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October 2018
Estimating the Terminal Value (The Standard Club - 3rd Floor Mezzanine)
October 18 at 11:45 AM

Business Valuation Association
Sponsored Luncheon and Presentation
Thursday, October 18, 2018

"Estimating the Terminal Value"

  • BVA Member “Early Bird” (through 10/14/2018) Rate: $55.00
  • Non-member “Early Bird” (through 10/14/2018) Rate: $90.00
  • After 10/14/2018, BVA Member: $80.00
  • After 10/14/2018, Non-member: $95.00

                            Please make your reservations on line at

Please Note: Payment at the door is $100.00 for members/non-members, cash or check only.

LOCATION:       The Standard Club - 3rd Floor
                               The Continental Room
                               320 S. Plymouth Ct., Chicago, Illinois

TOPIC:              Fair Value (for financial reporting purposes)                                         
TIME:                11:45 a.m. - 12:00 p.m. Registration and Networking
                              12:00 p.m. - 1:45 p.m. Luncheon, Presentation

CPE:               1.5


Fair Value Terminal values often account for more than half of value estimates.  Nonetheless, estimates of the terminal value using steady state growth models are often incorrect because of improper treatment of required investment and inflation.  In this presentation, Brad Cornell describes the problem and offers a solution.


$80.00 Members
$95.00 Non-Members

Brad Cornell

Bradford Cornell is a Visiting Professor of Financial Economics at Caltech and a Senior Consultant and Advisory Committee member at Compass Lexecon. He previously served as a Senior Consultant at Charles River Associates from 1999-2011.  Prior to joining the Caltech faculty, Dr. Cornell was the Bank of America Professor of Finance at the Anderson Graduate School of Management, University of California, Los Angeles, where he taught for 26 years. He was also the founder of FinEcon, a financial economic consulting firm that merged with CRA in 1999.

In his academic capacity, Professor Cornell has published approximately 100 peer reviewed articles on a wide variety of financial topics. He is also the author of Corporate Valuation: Tools for Effective Appraisal and Decision Making, published by Business One Irwin, and The Equity Risk Premium and the Long-Run Future of the Stock Market, published by John Wiley. Professor Cornell has served as an associate editor of numerous academic journals including Journal of Finance, Journal of Financial Economics, Financial Analysts Journal, and the Journal of Portfolio Management. He is a past Director and Vice-President of the Western Finance Association and a past Director of the American Finance Association. He has won a wide variety of awards for his research including the Graham and Dodd Award from the Financial Analysts Society in 2006 and 2010 and the Bernstein/Fabozzi Award from the Journal of Portfolio Management in 2010 and 2015.

As a consultant, Professor Cornell is one of most experienced expert witnesses in the field of complex financial litigation working with Fortune 100 companies and the leading law firms that advise them as well as various agencies of the United States Government. Since 1984, Professor Cornell has provided testimony and expert analysis in many of the largest and most widely publicized finance related cases in the United States. Virtually all of the corporate matters in which Professor Cornell provided assistance involved director level decision making on issues including mergers and acquisitions, accounting and auditing, and reporting and corporate governance.

Professor Cornell’s public service activities include writing articles for the Wall Street Journal and the Los Angeles Times as well as lecturing to a wide variety of civic groups on subjects ranging from personal finance to the causes of the recent financial crisis. Following the collapse of Communism, Professor Cornell was one of the original instructors at the U.S. Business School in Prague. He has provided pro bono financial consulting to a number of local government organizations, including the City of Los Angeles.

Professor Cornell was a member of the Board of Directors of Forms Engineering Company from 1976 to 1997 and the Kellow-Brown Company from 1980 to 1990. From 1985 until 2008, he served as a member of the Pension Policy Board of the Aerospace Corporation. He enjoys competing in senior golf tournaments and bicycle races.

Please Note: Payment at the door will be $100.00 for both members and non-members.

Attendance at this program may entitle qualified participants to one hour of continuing professional education credit from the ASA, IBA, NACVA, AICPA and ICPAS.  Credit may also be available from CBA, CFA and CFP for certain relevant topics.  Please check with these organizations for verification.

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