24
Date: Wednesday, August 24, 2016
Time:
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

Earn 2 CPE credits
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Featuring  (click image for bio)

Dr. Michael A. Crain
CPA/ABV, CFA, CFE
Florida Atlantic University

About This Program

Many BV practitioners believe quantifying cost of capital is an exercise in arithmetic, figuring once the arithmetic is done, they have successfully “calculated” the cost of capital. But cost of capital is not this at all. Cost of capital is unobservable and can only be estimated. Practitioners are faced with an array of decisions: which cost of capital model and what methodologies for each model input. Join Michael Crain as he shares a unique style of learning about cost of capital in plain language and illustrations.

Agenda

  • Why is cost of capital so hard
  • What exactly is "risk"
  • Risk and return relationship: empirical evidence or not
  • Is theory or evidence more important
  • Capital structure and valuation
  • CAPM: Things you may not know
  • From CAPM to private firm cost of equity
  • Cost of capital models in a low interest rate world
  • Low interest rates have exposed a logical inconsistency in models
  • Does one "calculate" a cost of capital

Learning Objectives

  • Learn why cost of capital has been so hard to learn: many instructors obfuscate instead of teach
  • Review cost of capital models and methodologies for model inputs
  • Learn strategies to seek out cost of capital estimates that are reasonable and unbiased

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).

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Specialized Knowledge & Applications)


Business Valuation Resources is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
NASBA Sponsor


Training Packs: Conference Recordings & Transcripts
Now delivered as an electronic download.

BVR's Training Packs are an indispensable addition to any valuation reference library. Use them as training tools as many times as you'd like, wherever you are: play them at your computer at work or home, in your car, or on your personal audio device.

Delivered as an electronic download approximately four weeks after the program has aired, each Training Pack includes:

  • Recordings and transcripts of the presentation
  • All presentation visual aids and handouts
  • All ancillary reading materials suggested by our presenters

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Subscriber Information

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