Defining, Measuring & Defending Discounts for Lack of Liquidity
Featuring Ashok Abbott of Business Valuation, LLC, Shannon Pratt of Shannon Pratt Valuations, and Rob Schlegel of Houlihan Valuation Advisors
Telephone Dial-In Audio Conference
Wednesday, April 25, 2007
10:30am-12:10pm PDT / 11:30am-1:10pm MDT / 12:30pm-2:10pm CDT / 1:30pm-3:10pm EDT
Presented by Business Valuation Resources, LLC
Earn TWO INTERACTIVE CPE credits for participating in this conference
PRICE: $249.00 for a single dial-in connection. Use your conference room and the whole office can listen in. Two CPE credits are available for each additional listener sharing the same phone connection - only $49.00 per person.
Register for conference for $249
Register for conference and CD for $339
Register for conference and Transcript for $339
Register for conference, CD, and Transcript for $429
Why You Should Attend:
Don't miss Ashok Abbott, Shannon Pratt, and Rob Schlegel as they discuss and debate all key issues of illiquidity. You will walk away with hands-on guidance on applying discounts for lack of liquidity.
Learning Objectives:
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Learn the distinguishing features between liquidity and marketability
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Learn how to measure discounts for lack of liquidity and the cost of going public
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Learn how to apply our model using recent court cases
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Learn how to utilize this area's new research in your practice
Program Outline:
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Defining, Measuring & Defending Discounts for Lack of Liquidity Presentation:
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Introduction, Trends & Concepts
- Levels of Value
- Discount Landscape
- Core Concepts
- Marketability & Liquidity: What’s the Difference?
- Liquidity Differences within Marketability Classes
Publicly Traded Equivalent Value
- Liquidity Assumptions of the Publicly Traded Equivalent Value
- Core Issue in Liquidity: Immediacy
- Effect of Liquidity on Security Pricing & Returns
- Bid-ask Spread & Liquidity
- Recent Changes in Market Liquidity
- Changes in Market Liquidity & Private Companies
- Market Profile : Large Stocks
- Market Profile: Small Stocks
- Security Markets Liquidity
Holding Period Vs. Liquidation Period
- Holding Period
- Liquidation Period
- Discount for Lack of Liquidity
- Mean Liquidation Period: Small Firms
- Mean Liquidation Period: Large Firms
- Price Pressure
- Market Failure
- Price Risk
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Marketability Discount Approaches
- Empirical Studies
- Quantitative Marketability Discount Model
- Is Bajaj Right?
- Put Option Based Models
- Look Back Put
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Issues for Consideration
- Abbott Index: Cost of IPO and DLOL
- Marketability: Cost of IPO
- Qualitative Costs of an IPO
- Reported Costs of an IPO
- IPO Sample Results
- IPO Costs: Explanatory Factors
- Regression Results: IPO Costs
- Average Market Capitalization for Decile Rankings
- Cost of IPO: Example
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Cost of Liquidity: Discount for Lack of Liquidity
- Longstaff Look Back Put
- Block Size and DLOL
- Large-Firm DLOL Estimation
- Small Firm DLOL Estimation
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Applying the Theories
- Tax Cases Phase I
- Tax Cases Phase II
- Where Do We Go From Here?
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Audience Questions and Concluding Remarks
Featured
Panel:
Earn
2 Interactive CPE Credits (Consulting Services) |
Please note: To receive CPE credit, you must fill out the post conference survey. The survey link is e-mailed to participants along with the dial-in number and registration code, normally sent two or more days prior to the conference. CPE credit only registrants will be sent the survey link via e-mail.
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the date of this program to receive a full refund. Please e-mail our accounting
manager at: cassandrad@bvresources.com
. There are no fees associated with refunds.