Praise for Fourth Edition of Cost of Capital Workbook and
Technical Supplement

"Pratt and Grabowski went the extra mile to supplement their
magnum opus by providing this Workbook and Technical Supplement. As
a finance professor for many years, I know from experience that
students and teachers really value supplements to textbooks. It
allows the teacher to help the student to review and apply what was
presented in the text, and the PowerPoints are a great service to
teachers in course preparation. The website provides various
worksheets that show the inner workings of the models. I
enthusiastically recommend the Workbook and Technical
Supplement to finance professors and teachers and their
students.

--Daniel L. McConaughy, PhD, ASA, Professor of Finance,
California State University, Northridge, Valuation Services, Crowe
Horwath LLP

"The Workbook and Technical Supplement provides a
detailed tutorial on understanding and executing the theoretical
concepts explained in the Fourth Edition. This supplement is three
books in one. Part One is a step-by-step tutorial on estimating
certain key components of the cost of equity capital. Part Two
provides a bridge between the theory and some practical
applications, such as estimating the cost of capital for real
property. Parts Three and Four allow the readers to test their
comprehension of the concepts and identify areas for a review. It
is almost as good as having Professors Pratt and Grabowski looking
over your shoulder to ensure that one is both comprehending and
correctly implementing the complex concepts.."

--Ashok Abbott, PhD, Associate Professor of Finance,
College of Business & Economics, West Virginia University

"This text provides the most comprehensive coverage of cost of
capital issues that I have seen to date. Messrs. Pratt and
Grabowski have created a very accessible and lucid treatment of
what most would consider an opaque subject. The Fourth
Edition is especially important for its new topics as well as
expanded coverage of concepts from earlier editions. Of particular
interest is the review of the extreme market conditions during the
2008-2009 crisis and the effect that the unprecedented
volatility had on traditional cost of capital models. For years,
Pratt and Grabowski's research has informed the business valuation
curriculum of the American Society of Appraisers. This book will be
added to our reading list, and thousands of students worldwide will
benefit from the state?of?the?art content of the Fourth
Edition and the companion Workbook and Technical
Supplement. Furthermore, Cost of Capital, Fourth Edition should
be a mandatory part of every valuation practitioner's library. If
you buy this book, you can expect it to become well worn and remain
on your desk within arm's length until the publication of the
Fifth Edition."

--John Barton, ASA, CPA, Chairman, Business Valuation
Committee, ASA

"Cost of capital is so much more complex than it used to be.
With so many additional considerations regarding each variable of
the cost of capital formula, this book is a must for anyone that
needs to understand or develop a discount rate. Even the most
experienced practitioner will benefit from the outstanding work of
Pratt and Grabowski. This book has to become part of your
library."

--Gary R. Trugman, CPA/ABV, MCBA, ASA, MVS, President,
Trugman Valuation Associates, Inc.

Shannon P. Pratt, CFA, ARM, ABAR, FASA, MCBA, CM&AA,
referred to as the father of business valuations, is the author of
several bestselling Wiley business valuation books and a
sought-after speaker at business valuation industry conferences. He
is the managing owner of Shannon Pratt Valuations Portland, Oregon,
and has served as supervisory analyst for over 3,000 business
valuation engagements in forty years and as an expert witness in
numerous state and federal courts on contested business valuations.

Roger J. Grabowski is managing director of Duff &
Phelps LLC. Roger has testified in court as an expert witness on
the value of closely held businesses and business interests,
matters of solvency, valuation, and amortization of intangible
assets, and other valuation issues. He testified in the Northern
Trust case, the first U.S. Tax Court decision that adopted the
discounted cash flow method to value the stock of a closely held
business with the discount rate based on the capital asset pricing
model. Grabowski authors the annual Duff & Phelps Risk
Premium Report.

"Pratt and Grabowski went the extra mile to supplement their magnum opus by providing this Workbook and Technical Supplement. As a finance professor for many years, I know from experience that students and teachers really value supplements to textbooks. It allows the teacher to help the student to review and apply what was presented in the text, and the PowerPoints are a great service to teachers in course preparation. The website provides various worksheets that show the inner workings of the models. I enthusiastically recommend the Workbook and Technical Supplement to finance professors and teachers and their students.
Daniel L. McConaughy, PhD, ASA, Professor of Finance, California State University, Northridge, Valuation Services, Crowe Horwath LLP

"The Workbook and Technical Supplement provides a detailed tutorial on understanding and executing the theoretical concepts explained in the Fourth Edition. This supplement is three books in one. Part One is a step-by-step tutorial on estimating certain key components of the cost of equity capital. Part Two provides a bridge between the theory and some practical applications, such as estimating the cost of capital for real property. Parts Three and Four allow the readers to test their comprehension of the concepts and identify areas for a review. It is almost as good as having Professors Pratt and Grabowski looking over your shoulder to ensure that one is both comprehending and correctly implementing the complex concepts.."
Ashok Abbott, PhD, Associate Professor of Finance, College of Business & Economics, West Virginia University

"This text provides the most comprehensive coverage of cost of capital issues that I have seen to date. Messrs. Pratt and Grabowski have created a very accessible and lucid treatment of what most would consider an opaque subject. The Fourth Edition is especially important for its new topics as well as expanded coverage of concepts from earlier editions. Of particular interest is the review of the extreme market conditions during the 20082009 crisis and the effect that the unprecedented volatility had on traditional cost of capital models. For years, Pratt and Grabowski's research has informed the business valuation curriculum of the American Society of Appraisers. This book will be added to our reading list, and thousands of students worldwide will benefit from the state?of?the?art content of the Fourth Edition and the companion Workbook and Technical Supplement. Furthermore, Cost of Capital, Fourth Edition should be a mandatory part of every valuation practitioner's library. If you buy this book, you can expect it to become well worn and remain on your desk within arm's length until the publication of the Fifth Edition."
John Barton, ASA, CPA, Chairman, Business Valuation Committee, ASA

"Cost of capital is so much more complex than it used to be. With so many additional considerations regarding each variable of the cost of capital formula, this book is a must for anyone that ne…