PV = Σ CFₜ / (1 + r)ᵗ E[Rᵢ] = r_f + βᵢ (E[Rₘ] − r_f) WACC = (E/V)·rₑ + (D/V)·r_d·(1 − T) P₀ = D₁ / (r − g) C = S·N(d₁) − K·e^(−rT)·N(d₂) EV = Σ FCFFₜ / (1 + WACC)ᵗ + TV βₗ = β_u · [1 + (1 − T)·(D/E)] PV = Σ CFₜ / (1 + r)ᵗ E[Rᵢ] = r_f + βᵢ (E[Rₘ] − r_f) WACC = (E/V)·rₑ + (D/V)·r_d·(1 − T) P₀ = D₁ / (r − g) C = S·N(d₁) − K·e^(−rT)·N(d₂) EV = Σ FCFFₜ / (1 + WACC)ᵗ + TV βₗ = β_u · [1 + (1 − T)·(D/E)] PV = Σ CFₜ / (1 + r)ᵗ E[Rᵢ] = r_f + βᵢ (E[Rₘ] − r_f) WACC = (E/V)·rₑ + (D/V)·r_d·(1 − T) P₀ = D₁ / (r − g) C = S·N(d₁) − K·e^(−rT)·N(d₂) EV = Σ FCFFₜ / (1 + WACC)ᵗ + TV βₗ = β_u · [1 + (1 − T)·(D/E)] PV = Σ CFₜ / (1 + r)ᵗ E[Rᵢ] = r_f + βᵢ (E[Rₘ] − r_f) WACC = (E/V)·rₑ + (D/V)·r_d·(1 − T) P₀ = D₁ / (r − g) C = S·N(d₁) − K·e^(−rT)·N(d₂) EV = Σ FCFFₜ / (1 + WACC)ᵗ + TV βₗ = β_u · [1 + (1 − T)·(D/E)] PV = Σ CFₜ / (1 + r)ᵗ E[Rᵢ] = r_f + βᵢ (E[Rₘ] − r_f) WACC = (E/V)·rₑ + (D/V)·r_d·(1 − T) P₀ = D₁ / (r − g) C = S·N(d₁) − K·e^(−rT)·N(d₂) EV = Σ FCFFₜ / (1 + WACC)ᵗ + TV βₗ = β_u · [1 + (1 − T)·(D/E)] PV = Σ CFₜ / (1 + r)ᵗ E[Rᵢ] = r_f + βᵢ (E[Rₘ] − r_f) WACC = (E/V)·rₑ + (D/V)·r_d·(1 − T) P₀ = D₁ / (r − g) C = S·N(d₁) − K·e^(−rT)·N(d₂) EV = Σ FCFFₜ / (1 + WACC)ᵗ + TV βₗ = β_u · [1 + (1 − T)·(D/E)]
Credentials

Academic and industry background.

Education

  • MA, Economics and Finance — Webster University, Geneva, Switzerland
  • Executive program in finance — The Wharton School, University of Pennsylvania
  • Executive program in finance — Darden School, University of Virginia

Industry Service

  • Arbitrator, NASD (now FINRA)
  • Arbitrator, National Futures Association
  • Board of Directors, Futures Industry Association — Chicago Division