Evidence of Size Premia in Europe
- Size premia have varied considerably throughout history given rise to criticism about its validity as an input in valuing assets
- In addition, there has been much confusion as to how one measures size premia
- The debate about the size premium continues among academics and professionals alike
- More recent research has shown that using all stocks without considering the firms’ quality masks the size effect
- We will discuss several studies that show if firm quality is accounted for, the size effect becomes a statistically significant input.
Closing Keynote, 4:30 – 5:30 pm
Roger Grabowski, FASA
Duff & Phelps, A Kroll Business I Managing Director, Valuation Advisory Services
Roger J. Grabowski, FASA, is a Managing Director with Duff & Phelps and a fellow at the Duff & Phelps Institute. He is also an Accredited Senior Appraiser and Fellow (FASA) of the American Society of Appraisers (ASA) (their highest designation).
He was formerly Managing Director of the Standard & Poor's Corporate Value Consulting practice, a partner of PricewaterhouseCoopers LLP and one of its predecessor firms, Price Waterhouse (where he founded its U.S. Valuation Services practice and managed the real estate appraisal practice).
He has directed valuations of businesses, interests in businesses, intellectual property, intangible assets, real property, machinery and equipment. Roger has been recognized in various courts as an expert on matters of solvency, the value of closely held businesses and business interests, valuation and amortization of intangible assets and other valuation issues. His testimony in U.S. District Court was referenced in the U.S. Supreme Court opinion decided in his client's favor in the landmark Newark Morning Ledger case.
Roger is co-author with Shannon Pratt of Cost of Capital: Applications and Examples, 5th ed. (John Wiley & Sons, 2014), The Lawyer's Guide to Cost of Capital (ABA, 2014), and Cost of Capital in Litigation: Applications and Examples (John Wiley & Sons, 2010). He is co-author of the Duff & Phelps annual resources for cost of capital data: on-line Cost of Capital Navigator, Valuation Handbook-Industry Cost of Capital, International Valuation Handbook - Guide to Cost of Capital and International Valuation Handbook - Industry Cost of Capital (Duff & Phelps).
Roger teaches courses for the American Society of Appraisers and lectures frequently at professional conferences.