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The Size Effect Continues To Be Relevant When Estimating the Cost of Capital

In this paper, I will review the size effect, potential reasons why one observes the size effect, and correct common misconceptions and address criticisms of the Size Premia (SP). Specifically, we demonstrate that the size premium critique by Cliff Ang is not warranted and that the alternative methodology proposed by that author is misleading and cannot be considered as an alternative to the Duff & Phelps’ SP. Subsequently, we will highlight some methodological issues with ...

New measures of risk that really work!*

I've often said that the greatest challenge for skilled business appraisers is to quantify risk and translate the results into a required rate of return (discount rate). The latest work of Roger Gra ...

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