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About This Program
The COVID-19 pandemic is causing betas and other measures of risk commonly used in company valuations to appear to have changed. Beta is a critical component used by valuation experts when determining the discount rate in business valuation. Even small changes in betas can cause large changes in the discount rate and, consequently, can cause large changes in valuation. In this panel discussion, Dr. Roper and Cliff Ang, CFA, will describe how the COVID-19 pandemic is impacting the data valuation experts rely on to assess risk when performing business valuations and whether practitioners should incorporate this change in their business valuations. Audience participants will learn about new research and available data that they may need to consider when determining whether the COVID-19 pandemic is impacting company valuations because of changes in risk.
Our presentation is designed to meet three objectives:
We will examine in detail the impact that COVID-19 Pandemic is having on three commonly used measures of risk in company valuation: volatility, market risk premium, and Beta.
First, we will demonstrate to participants the impact that COVID-19 is having on the data used to assess volatility. We discuss the behavior of volatility over both the Financial Crisis and the COVID-19 Pandemic and comment on the relation between the Federal Reserve’s response to both crises and market volatility. Volatility is commonly used in 409-A and ASC-820 valuations of private venture backed companies using option-based valuation methods.
Single Connection Policy
Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.
Multi-User CPE Policy
Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.
CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).
Prerequisites: Knowledge of Business Valuation
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