Cost of Capital: An Anti-Cookbook Approach to Understanding
BVR's Webinar Series
Wednesday, August 24, 2016
10:00am-11:40am PT • 1:00pm-2:40pm ET
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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.
- 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
- 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
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