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24
Date: Thursday, April 24, 2014
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 more information):


Bruce A. Johnson
ASA
Munroe, Park & Johnson, Inc.

About This Program

Amidst the ongoing debate of how to best quantify and support marketability discounts, a crucial point may be overlooked. The decrease in value caused by the discount for lack of marketability represents a market-made concession to compensate an investor for the increased risks of a less-marketable and illiquid concern. This is accomplished by investors requiring a higher rate of return.

In "Using the Empirical Method for Determining DLOMs," expert Bruce Johnson leads a discussion on how this fundamental concept can be effectively put to use to empirically determine a discount for lack of marketability. As Johnson points out, "a DLOM can be supported using a rate of return methodology." Find out how and learn more about the studies he uses to objectively support the impact of the discount for lack of marketability on the rate of return in this must-attend webinar.

Agenda

  • Overview
  • What is a Discount for Lack of Marketability?
    • The Basics
    • What causes DLOMs in third party transactions
    • Court Cases and Quotes
  • Examination of Historical Studies
    • Restricted Stock Studies
    • IPO Studies
  • Methodology to Use Rates of Return to Determine the DLOM
  • Studies Supporting Incremental Increase
    • Public vs. Private Equity Returns
    • Restricted Stock Returns
    • Long Term vs. Short Term Bonds
  • Case Study
  • Conclusion

Learning Objectives

  • Learn how to harness empirical evidence to quantify a discount for lack of marketability
  • Understand how courts have viewed the techniques used in this webinar and how appraisers can best prepare their DLOM determinations
  • Understand the quantitative and qualitative strengths of historical studies
  • Understand where professional thinking currently stands on marketability discounts and what larger trends this may highlight

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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.

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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)

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