Accounting and Financial Management

Our PhD students

Photo of Ioannis Tsalkamas

Ioannis Tsalkamas

  • Role Title: PhD student
  • Address: Richmond Building Portland Street Portsmouth PO1 3DE
  • Telephone: tbc
  • Email:
  • Department: Accounting and Financial Management
  • Faculty: Portsmouth Business School


Nationality: Greek       Director of studies: Mr Richard Trafford      Year of graduation: 2018

Private Business Valuation and Cost of Capital

Thesis Summary

The private equity market provides a high liquidity stream to various companies around the world (Fenn, Liang, & Prowse, 1997). The top 100 closely held businesses in the UK accounted for a total of 3.8billion pounds in sales worth in the year 2013/2014. Those companies vary in size, ranging from small family to large multibillion enterprises.

Although the valuation methods applied to them remain the same as those of public firms, there are striking differences, mainly explained by the lack of available information, discrepancies in rules and accounting standards they have to abide to, as well as the risks related to this sort of businesses.

My thesis aims to explore the determinants of a private company’s valuation as well as to set up a framework under which a fair value will be determined, while all the aforementioned differences will be taken into consideration.