The Butler Pinkerton Calculator: An Update - BVMarketData

More documents

Recommendations

Info

<strong>The</strong> Problem: What Do the Courts Want? • Gesoff v. IIC Industries – “This court has also explained that we have been understandably . . . suspicious of expert valuations offered at trial that incorporate subjective measures of company-specific risk premia, as subjective measures may easily be employed as a means to smuggle improper risk assumptions into the discount rate so as to affect dramatically the expert’s ultimate opinion on value.” 6
<strong>The</strong> Courts Want Empirical Data! • Delaware Open MRI Radiology Associates v. Howard B. Kessler, et al – “To judges, the company specific risk premium often seems like the device experts employ to bring their final results into line with their clients’ objectives, when other valuation inputs fail to do the trick.” 7
Page 1 and 2: The Butler Pinkerton Calculator: An
Page 3 and 4: Let’s Get Some Things Out of the
Page 5: Traditional Factor Models: Use at O
Page 9: The Solution: Total Beta and the BP
Page 13 and 14: More Transparency 13
Page 15 and 16: Impeach Inferior Estimates of Cost
Page 17 and 18: Interesting Observation: “I Don
Page 19 and 20: Other BPC Applications: • First,
Page 21 and 22: Other BPC Applications (continued):
Page 23 and 24: Total Beta:BPC and Peer Review 1) R
Page 25 and 26: Another Select Testimonial • We b
Page 27 and 28: Questions to Consider: • If Total
Page 29 and 30: The Butler Pinkerton Calculator: An
Page 31 and 32: Are You on the Left-side or the “
Page 33 and 34: Other Observations: Instability of
Page 35 and 36: Response to Roger Grabowski’s Sli
Page 37: Summary: • All models are wrong,

The Butler Pinkerton Calculator: An Update - BVMarketData

Create successful ePaper yourself

Delete template?

Save as template?