BV825-CON International Cost of Capital - Understanding and Quantifying Country Risk


CE 1 | BV

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Session Description

Country risk, the additional risk that investors bear when making a cross-border investment, is a critically important but often overlooked component of the cost of capital. Country-specific factors like political instability, uncertain legal regimes, and economic turmoil cause investors to require an incremental premium for putting their capital at risk. And while few would dispute the notion that risk varies across countries, there is not universal agreement on how best to measure country risk. Indeed, incorporating country risk into the investment analysis process is as much art as science.

Join Carla Nunes and James P. Harrington (both of Duff & Phelps) as they take a deep dive into the subject of country risk. They will present their framework for cross-border valuations and explain how to properly account for country risk in a discounted cash flow valuation. Topics will include: (i) a framework for cross-border valuations, (ii) common approaches for incorporating country risk in valuation, (iii) international cost of equity models and selection criteria, and (iv) practical application through a case study. 

Speaker Information

James Harrington, ASA, Director | Duff & Phelps LLC
Carla Nunes, Managing Director | Duff & Phelps LLC

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Disclaimer: The opinions expressed in this presentation are that of the presenter(s) and do not necessarily reflect the views and opinions of the American Society of Appraisers.

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