.

The first edition of the Journal is available to download here and includes the following articles:

  1. Implied Cost of Capital: How to Calculate It and How to Use It [Mauro Bini, Bocconi University]
  2. Solvency II Framework in Insurance Equity Valuation: Some Critical Issues [Stefano Giuliani, Giulia Raffo, Niccolo` Dalla Palma]
  3. Bank Valuation Using Multiples in US and Europe: An Historical Perspective [Mario Massar, Christopher Difonzo, Gianfranco Gianfrate, Laura Zanetti]

Click to download: Business Valuation Journal Vol. 0 November 2018.pdf


The IVSC spoke to the journal's editor, member of the IVSC Standards Review Board, Professor Mauro Bini of Bocconi University, to find out more about the origin and ambition of the journal.

Professor Mauro Bini (Bocconi University) is the Editor-in-chief of the Business Valuation OIV Journal

Professor Bini is supported by the journal’s Editorial Board:

  • Tony Aaron (USC Marshall - USA)
  • Wolfgang Ballwieser (University of Munich - Germany)
  • Hubert De la Bruslerie (Dauphine University - France)
  • Stefano Giuliani (Caxton Europe - UK)
  • Eric Teo (Nanyang Tech. Singapore University - Singapore)


Why is it important that the business valuation community has this new platform for sharing ideas?

While business valuation is global in scope, there is a very limited number of platforms where experts from different countries can debate advanced professional issues. In fact, the profession is still highly fragmented.

Due to language and jurisdiction barriers, many manuals, documents and valuation practices remain confined to their countries of origin. Accordingly, it follows that many good practices developed in a country – and there are plenty out there! – may not be known abroad. Sometimes, the application of these approaches outside the country of origin can be met with suspicion, even when common valuation standards are adopted. 

The different cultural references in terms of standards, concepts and methodologies can act as a barrier to their use elsewhere, with the result that significant professional growth opportunities may be lost.

This new journal aims to be a bridge among national communities of business valuers, with the objective of facilitating the exchange of experiences and competencies. Our hope is that it will help to overcome national barriers in terms of false prejudice and preconceived notions regarding experiences developed in different contexts.


What future themes and topics do you expect to be covered in the journal?

The journal strives to share domestic experiences in business valuation practice to provide solutions to advanced valuation problems common to different geographical areas. Each edition will include high-quality, practitioner-relevant articles which facilitate the exchange of ideas, best practice, evidence and, more generally, experiences developed in academia and international professional practice. The journal will cover a broad range of topics which could include, for example:

  • Reasonableness of discount rates;
  • Terminal value adjustments;
  • Market participants synergies;
  • Value of control;
  • Valuation of financial firms;
  • Valuation of multinational firms;
  • Valuation of start-up;
  • Valuation of firms in special sectors;
  • Intangible assets;
  • Holding discount;
  • Personal goodwill;
  • Country risk premium;


How would you like the journal to be used day-to-day by valuation professionals?

Valuing means measuring and measurement requires the exercise of three different capabilities: good thinking, good application and good balance between costs and benefits. The articles published in the journal will concern all three capabilities. They will not only report empirical evidence but also comparative analyses, conceptual frameworks and innovative solutions, with the greatest variety of approaches and methods.

The articles submitted to the editorial board will be reviewed to assess their ability to offer new elements to the reader – we want readers to learn something new in every article they read. Ultimately, we hope that the articles published in the journal will support day-to-day valuation activity.


How can prospective contributors propose content for the journal?

Contributors could be academics, young scholars, professionals, valuation professional organisations (VPOs). All of them can propose content for the journal by sending an email to  Articles should seek to:

  • Fill the gap between theory and practice in business valuation;
  • Identify theoretically sound solutions to new valuation problems;
  • Propose solutions commonly accepted at the national level but unknown to the international community;
  • Produce meaningful evidence for business valuation purposes;
  • Encourage debate on significant issues at the international level;
  • Raise criticism to long-held professional consensus views;
  • Identify areas where a consensus view is missing;
  • Explore issues related to value measurement in contexts other than those assumed by business valuation theory;
  • Provide solutions to test the reasonableness of prospective information.


How will the contents of the journal support efforts by the IVSC boards to develop international standards?

Business valuation should not be regarded as the mechanical application of valuation models but instead as a procedure adopted by an expert capable of using appropriate valuation models in a given context – in light of specific facts and circumstances – and for the stated purpose.

Accordingly, valuation is not a routine-based exercise but a process rooted in subjective, professional judgment. To ensure that it does not turn into mere discretionality, subjectivity needs to be anchored by a solid framework of standards and best practices.  As such, the development of standards and best practices is first and foremost an ethical duty, more than a professional obligation, of the business valuer.

If the Journal is able to gather new ideas; new approaches and experiences, it can play an important role in supporting the IVSC’s standards board in the future development of international valuation standards.  


Issue 1 of the OIV Business Valuation Journal will be published in spring 2019. You can download the journal for free on the IVSC website and it will be promoted through eNews.