Roger J. Grabowski, F.A.S.A — Kroll LLC

Roger J. Grabowski, FASA, is a Managing Director at Kroll LLC (formerly Duff Phelps). He was formerly Managing Director of the Standard Poor's Corporate Value Consulting practice, 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 matters of solvency, the value of closely held businesses and business interests, valuation and amortization of intangible assets and other valuation issues. 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 co-author of I. Chapter 19, "Discount Rates in Theory," Lost Profits Damages: Principles, Methods and Applications 2nd ed. (Valuation Products and Services, 2022); II. the Duff & Phelps Valuation Handbook series on cost of capital; III. The Lawyer's Guide to Cost of Capital – Understanding Risk and Return for Valuing Businesses and Other Investments (American Bar Association, 2014); IV. Cost of Capital: Applications and Examples, 5th edition (John Wiley & Sons, 2014). He is a contributing author to Shannon Pratt's Valuing a Business 6th ed. (McGraw Hill, 2022)

Recent papers include "The Size Effect-It is Still Relevant," Business Valuation Review (Summer 2016); “Cost of Capital Estimation in The Current Distressed Environment,” The Journal of Applied Research in Accounting and Finance (July 2009); “Problems with Cost of Capital Estimation in the Current Environment – Update,” Business Valuation Review (Winter 2008); and “Cost of Capital in Valuation of Stock by the Income Approach: Updated for an Economy in Crisis” co-authored with Shannon Pratt, The Value Examiner (Jan/Feb 2009).

Roger lectures for professional organizations regularly.

Roger completed all coursework in the doctoral program in finance at Northwestern University and holds a B.B.A. in finance from Loyola University of Chicago. He is also a Fellow of the American Society of Appraisers (their highest level of recognition), in Business Valuation.