Power Panel: Live Expert Answers for Today's Tough BV Questions
What is going on next in BV? While we don’t have a crystal ball, we do have the next best thing. Thought leaders Jay Fishman, Neil Beaton, Ray Rath, and Stacy Collins on hand to answer your questions on what is changing, trends within the profession, and thought processes behind tackling tough problems. What’s more, if you send in a video of yourself asking the question, you will get free admission to the session. Use ...
Global BVU News and Trends March 2021
Business valuation news from a global perspective.
BVU News and Trends March 2021
A monthly roundup of key developments of interest to business valuation experts.
Pepperdine private cost of capital project is back up and running
On the brink of ending its long run, the Private Capital Markets Project from Pepperdine University has secured funding to continue its ongoing survey of expected rates of return of providers in the private capital market.
Valuing Enterprise Cash Flows
The integrated theory of business valuation provides a conceptual framework for disciplined analysis of valuation questions. Too often, valuation analysts are tempted to view individual components of a valuation assignment on a piecemeal basis. Adhering to the integrated theory helps valuation analysts develop base valuation conclusions, discounts, and premiums that are rooted in a shared perspective of the subject company and the subject ownership interest. In Part 1 of the series, Chris Mercer and Travis ...
Global BV News: New IVSC paper on business valuations and ESG
Although there is an increased awareness in environmental, social, and governance (ESG) factors, there is no common approach on how to reflect ESG in business valuations.
New paper on IBOR reform and valuation
For many years, interbank-offered rates (IBORs) have set the benchmark rate for lending on an unsecured basis.
Global BV News: Cost of capital parameters in Europe as of Dec. 31, 2020
ValueTrust has released a seventh edition of its “European Capital Market Study” that serves as a comprehensive compilation of capital market parameters such as cost of capital and implied as well as historical risk premiums for European countries.
BVU News and Trends February 2021
A monthly roundup of key developments of interest to business valuation experts.
Global BVU News and Trends February 2021
Business valuation news from a global perspective.
Damodaran updates cost of capital data
Professor Aswath Damodaran (New York University Stern School of Business) has started his annual posting of data updates on his website that include risk-free rates, equity risk premiums, corporate default spreads, corporate tax rates, country risk premiums, and other data—all of which is free.
Global BV News: KPMG on business valuations and ESG
While environmental, social, and governance (ESG) factors are seeing a “remarkable increase in awareness,” there is no “common approach regarding how to systematically factor ESG into financial valuations of specific target businesses,” says KPMG’s Quarterly Brief—International Valuation Newsletter for the first quarter of 2021.
YE2020 data are now in the Cost of Capital Professional
Year-end 2020 data, including equity risk premia, CRSP decile size premia, and industry betas/IRPs, are now available in BVR’s Cost of Capital Professional platform.
Business Valuation Year in Review 2020
What a year! This is a recap of developments in the business valuation profession under the shroud of COVID-19 including the latest thinking in methodologies, changes in regulations, new and updated resources, and practice-building ideas.
New Research Paper Joins Call to ‘Let Go’ of the Size Premium
A look at the latest paper that joins mounting academic research over the recent past that shows that the size effect no longer exists—or was never there in the first place.
Adjusting the Income Approach Highlights AICPA FVS Conference Panel
A panel at the AICPA FVS Conference fielded a barrage of audience questions about how to help make sure the income approach captures the impacts of the current environment. The panel, moderated by Jim Hitchner (Financial Valuation Advisors), included Lisa Cribben (Wipfli LLP), Harold Martin (Keiter), and Mark Zyla (Zyla Valuation Advisors LLC).
BVU News and Trends January 2021
A monthly roundup of key developments of interest to business valuation experts.
Global BV News: ‘Amazing’ rebound for valuations in India
Over the past six months, “we have been amazed that valuations for most industries (save some severe casualties of COVID, including tourism, hotels, and aviation) are back to pre-COVID levels,” says a study on cost of capital in India.
Hitchner poll reveals COEC sources of choice
The January 2021 issue of Hardball With Hitchner includes the results of polls that reveal what sources valuation practitioners use for developing cost of equity capital (COEC) estimates.
Journal of Business Valuation 2020 Edition
From the CBV Institute ...
Vanguard stock market forecast implies a U.S. ERP of 3% to 5%
Annual returns of U.S. stocks over the next decade are forecasted to be in the “modest 3.7%-5.7% range,” according to a recent market outlook report from Vanguard.
BVU News and Trends December 2020
A monthly roundup of key developments of interest to business valuation experts.
Global BVU News and Trends December 2020
Business valuation news from a global perspective.
D&P reduces recommended U.S. ERP to 5.5%
Duff & Phelps has decreased its recommended U.S. equity risk premium (ERP) from 6.0% to 5.5% for use as of Dec. 9, 2020, according to a client alert.
Global BV News: Comments wanted on IASB paper on business combinations
At the recent Second Annual Conference on the Art and Science of Business Valuation, conference co-chair Joel M. DiCicco, Ph.D. (Center for International Business Valuation), informed the audience that the International Accounting Standards Board (IASB) has begun a consultation process for possible changes in the accounting standards for mergers and acquisitions involving companies within the same group.