Featuring (click image for more information):

Michael A. Crain CPA/ABV, ASA, CFA, CFE The Financial Valuation Group	G. William Kennedy Ph.D., CPA/ABV FTI Consulting

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Why You Should Attend

Thought to represent inherent risks in smaller businesses, the size effect has long been used as an explanation for the risk-reward relationship empirically seen in small businesses. Since its widespread use in the 1980's however, empirical analysis has shown several discrepancies in this analysis including the "January Effect" and more importantly, a significant decrease in the observed size effect.

On July 28 expert appraisers Michael Crain and William Kennedy join BVR for an in-depth look at the size effect’s recent history, the counter-intuitive and anomalous characteristics viewed in its analysis, and, most importantly, what all of this means for appraisers today.

Agenda

• What is the size effect?
• Observation of the size effect
• Current state of size premiums in BV practice
• Evidence of the diminishment or disappearance of the size effect in U.S. and UK listed firms since the 1980s
• Link between the size effect and liquidity risk in empirical research
• Concentration of the size effect in smaller firms
• Other empirical evidence
• Implications for BV theory and practice

Learning Objectives

• Learn how empirical observations are leading to new thinking on the size effect and its representation of small company risk
• Understand what a diminishment of the size effect means for liquidity risk and other appraisal assessments
• Learn how these changes to the size effect will affect BV theory and practice
• Learn which new trends are being watched in this continuing analysis and what these indicators will show going forward

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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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