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Review of Surveys on Cost of Capital Data Sources and Inputs

The Kroll Cost of Capital Navigator continues to be widely used and accepted for estimating cost of equity (COE). But BVR’s Cost of Capital Professional has been gaining considerable steam since its launch in 2018, according to a BVR survey. Some other resources for estimating the cost of capital have also seen an uptick in usage.

BV News and Trends March 2024

A monthly roundup of key developments of interest to business valuation experts.

Automatic DLOC for a minority interest? Not so fast

Business valuation analysts generally agree that minority interests in a privately held company are worth less on a per-share basis than controlling interests.

2023 Johnson/Park DLOM study is now available

The Johnson/Park empirical method to estimate a discount for lack of marketability (DLOM) has been used in several tax court cases, including the first family limited partnership (FLP) case to go to trial.

Quantifying DLOMs for Minority and Controlling Interests

The discount for lack of marketability is one of the largest and most important adjustments made in the valuation of a privately held business. It is crucial to understand that an investor purchases the privately held interest at a discount to increase the rate of return on the investment. This increased rate of return offsets the additional risk the lack of marketability of the investment causes. This webinar will discuss how to use this concept ...

BV Year in Review 2023: Recruiting Push

The business valuation profession continued to thrive in 2023 amid ongoing challenges, such as how to reflect uncertainty, inflation, and market volatility in valuations. But another issue loomed large in the profession: attracting and retaining new young talent.

Damodaran posts his second data update for 2024

Focusing on the equity markets in the U.S. and across the world, Professor Aswath Damodaran (New York University Stern School of Business) has posted his second data update of 2024.

Damodaran posts his first data update for 2024

At the beginning of each year, Professor Aswath Damodaran (New York University Stern School of Business) generously posts a great amount of data on his website that include risk-free rates, equity risk premiums (ERPs), corporate default spreads, corporate tax rates, country risk premiums, and other data—all of which are free.

Kroll conducts survey of cost of capital inputs

In the last issue, we presented results of several surveys on the various resources practitioners use for estimating cost of capital.

BVR survey reveals COE data sources of choice

While the Kroll Cost of Capital Navigator continues to be widely used and accepted for estimating cost of equity (COE), BVR’s Cost of Capital Professional has been gaining considerable steam since its launch in 2018, according to a BVR survey.

Update on Current Inputs for Valuations Amid High Inflation

Carla Nunes and Jim Harrington, both with Kroll, present two very helpful charts on long-term inflation expectations and projections for long-term real GDP growth. The charts include the sources for developing the estimates.

BV News and Trends December 2023

A monthly roundup of key developments of interest to business valuation experts.

Practice opportunity: Buy-sell agreements

A “vast opportunity” for appraisers can be found in buy-sell agreements, according to Jeff Tarbell (Houlihan Lokey) and Riley Busenlener (Chaffe & Associates Inc.), who is also an attorney.

BV 2023, Year in Review: Top 10 List

The year 2023 was full of change. How have high interest rates and market volatility impacted the cost of capital and minority discounts? What were some of the top cases impacting business valuation? What does the new lease accounting standard mean for valuations? What has changed in tax regulation? In this webinar, we highlight 10 major topics that impacted business valuation in 2023 and discuss implications to valuators in the upcoming year.

Hitchner Updates the Risk/Return Spectrum for Cost of Capital

A good visual to use for checking the reasonableness of your cost of capital estimate is the spectrum of rates in the market. Jim Hitchner (Financial Valuation Advisors Inc.) has done an update to this spectrum, which can be used in valuation reports and in court.

BV News and Trends November 2023

A monthly roundup of key developments of interest to business valuation experts.

The No. 1 valuation issue that triggers an IRS audit

Discounts continue to be the No. 1 red flag that triggers an IRS audit, according to former IRS manager Michael Gregory (Michael Gregory Consulting LLC), speaking at the recent American Society of Appraisers (ASA) International Appraisers Conference in New Orleans.

Practical Considerations in Normalizing the Risk-Free Rate

Some valuation firms and practitioners have advocated that the risk-free rate of return (Rf) should be normalized when it is believed to be too low because of Federal Reserve Bank policies. Recent arguments for doing so have been based on technical economic analyses but have ignored practical aspects of normalizing Rf. This article is intended to address those practical considerations.

BV News and Trends October 2023

A monthly roundup of key developments of interest to business valuation experts.

Updates to two closed-end fund reports are available

Closed-end fund (CEF) data are commonly used to derive discounts for lack of control (DLOC) for closely held holding companies invested in marketable securities.

Free updated guide to the Stout restricted stock study

The 2023 edition of the “Stout Restricted Stock Study Companion Guide” is now available, and it reflects updated tables and graphs that contain new transactions.

10 Short Takes From NACVA’s July Super Conference

There were top speakers, interesting sessions, and a good turnout (about 200) for the three-day NACVA Business Valuation & Financial Litigation Super Conference in person in Snowbird, Utah (and also online). Here are a few quick takeaways from some of the sessions we attended.

BV News and Trends September 2023

A monthly roundup of key developments of interest to business valuation experts.

New app for the Margrabe options approach to DLOM

Dr. Ashok Abbott (West Virginia University) is developing a calculator that uses the Margrabe options approach to estimating a discount for lack of marketability (DLOM).

BVResearch Pro adds to its archive of the ASA’s BV Review

Among many other resources, the BVResearch Pro platform contains the full archive of the Business Valuation Review going back to 1982.

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