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Private firms lowball their cost of equity

Surprisingly, over half (54%) of privately held business owners believe their cost of equity is less than or equal to 12%, according to the “2018 Private Capital Markets Report” from Pepperdine University Graziadio School of Business and Management.

CFOs surveyed on ERP

In a new paper, John R. Graham and Campbell R. Harvey of Duke University analyze the history of the equity risk premium from surveys of U.S. chief financial officers (CFOs) conducted every quarter from June 2000 to December 2017.

Private firm valuations surge, per Pepperdine report

Business valuations have been significantly increasing, according to new results from the “2018 Private Capital Markets Project” from Pepperdine Graziadio Business School.

D&P answers (more) questions on the Navigator

Duff & Phelps did a fine job fielding another barrage of probing questions about its new Cost of Capital Navigator during a free webinar (watch a replay here).

Free webinar on Cost of Capital Navigator Q&As

The huge audience at our webinar on the Duff & Phelps Cost of Capital Navigator had so many good questions that we ran out of time, so there will be a free webinar on March 29 with Jim Harrington of D&P.

Explaining BV to clients

An article gives some tips on how to have preliminary discussions with business owners about the valuation process and how it works.

The New Duff & Phelps Cost of Capital Navigator—(Some of) Your Questions Answered!

Responses to audience questions during the first public demo of the Duff & Phelps online Cost of Capital Navigator, which will replace the print versions of the Valuation Handbook series.

Duff & Phelps Moves Cost of Capital Data to Online Platform

Duff & Phelps is launching the online Cost of Capital Navigator, which will replace the print versions of the Valuation Handbook series.

SECBA gets sneak preview of the D&P Cost of Capital Navigator

The hardcover version of the Duff & Phelps Valuation Handbook – U.S. Guide to Cost of Capital will no longer be published—it is being replaced by the Duff & Phelps Cost of Capital Navigator, an interactive online application.

An “Enhanced Multiple” Corporate Valuation Model: Theory and Empirical Tests

In this article, we develop an enhanced corporate valuation model based on the implied cost of equity capital (ICC). We argue that the enhanced method extends the standard market multiples and discounted cash flow (DCF) methods to corporate valuation. Specifically, it incorporates positive aspects of the market comparables and DCF methods while mitigating the shortcomings of both. Unlike the traditional market comparables method, the enhanced method takes account of the full-term structure of earnings forecasts.

Is "bottom-up" method acceptable in valuing minority interests?

Is "bottom-up" method acceptable in valuing minority interests? I just did a presentation to a large law firm. A senior partner in the firm took issue with the "bottom ...

Valuers should lower equity risk premium component of discount rate

I am now convinced that the long-term arithmetic average general equity risk premium (currently 7.0%) is too high.

Small stock risk premium no myth; size does matter

Until about a year ago, I thought that, on average, the fact that small stocks are riskier than large stocks had been firmly established in the financial community, and that attacks on the "small stoc ...

DCF valuation should be improved

The discounted cash flow (DCF) technique is a staple of financial management textbooks, one might even say an idol not to be questioned. Our purpose is to show that the conventional way of computing D ...

Financial Statement analysis and Business Valuation for the Practical Lawyer

n FINANCIAL STATEMENT ANALYSIS AND BUSINESS VALUATION FOR THE PRACTICAL LAWYER , Dickie, Robert B. American Bar Association, Section of Business Law , P.O. Box 10892, Chicago, Ill. 60610-0892 ...

Cost of Equity Capital and Model Mispricing

"Cost of Equity Capital and Model Mispricing," Pástor, Luboš and Robert F. Stambaugh, Journal of Finance , February 1999, pp. 67-114. The cost of equity, the expected rate of return on a firm's sto ...

Ibbotson's new Web site allows "per inquiry" fees

Ibbotson Associates , 225 North Michigan Avenue, Suite 700, Chicago IL 60601, (800) 758-3557. Industry reports are $50, Beta and Tax reports are $10. Members of AICPA, ASA, NACVA , and IBA receive ...

Stocks, Bonds, Bills and Inflation: Valuation Edition

Reviewed by Shannon Pratt Ibbotson Associates is coming out with a new Valuation Edition of their 1999 annual Stocks, Bonds, Bills and Inflation. The book will be available in March, wit ...

New studies quantifying size premiums offer strong cost of capital support

Roger Grabowski is a partner and national director of Price Waterhouse LLP Valuation Services Group. David King is a manager with Price Waterhouse LLP in their Chicago office. This repor ...

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