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

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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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