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The emergence of recent studies, resources, and scholarship has created something of an evolution to how appraisers understand and implement cost of capital techniques. Despite the age and ubiquity of this valuation tool, new questions are being asked about how best to derive and apply its constituent parts to arrive at a reasonable and defensible conclusion of value. Driving the way are new questions regarding the make-up and application of data resources; the relative validity of CAPM and build-up methods; the relationship of size, liquidity, and other variables; and how to apply these methods in the face of international economic turmoil, fluctuations to previously risk-free benchmarks, and new measures of equity risk.
In the Advanced Workshop on Cost of Capital, BVR welcomes BV hall of famers Kevin Yeanoplos and Ron Seigneur for an in-depth examination of the state of cost of capital determination. Through their intensive, four-hour presentation, Yeanoplos and Seigneur will discuss what every appraiser should know in determining a cost of capital in today’s economy, using all available information, and taking into account current controversies.
Program Agenda
The Good
CAPM vs. Build-up redux
Nuances of Duff and Phelps
Nuances of Morningstar
The Bad
The relevance and applicability of the size premium, Mike Crain's research
Alternatives to the "extraction method" in selecting long-term growth
International cost of capital
The Ugly
The continuing saga of the risk free rate
Historical ERP vs. supply-side ERP
Adjusting the COC for pass through benefits, Nancy Fannon's research
The latest, greatest, best, and worst methods for determining the company specific risk premium
Learning Objectives
Learn how and when to apply the CAPM or build-up method
Learn how to best apply data available for cost of capital determination and how to avoid common errors
Learn what new research is saying about the relationship between cost of capital components and how to reconcile conflicting scholarship on the subject
Learn how to apply cost of capital techniques to international subjects
Learn how today's economy is affecting risk free rates, equity risk premiums, and other factors
Learn how to apply new research to pass through entities when constructing a cost of capital
Learn where professional leaders stand on how best to determine company specific risk
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