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Has the credit crisis left your company with investors or regulators demanding granular information about assets and liabilities that are complex, infrequently traded, and are difficult to value?

Join the club.

Today hedge funds, private equity firms, banks, and insurance companies are increasingly required to deliver an accurate assessment of assets owned or managed due to increased accounting and regulatory standards for the financial services industry worldwide.

Exaggerating the problem is that the crisis rendered many financial asset markets thin and illiquid, highlighting the need for a disciplined, transparent approach for assets where marked-to-market or intrinsic valuation is required, yet no visible market exists. The common survey technique of pricing securities that are not exchange traded without a real analysis of validity of the pricing “quotes” have come under serious question.

Furthermore, due to the thinness of actual markets for certain assets, the traded or implied market values may be far from actual intrinsic values from future expected cash flows under the base economic assumptions. Therefore the exercise of determining value would need to be designed to the particular application and scenario. This is particularly important when small variations in assumptions can dramatically affect the resulting valuation, hence leading to not one but a large range of valuations.

Valuation methodologies should follow well developed and documented approaches incorporating key characteristics of the asset, including a level of underlying details which could materially affect the valuation in extreme scenarios. These methodologies include legal structure, as well as reasonably supported macro and asset specific forecasts.

The assumptions used for situations where the ultimate objective is to assess the possible amount an informed investor would pay to acquire the asset (marked-to-model) can be different from the those where the end goal is to assign an intrinsic value in held-to-maturity portfolios. The rationale is that the market-implied assumptions are mostly driven by the availability of risk appetite and not just pure risk-neutral expectations.

Achieving this objective is particularly acute in less frequently traded assets such as loan pools (mortgage, consumer, corporate, asset-based or project finance types), securitized assets, derivatives or illiquid single obligors. Some examples include mortgage-backed securities, asset-backed securities, collateralized debt obligations, distressed corporate/public/project finance, and other complex structured instruments, which are frequently referred to as hard-to-value assets (HTVAs).

The reason is that many of these structured or private instruments were originally designed to be bought and held, not to be used for short-term or day-to-day trading. The intended buyers were more interested in cash flows as opposed to value in trading. Though there is often a lack of publicly available data associated with these assets, it should not prohibit the development of a sound, economic based framework to estimate the appropriate cash flows and discount rated for these highly illiquid structured products for different uses.

There are several methods for valuing HTVAs. Some are highly complex while others are basic and easy to understand. As in all valuation matters, selection of the appropriate methodology is driven to some degree by the actual purpose for the end results, end-users, and their ability to understand the methodology. Methodology is also limited to available information and related assumptions.

Valuation of complex assets and liabilities is not a new problem for the global financial industry, with or without active market prices for reference. Valuation of HTVAs requires the application of a sound and disciplined framework, combined with professional judgment, to arrive at an appropriate proxy to market value or intrinsic value. Investors and regulators often need to have confidence that asset valuations are transparent, credible, and unbiased.

To conduct complex asset valuations, financial institutions generally have relied on internally generated models and a range of outside pricing services, but up to now there have been no precise established guidelines for how to do the valuations. Although company auditors include such valuations in their reviews, they, too, could benefit from clearer standards.

Any valuation exercise is a multi-step process, where each step supports the analysis generated on the subsequent steps. The first step of the process is outlining the underlying rationale and application for the asset valuation and key assumptions of the asset valuation. The second is defining the business, legal, and economic attributes of the asset. The third step is choosing a valuation methodology where the specific quantification and financial analysis is performed to generate a financial result. The final step is the qualification of the valuation, with this step addressing the crucial issue of how the valuation analysis solves a business problem or generates a recommendation to a specific business question.

The intended purpose of the valuation defines the legal or regulatory context, jurisdictional court of resolution, acceptable methodologies, and rules of thumb that have developed in that particular field. While there are countless reasons why an asset must be valued, the six common ones include:

An understanding of the foundational questions of WHO (who is the end-user of the valuation?), WHAT (what are we valuing?), WHEN (when in the asset life-cycle are we valuing?) and WHY (why is the valuation required?) combined with an understanding of the legal, business, and financial attributes of the asset help ensure the proper selection and computation of the valuation methodology.

For HTVAs, valuation techniques leverage generally accepted discounted cash flows and mark-to-market methods, derivatives option models, real options techniques, probability-weighted and dynamic cash flow models, custom simulation models, reference/inference-based comparables approaches, and zero-arbitrage calculation techniques. For the impairment analysis of complex debt instruments, credit rating agencies ratings or statistical loss experience are used to imply expected losses over longer periods.

Experience in a variety of asset classes allows valuation analysts to quickly assess market specifics, identify important and potentially unique valuation characteristics of the asset, assess the impact of market dynamics on market value, and use defendable, industry standard methods to derive a fair valuation.

Valuation analysts need to have the ability to combine economics, finance, statistics, econometrics and perform valuation methods that go beyond traditional approaches to valuation, especially in cases where historical data and other valuation benchmarks are either unavailable or considered inadequate. As a general rule, the reliability of a valuation method decreases as the number of adjustments and assumptions increases, therefore the best method in some cases are the simplest and most straightforward considering key relevant facts and circumstances.

For most valuation applications, all methods are in principle applicable equally – there is no hierarchy of methods. Additionally, most valuation methods, if applied properly, should converge near a similar valuation estimate or range of values for a well-defined use. As a consequence, most practitioners suggest employing multiple valuation methods for a given asset to demonstrate robustness and completeness of the analysis. In practice this is often difficult as data for multiple methods is often unavailable or the economic characterization of the asset precludes use of any given method.

The development of sound and robust valuation methodologies in good times, and their disciplined and consistent application by appropriately trained valuation analysts, should help strengthen their capacity to assess and challenge market prices and produce reasonable valuations during periods of stress.

All valuation methods have their strengths and shortcomings, yet like many other facets of valuation, estimating an appropriate discount for particular use for illiquid securities requires judgment. As a result, regardless of the methodology, an expert will be needed who understands the importance of assumptions that are made, the need to develop a reasonable and rational conclusion, and ultimately has the ability to explain complex concepts in a way that the ultimate end user can understand and even replicate the calculations.

A full-service independent valuation firm needs to have the following characteristics:

By design, the HTVA valuation capabilities at NewOak are data-enabled, technologically powered, and domain expert driven. The complex asset and advisory team at NewOak works with clients to help understand, evaluate, restructure, secure, and dispose of assets requiring specialized valuation expertise, including operating businesses, complicated financial instruments, single-asset or pools of residential/commercial real estate, consumer, asset-based, corporate, public finance, and project finance loans.

NewOak’s investment in both expert personnel and infrastructure have earned the confidence of some of the largest financial institutions both domestically and internationally to analyze and evaluate over $2 trillion of complex assets in variety of sensitive situations.

We are an integrated financial advisory and technology services company, providing a range of services to Global Financial Institutions, Institutional Investors, Law Firms and Regulatory bodies and are organized to serve as an ally to institutions in addressing the challenges of the global credit markets.

Using an integrated analytics platform, our services include Credit Modeling, Distressed and Illiquid Asset Advisory, Asset Valuation and Risk Analysis, Mortgage Credit and Compliance Services and Enterprise Risk Services. Our experts – more than 60 professionals with an average of 15+ years of experience across multiple asset classes and credit cycles – incorporate the interaction of residential/commercial, consumer, and corporate credits via capital markets, financial institutions, corporate spending/capital needs, and consumer behavior.

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Not only did the Fox medical drama “The Resident” get renewed for a sixth season this week, a face from the past returned for emotional new scenes in on Tuesday’s season finale.

Nicolette “Nic” Nevin (Emily VanCamp) returned to the show to star in a several flashback scenes with Conrad Hawkins (Matt Czuchry). The season began with her shocking death, leaving Conrad widowed and in charge of their young child together. Prior to VanCamp’s departure, where her character died after a brain injury in a car crash, she was a lead on the hit show.

The flashbacks all come from a night the couple had out shortly after the birth of Gigi, from anxiously greeting the babysitter at the beginning of the episode to hitting the dance floor at the bar, pointing to moments where Nic innocently accused Conrad of having crushes or flirting throughout the evening.

When Conrad confided to Winston (Stephen Wallem) about his grief and flashbacks, the latter urged him to listen to the messages: “Maybe you shouldn’t fight these memories. Maybe they’re trying to tell you something. The past never goes away. If you don’t deny it, you can learn from it.”

Tellingly, a third flashback came as Conrad was comforting potential love interest Cade (Kaley Ronayne) after she delivered the news to her father, Dr. Ian Sullivan (Andrew McCarthy), that he had pancreatic cancer. Daydreaming during his embrace with Cade, Conrad reassured Nic, after she misinterpreted a moment at the bar where he similarly comforted the wife of a sick patient. “You have nothing to be worried about,” he said.Y “You’re the only woman I’ve loved since the first moment I saw you, and I can’t imagine life without you.”

A brief fourth flashback showed the couple returning home to Gigi.

The episode’s end cut to the engagement party for Randolph Bell (Bruce Greenwood) and Kitt Voss (Jane Leeves).

At one table, Cade and Dr. Billie Sutton (Jessica Lucas) discussed how they were both just friends with Conrad, with Billie slyly adding a “…so far” at the end. Shady!

At another table, Conrad, lost in his thoughts and remembering dancing and playing pool with Nic at the bar, looked sad. But despite moping, Dr. Devon (Manish Dayal) urged him to cut loose, saying, “Maybe it’s time to make new memories.”

After another flashback where Conrad and Nic discussed what would happen if one of them died and who would take care of Gigi, with both encouraging the find love after the other has passed, Conrad took a sip of his drink and walked up to Cade and Billie at the bar — only for the scene to cut and leave us in the dark until next season. How cruel to leave us on such a cliffhanger, “The Resident”!

Watch a featurette about the new scenes below:

The best way to find a likely value for your paintings is either to take them to an auction house, or else to take them to one or more art dealers.

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