Expert Witness Exchange: CVAs and Expert Witnessing

In this article, the Expert Witness Exchange (EWE) discusses expert witness opportunities available to CVAs.

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How to Write a Consistently Good E-mail Newsletter

In January, I asked: Are you a Digital Sharecropper? Are you relying solely on someone else’s digital platform (e.g., Facebook, LinkedIn, Twitter) to reach your audience of leads, prospects, clients, and referral sources? Many of you do...that is not a good thing...and I told you why.

In February, I wrote about How to Build an E-mail List from Scratch. It all starts with personally and individually inviting people you already know and who would benefit from the content you will be writing about to get on your e-mail list. They will be your first 100–500 subscribers.

Well, it looks like these two posts must be resonating because several people have asked me how to start a new e-mail newsletter or improve their current one. Let’s make this March post the final installment on how to get started with e-mail newsletters and following the five-steps to success.

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Just Released! 2019 Annual Consultants' Conference Brochure and Agenda

In Case You Missed It:

Chasing the Elusive Butterfly of Volatility: Accepting and Rejecting Data from Public Company Data

Valuation analysts who, for whatever reason, eschew the publicly traded guideline company method but who would like to use option models for various aspects of the valuation assignment, face a conundrum. All option models require, as an input, a volatility factor in percentage format. Since the only place to derive such a volatility factor (usually defined as the standard deviation of total returns) is from public company data, how do you reject public company data on the one hand over here but use it on the other hand over there? Using non-public subject company data and standard valuation techniques, the authors offer two solutions to this problem.
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The SWS Group, Inc., Chancery Court Appraisal Decision: Fair Value Not Based on the Merger Price
This is a two-part article that focuses on the SWS Group Inc. case and the interplay between merger price and fair value. In earlier cases the Delaware Court of Chancery rejected a merger price indication in favor of its own discounted cash flow analysis. Yet, in the SWS Group, Inc., appraisal decision, instead of a decision supporting a higher fair value, the court ultimately found that the merger price was too high. This ruling highlights the risk of an arbitrage appraisal strategy and may give dissenting shareholders something to consider before invoking their appraisal rights. Also, this decision highlights how valuation analysts can sometimes arrive at significantly divergent opinions of value. The concern is that the court may view analysts as advocates for their clients—and not as advocates for their valuation opinion.
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