Roger J. Grabowski, ASA, is a Managing Director of Duff & Phelps, LLC. He was formerly a Managing Director of Standard & Poor’s Corporate Value Consulting practice and before that 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 and machinery and equipment. 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. 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 co-authors the annual Duff & Phelps’ Risk Premium Report (available through Morningstar and Business Valuation Resources). He is the co-author with Shannon Pratt of Cost of Capital: Applications and Examples 3rd ed (Wiley, 2008). He authored “Equity Risk Premium- 2006 Update?” that appeared in the summer, 2006 issue of CPA Expert and elsewhere and co-authored three chapters in The Handbook of Business Valuation and Intellectual Property Analysis (McGraw-Hill, 2004), including chapters on the equity risk premium and the valuation of pass-through entities. Roger teaches courses for the American Society of Appraisers including Cost of Capital, a course he developed.
