Business Valuation Resources, LLC

Why Your DLOM is Vulnerable to a Daubert Challenge

Date: Thursday, January 12, 2012
Time:
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

Earn 2 CPE credits
Add this event to your calendar

Register for this program:

Webinar - $179
Training Pack* - $179
Webinar & Training Pack* - $269

     Priority Code:

*Training Packs include: a complete recording and transcript with all presentation and reading materials
Please note: CPE credit is not available through Training Packs
More information is available below

Featuring (click image for more information):

Robert Comment
PhD


Why You Should Attend

As noted in recent editions of the BVWire™, new work by Robert Comment has called into question the application of discounts for lack of marketability (DLOM) by some techniques. In this presentation, Comment joins BVR for an examination of the valuation process in general, and DLOMs, in particular. As the title suggests, focus will be given to how DLOMs fare under the Daubert challenge given their origination, how these determinations relate to other parts of the valuation process, and what a Daubert challenge in this area is actually questioning.

Agenda

  • What the Daubert decision governing the admissibility of expert opinion actually requires. What is "scientific reliability" (and who is this Carl Popper guy)?
  • The redundancy of large DLOMs with the ample (around 50%) discounting for lack of size embedded in practice (not just in theory) in discount rates used in DCF and capitalized-earnings methods.
  • The interdependency of your Ibbotson buildup and your DLOM.
  • How historical evidence on the yield differential between 5-year bank CDs and 5-year Treasuries implies a DLOM on the riskless asset (of just 2.5%) and what this means for any larger DLOM.
  • Why restricted-stock studies are unreliable even when you choose a subset of deals that matches your subject company.
  • Additional discussion of pre-IPO studies, the validation problem with put-option models for estimating the DLOM, using flotation costs to estimate the DLOM, and reason for caution in discounting for company-specific risk.

Learning Objectives

  • Learn how the application of a double-digit DLOM in your business valuation can be challenged in court as unreliable
  • Understand the risks and overlaps inherent among valuation techniques
  • Clarify the concept of "scientific reliability" as it pertains to the Daubert challenge

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).

Get Unlimited Access to BVR's Webinar Calendar
Get unlimited access to BVR's webinars all year long with the Training Passport/Training Passport Pro. These easy training solutions provide 12 months of unparalleled access to BVR's webinars, past and future: hear from the top minds in the profession, develop your professional abilities, and earn CPE credits with ease and convenience.

Training Passport/Training Passport Pro subscribers receive:

  • Automatic registration to all qualified webinars and training events on BVR'straining calendar(up to 50 per year). For each event BVR will send login instructions automatically. All you have to do is show up.
  • Monthly emails highlighting what's ahead on our training calendar so you can better plan your professional development.
  • Access to theDesktop Learning Center, our multimedia library of all past BVR webinars and live events. This comprehensive database includes hundreds of titles dating back to 2002 from some of the best minds in the profession.

For more information on the Training Passport/Training Passport Pro or group discounts to single events for 5 or more people, contact BVR at sales@bvresources.com

CPE Credits for Unlimited Listeners
Have as many eyes and ears take advantage of your registered connection as possible: CE credit is available for an unlimited number of listeners to any registered line. To add listeners for CE credit, please complete the Additional Listener form included on your webinar dial-in instruction email. We'll send dial-in instructions one to two days before our program, and will provide information directly to those listeners you identify approximately one hour before our program.

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, LLC 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.learningmarket.org.

www.nasba.org
NASBA Sponsor


All BVR training events are eligible for continuing education credits from the Exit Planning Institute's Certified Exit Planning Advisor (CEPA) program. Credits are based on a 50-minute hour. Final acceptance is at the discretion of the Exit Planning Institute.

www.exit-planning-institute.org

Training Packs

BVR's Training Packs are an indispensable addition to any valuation reference library, or the perfect alternative when you cannot attend the session live.

Each Training Pack is delivered approximately 2-4 weeks after the program has aired, and includes:

  • Video file (MP4)
  • Audio file (MP3
  • Transcript of the presentation
  • A copy of the presentation slides
  • A copy of the reading materials, visual aids, and handouts

Please note, CPE is not available with Training Packs.






BVR's Satisfaction Guarantee:
Business Valuation Resources offers a 100% money-back guarantee. If you are not completely satisfied with your conference experience, or have any concerns or complaints, you may contact Business Valuation Resources at (503) 291-7963, cs@bvresources.com or mail to BVR, LLC, 1000 SW Broadway, Suite 1200, Portland, OR 97205.