Axiom Valuation Solutions is nationally recognized financial security and business valuation firm based in Wakefield, Massachusetts. Axiom specializes in fair value pricing of highly illiquid fixed income securities, common and preferred equity, and derivatives. Our client base for these services includes hedge and private equity funds as well as institutional investors- endowments, pension plans, and foundations. Axiom provides valuation services to both private and public firms related to the valuation of intangibles assets and goodwill for financial reporting purposes and for tax-related purposes. Axiom also works with privately-held businesses around the country on valuations for business succession, gifting, and estate tax purposes.
S&P Capital IQ Valuation Services provides investors with a cross-market approach to assessing risk and value in portfolios. We offer independent and transparent valuations across asset classes for global fixed income securities and complex illiquid instruments using both market-and model-based approaches. Clients use our evaluations to help monitor portfolios, calculate margin, analyze holdings, calculate net asset values and provide prices on client statements.
As a leading global independent provider of financial advisory and investment banking services, Duff & Phelps delivers trusted advice to our clients principally in the areas of valuation, transactions, financial restructuring, dispute and taxation. Our world class capabilities and resources, combined with an agile and responsive delivery, distinguish our clients’ experience in working with us. With offices in north America, Europe and Asia, Duff & Phelps is committed to fulfilling its mission to protect, recover and maximize value for its clients. The Duff & Phelps Portfolio Valuation team specializes in assisting private equity firms, hedge funds, business development companies and corporations as well as limited partners, institutional investors and endowments with the valuation of alternative investments, specifically securities and positions for which there are no “active market” quotations. Duff & Phelps also advises on valuation policy.
Acuitas is an Atlanta, Georgia based consulting firm which provides value and decision consulting for a wide range of corporate financial and tax transactions. Our professionals have served hundreds of clients from Fortune 500 corporations to various closely held entities and professional practices with issues related to understanding value or assisting with matters in dispute. www.acuitasinc.com
Analysis Group provides economic, financial, and business strategy consulting to law firms, corporations, and government agencies. Through their work in thousands of cases across multiple industries, they have built a reputation for excellence by providing fact-based, thoughtful interpretation of complex legal and business issues.
Analysis Group was founded in 1981. Most of their nearly 500 professionals have advanced degrees in economics, law, finance, accounting, and business. They work with an extensive network of experts at leading universities to develop state-of-the-art analyses and insights for their clients. Their academic rigor, coupled with their commitment to teamwork, ensures that their clients receive the highest-caliber work product and service.
Greg Carlin, Vice President, S&P Capital IQ, Valuation & Risk Strategies, is responsible for the Product Management team focused on the fixed income mark–to-market needs of industry participants. In this role, Greg has general manager responsibilities for all the business and product development activities of the business unit.
Greg has over twenty-five years experience in the fixed income market, functioning in a number of capacities throughout his career. His experience includes ten years in a securities pricing role, where he managed the development of a proprietary evaluation system for the pricing of over 3 million taxable and tax-exempt securities. Prior to his current role Greg spent seven years in a business development capacity focused on the development of solutions across all credit market needs.
Greg holds a B.S. in Finance from The University of Scranton and an MBA in Real Estate Investment from Rutgers, The State University of New Jersey. He is active in many industry groups and currently serves on the Executive Committee of The Software & Information Association’s Financial Information Services Division.
David Larsen is a managing director in the San Francisco office and part of the Portfolio Valuation service line. He has more than 25 years of transaction and accounting experience.
David has advised numerous strategic and private equity acquirers in all areas of mergers, acquisitions, joint ventures and divestitures. David serves as a special advisor to the Institutional Limited Partners Association; board member, project manager and technical advisor to the Private Equity Industry Guidelines Group and was instrumental in developing and drafting the Private Equity Industry Guidelines Group’s Valuation and Reporting Guidelines; member of Financial Accounting Standards Board’s Valuation Resource Group responsible for providing the Board with input on issues relating to the application of the principles of FASB ASC Topic 820, Fair Value Measurements, specifically with respect to alternative asset investments; member of the International Private Equity and Venture Capital Valuations Board, which released their updated International Private Equity Valuation Guidelines in 2009; and member of the American Institute of Certified Public Accountants (AICPA) Net Asset Value Task Force. David was the lead editor for the publication, “The Definitive Guide to Private Equity Valuation.”
Prior to joining Duff & Phelps, David was a Partner in KPMG LLP’s Transaction Services practice, where he was the segment leader of KPMG’s U.S. Institutional Investor practice. He served 13 years in KPMG’s Seattle, Düsseldorf and Prague audit practices prior to moving full time to deal work.
David received his M.S. in accounting from Brigham Young University’s Marriott School, his B.S. in accounting from Brigham Young University. He is a certified public accountant licensed in California and Washington. David is also a member of the AICPA and the California and Washington Society of Certified Public Accountants.
Dr. Feldman is Chairman and co-founder of Axiom Valuation Solutions based in Wakefield, Massachusetts. He is an expert in the valuation of complex financial securities, including thinly traded equity and fixed income instruments, and public and privately held businesses. He is the architect of Axiom’s credit risk and AIRAS (Alternative Investment Return Authentication Service) valuation platforms which are used to fair value both liquid and illiquid investments of retirement plans, endowment funds and hedge funds. Dr. Feldman is a leading expert in valuation issues related to Purchase Price Accounting (FAS 141R) and Goodwill Impairment (FAS 142), particularly as they impact the valuation of intangible assets. Dr. Feldman has extensive background in valuing complex capital structures of early and late stage VC and private equity financed firms and has conducted numerous assignments to meet the requirements of FAS 123R and IRS 409A. He is a Daubert-qualified expert and has provided expert testimony on numerous and complicated valuation issues. He has taught and researched valuation issues as a tenured Associate Professor of Finance at Bentley University in Waltham, Massachusetts. Dr. Feldman was a member of the Financial Accounting Standards Board’s (FASB) Valuation Resources Group, an external advisory committee on valuation issues.
Dr. Feldman is the author of a professional book Principles of Private Firm Valuation published by John Wiley Publishers in 2005. He is also the principal author of What Every Business Owner Should Know about Valuing Their Business published by McGraw-Hill Professional Books in November 2002. He contributed the “The Valuation of Private Firms” chapter for Fabozzi’s Handbook of Finance (2008).
Mark L. Zyla is a Managing Director of Acuitas, Inc. an Atlanta Georgia based valuation and litigation consultancy firm. Mark has provided valuation consulting for various types of entities for a wide variety of purposes.
Mark received a BBA degree in Finance from the University of Texas at Austin and an MBA degree with a concentration in Finance from Georgia State University. Mark also completed the Mergers and Acquisitions Program at the Aresty Institute of The Wharton School of the University of Pennsylvania and the Valuation Program at the Graduate School of Business at Harvard University. He is a Certified Public Accountant, Accredited in Business Valuation (“CPA/ABV”), Certified in Financial Forensics (“CFF”) by the AICPA, a Chartered Financial Analyst (“CFA”), and an Accredited Senior Appraiser with the American Society of Appraisers certified in Business Valuation (“ASA”).
Mark is a member of the American Society of Appraisers (“ASA”), the American Institute of Certified Public Accountants (“AICPA”), and the CFA Institute. He was a member of The Appraisal Foundation’s Business Valuation Best Practices Working Group on Contributory Asset Charges and the AICPA’s Fair Value Resource Panel. He is currently working on the AICPA’s Impairment Practice Aid Task Force. He is also the Chairman of the AICPA’s Fair Value Measurement Conference Committee. Mark is a former member of the Business Valuations Committee of the AICPA, and a former Chairman of the ABV Examination Committee of the AICPA. He is also a member of the Business Valuation Standards Subcommittee of the ASA.
Mark is a frequent presenter and author on valuation issues. Mark is the co-author of the courses, “Fair Value Accounting: A Critical New Skill for All CPAs” published by the AICPA. He is the author of Fair Value Measurements: Practical Guidance and Implementation recently published by John Wiley & Sons.
Elizabeth A. Evans, Principal, M.B.A., finance, accounting, and statistics, the University of Chicago Graduate School of Business; J.D., the University of Alabama; B.A., the University of Alabama; CPA; CMA; CFA charterholder
Ms. Evans is an economist and lawyer specializing in finance and accounting. She has 25 years of experience in forensic accounting and analyzing the internal accounting systems of various firms for litigation purposes. Ms. Evans has evaluated total costs, variable costs, incremental costs, cost-allocation methods, and revenue recognition policies. She has performed solvency tests for fraudulent conveyance matters. Ms. Evans has ascertained whether material adverse events have occurred, SEC filings omitted material information, and auditors followed GAAS. She has analyzed the effects of accounting choices and GAAP on financial statements and stock prices in securities cases and valued various types of assets, liabilities, and firms. Ms. Evans has conducted economic analyses of complex derivatives including subprime instruments. In addition, she has supervised and performed general damage analyses and developed discount rate and cash-flow analyses to determine lost profits or royalties and value assets, projects, and/or firms. Ms. Evans is the author of "Introduction to Costs in Litigation" in the Handbook of Cost Management and "The Economics in Accounting for Litigation" and “Economic Analysis of Nonpatent Intellectual Property Rights” in the Litigation Services Handbook, 4th ed.