Roger J. Grabowski, FASA, is a Managing Director of Duff & Phelps, LLC and Fellow of the American Society of Appraisers. 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 is the co-author with Shannon Pratt of Cost of Capital: Applications and Examples 5th ed. (Wiley, 2014); The Lawyer’s Guide to Cost of Capital (American Bar Association, 2014); and Cost of Capital in Litigation: Applications and Examples (Wiley, 2011). He is also co-author of the Duff & Phelps Valuation Handbook series of annual books: Valuation Handbook – Guide to Cost of Capital; Valuation Handbook – Industry Cost of Capital; and International Valuation Handbook – Guide to Cost of Capital (Wiley).
Recent publications include: “Developing the Cost of Equity Capital: Risk-free rate and ERP During Periods of ‘Flight to Quality,’” Business Valuation Review (Winter 2010); “Estimating Discounts for Lack-of-Marketability for Restricted Stock,” with Daniel McConaughy, Valuation Strategies (July/August 2010); and “Cost of Capital Estimation in The Current Distressed Environment,” The Journal of Applied Research in Accounting and Finance (July 2009).
Roger teaches courses for the American Society of Appraisers including Cost of Capital, a course he developed.