Control Premia
Featuring:
Aswath Damodaran, Professor of Finance at Stern School of Business, New York University
Kenneth Woo,
Regional Research Manager, FactSet
Mergerstat
Anna Berthelius, European Mergers and Acquisitions Research Analyst, FactSet
Mergerstat
Telephone Dial-In Audio Conference
Thursday, August 24, 2006
10:00am-11:40am PDT/11:00am-12:40pm MDT/12:00pm-1:40pm CDT/1:00pm-2:40pm 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.
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Register for conference, CD, and Transcript for $429
Why Should you Attend?
Aswath Damodaran, a nationally recognized expert on Control Premia, shares his insight into determining the value of control. His seminal work in this area has helped dispel the notion of the “20-30% control premium” rule of thumb. During this teleconference, Professor Damodaran will present key aspects of his research and work with Wall Street Firms.
Kenneth Woo and Anna Berthelius will provide an overview of the Mergerstat Control Premium Study (CPS) and present answers to seven common questions concerning CPS' scope of capabilities. As always, this interactive session offers listeners the chance to ask questions directly to the panel of experts.
Learning Objectives:
- Understand the most critical factors that affect Control Premia analyses
- Learn different methods that are used to determine Control Premia
- Understand the most relevant aspects of the Mergerstat Control Premium Study
- Learn how to most effectively use the Control Premium Study in your valuation work
Program Outline:
Slide Presentation by Aswath Damodaran on The Value of Control: Some General Propositions
- Why Control Matters
- What is the Value of Control
- The Value of Gaining Control
- Proposition 1: The Value of Control is not 20%
- Proposition 2: To Make the Control Premium Real, You Have to Act
- Proposition 3: Whether You Add a Control Premium to a Valuation Will Depend on How the Valuation is Done
- Proposition 4: The Premium Paid in Public Acquisitions is Not a Control Premium
- Computing the Premium Can Be Tricky
- Attributing Motive to Premiums is Difficult to Do
- Acquirers are Not a Random Sample
Kenneth Woo and Anna Berthelius discuss Mergerstat's Control Premium Study's capabilities and applications and give answers to seven common questions concerning CPS, such as:
- Describe the proper use of the Mergerstat Control Premium—how should it be selected for a given engagement?
- It seems the unaffected price plays a very large role in calculating the control premium—can you elaborate on how it is determined and is there a methodology anyone can replicate?
- How does Mergerstat determine the four transaction types?
- What is the source of the information in the Control Premium Study?
Audience Q & A Session
Featured Panel:
CPE Credit Information:
Earn
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