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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.
Program 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
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