Taking Business Valuation Education To a Higher Level
The Center for Advanced Valuation Studies (CAVS) is part of the American Society of Appraisers' Business Valuation education program. CAVS presents intense one-day seminars for appraisal professionals and those in related financial disciplines-including CPAs, attorneys and financial analysts-on key topics affecting the value of a business.
CAVS 8-hour seminars are designed to deliver specialized, on-topic advanced knowledge to meet specific needs. The veteran instructors who lead these case-based programs have a wealth of domestic and international experience in today's business world.
CAVS seminars are recommended for 8 hours of CPE credit, subject to approval by state licensing boards.
Topics: Examination of existing criticisms of the CAPM - understanding and ways to improve the inputs to the build-up and CAPM models - current evidence of the size premium - methods of and issues with estimating company-specific risk - practical models for use in international markets - cost of capital for distressed companies - other cost of capital issues such as estimating returns on venture capital investments and pass-through entities
The course material has been updated and emphasis will be placed on difficulties estimating cost of capital in these troubled economic times. Course content will include information to be included in the to-be-published Cost of Capital, 4th edition.
Topics: Controversies regarding QMDM, pre IPO studies and restricted stock studies, why benchmarking is not an option, distinguishing between liquidity and marketability, holding period vs. liquidation period, determinants of liquidity, liquidity and block size, look back put vs. Black Scholes, comparison between different measures of DLOM/DLOL, results achieved under different methods for determining DLOM/DLOL, recent research and its application to the discounts, explore control premiums for blocks
Topics: For valuators giving expert witness testimony: pre engagement considerations, interaction between expert and attorney, discovery/investigation preparation of the expert's report, critique of opposing expert's report, trial preparation, qualifying as an expert, conduct at trial: dos and don'ts while on the witness stand
Topics: With the increasing complexity of valuation engagements and their more critical, authoritative reviews, it is essential that professionals understand the effects of uncertainty in their valuation analysis. Without this understanding, valuation professionals are exposed to unnecessary risks and potential defeat. This advanced valuation workshop extends/complements typical valuation analyses with Monte Carlo simulation. Participants will gain a working knowledge of Crystal Ball's Monte Carlo simulation Excel add-in and its application to valuation engagements including securities valuations, and SFAS 141/142 projects. With the tools and techniques from this workshop, you will be able to quantify the effects of uncertainty on value, gain insight including a ranking of the variables that drive value, and replace "what if" iterations and other risk analysis tools with automated procedures. This is a hands-on workshop with case studies and exercises; participants will be provided with a trial version of Crystal Ball. (Crystal Ball is a registered trademark) Instructors: Kevin Couillard, ASA and Dave Ewert, Ph.D.
Topics: Crystal Ballï's Monte Carlo simulation and how it is employed to improve the valuation process, the business case for the use of real options, basics of real option theory, the real option solution process and methodology, case studies from different industries, latest challenges to traditional concepts of risk/reward measurement
Topics: Relevant tax court decisions, attributes of S corps, S corp models, valuation of controlling interests, Daubert challenge criteria
Topics: Valuation of intangibles in cost sharing arrangements, valuation of trademarks and trade names in license agreements, determination of arm's length inter-company interest rates and debt/equity ratios, impact of transfer pricing in legal entity valuations for tax purposes
Topics: Legislative and economic background of employee stock ownership plans (ESOPs), relevant ESOP accounting issues (including AICPA statement of position SOP 936), the impact of financial leverage on ESOP valuations, fair market value determinations for ESOP transaction purposes, valuation factors and methodologies for ESOP securities including S Corporation ESOPs, ESOP equity allocation concepts, ESOP special issues (investment marketability, minority interest/control, repurchase liability, etc.), the appraiser as financial advisor