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Date: Thursday, August 8, 2013
Time:
10:00am-2:00pm PT / 1:00pm-5:00pm ET
Format: An Interactive Web Workshop

Earn 4.5 CPE credits
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More information is available below

Featuring:
(click image for more information):


Kevin R. Yeanoplos
CPA/ABV/CFF, ASA
Brueggeman and Johnson Yeanoplos, P.C.

Ronald L. Seigneur
MBA, CPA/ABV, ASA, CVA, CFF, CGMA
Seigneur Gustafson LLP

About This Program

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.

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

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 provide a $50 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).

Please Note: Effective September 1, 2014 BVR has updated our CPE Policies regarding additional listeners. Read more. Read the FAQs about our Policy Update and new survey processes.

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CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 4.5 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.

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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 two weeks after the program has aired, each Training Packs includes:

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

For a complete list of available Training Packs from past webinars, click here.

Subscriber Information

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