Valuation Techniques in Both Private and Public Markets by Nelson Lacey, PhD CFA | Mumbai
- April 19, 2024
- 07:00 PM- 10:30 PM IST
- The Orchid Hotel Mumbai Vile Parle, Mumbai 400099
- CFA Society India Members: 500 (refundable on attendance)
- Currently Registered CFA Candidates: INR 1500 (all inclusive)
- Passed Level III of the CFA® Program: INR 2000 (all inclusive)
- Others: INR 2500 (all inclusive)
CFA Society India is delighted to extend an invitation to you for a session featuring Nelson Lacey, PhD CFA, Associate Director of Exams, CAIA. Nelson will be addressing the intriguing topic of “Valuation Techniques in Both Private and Public Markets”
This talk examines valuation through examples ranging from the simplistic (e.g., securities such as plain vanilla zero-coupon bonds) to the challenging (e.g., companies such as little-known technology start-ups). In the best of circumstances valuation models typically begin with scientific tools (think discounted cash flow) before circumstances often require branching out into more artistic techniques such as comparables, trends, appraisals, even provenance, relying on subjective factors to best paint a picture of worth. And while the estimation of value in the traditional space using market data often ends in consensus among analysts, the private alternative markets can instead become islands of objectivity in seas of subjectivity. How else to make sense of India’s Byju, an educational firm with a recent valuation that is 1% of estimates a short time ago. And less we think the Byju story is an outlier, it is not difficult to find similar examples in India and elsewhere.
Participants attending this talk will be taken through examples that illustrate the art and science of valuation. Participants are encouraged to bring local examples that can support or dispute the more common wisdom.
EVENT DETAILS:
DATE: Friday, 19th April, 2024
TIME: 7:00 p.m. to 8:30 p.m., followed by a dinner (Registration begins at 6:30 p.m.)
VENUE: The Orchid Hotel Mumbai Vile Parle, Mumbai 400099
REGISTRATION:
Nelson Lacey, PhD CFA
Nelson J. Lacey is the Associate Director of Examinations for CAIA and has held various other position at CAIA. In his current role Professor Lacey helps direct a team that is responsible for managing the entire exam process. Professor Lacey has been with the CAIA Association since inception, and, as CAIA’s first Director of Program, he was part of a small team that launched the Association through the creation of CAIA’s curriculum and study guide. Professor Lacey has represented CAIA at speaking events throughout his tenure with the Association. His most recent presentations have covered such topics as the state of alternative investments and perspectives on future directions for work integrated learning. Nelson is a Professor Emeritus of Finance at the Isenberg School of Management at the University of Massachusetts. He began his academic career in Amherst in 1985 after having earned his Ph.D. in finance from the Pennsylvania State University. At Penn State he studied corporate finance and structured products, topics that would guide his research over the next twenty-five years. He also worked in modeling the state economy and designed a set of leading indicators for Pennsylvania. He earned an MBA from the Arizona State University in 1980 and became a CFA Charterholder in 1999. Professor Lacey's academic work has led to over 50 publications in finance and economics. His work in interest rate risk management and control led to the development of higher order closed form solutions for duration and convexity. His work in corporate finance examined fundamental stock analysis, the insurance liability crisis, FDA decisions on the acceptance and rejection of new drugs, and most recently in sports betting markets. His corporate finance textbook is now in its eighth edition. He has extensive teaching experience abroad and was part of a consortium of academics that assisted in the establishment of a business school at the Jagiellonian University in Krakow Poland in the early 1990s.
Nelson Lacey, PhD CFA
Nelson J. Lacey is the Associate Director of Examinations for CAIA and has held various other position at CAIA. In his current role Professor Lacey helps direct a team that is responsible for managing the entire exam process. Professor Lacey has been with the CAIA Association since inception, and, as CAIA’s first Director of Program, he was part of a small team that launched the Association through the creation of CAIA’s curriculum and study guide. Professor Lacey has represented CAIA at speaking events throughout his tenure with the Association. His most recent presentations have covered such topics as the state of alternative investments and perspectives on future directions for work integrated learning. Nelson is a Professor Emeritus of Finance at the Isenberg School of Management at the University of Massachusetts. He began his academic career in Amherst in 1985 after having earned his Ph.D. in finance from the Pennsylvania State University. At Penn State he studied corporate finance and structured products, topics that would guide his research over the next twenty-five years. He also worked in modeling the state economy and designed a set of leading indicators for Pennsylvania. He earned an MBA from the Arizona State University in 1980 and became a CFA Charterholder in 1999. Professor Lacey's academic work has led to over 50 publications in finance and economics. His work in interest rate risk management and control led to the development of higher order closed form solutions for duration and convexity. His work in corporate finance examined fundamental stock analysis, the insurance liability crisis, FDA decisions on the acceptance and rejection of new drugs, and most recently in sports betting markets. His corporate finance textbook is now in its eighth edition. He has extensive teaching experience abroad and was part of a consortium of academics that assisted in the establishment of a business school at the Jagiellonian University in Krakow Poland in the early 1990s.
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