Roger J. Grabowski is a managing director in the Chicago office and part of the firm's Valuation Advisory Services practice. He has more than 30 years of experience in business valuation.
Prior to joining Duff & Phelps, Roger was a managing director with Standard & Poor's Corporate Value Consulting. He also was a partner at PricewaterhouseCoopers and Price Waterhouse, where he founded its U.S. Valuation Services practice and the Real Estate Appraisal practice. Roger has directed valuations of businesses, interests in businesses, intellectual property, intangible assets, real property and machinery and equipment. He 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.
Roger's 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 three recently published books: Cost of Capital: Applications and Examples, 4th edition; the companion Cost of Capital, 4th edition Workbook and Technical Supplement; and Cost of Capital in Litigation: Applications and Examples (John Wiley & Sons). Roger authors the annual Duff & Phelps Risk Premium Report. He publishes regularly, for example, recent publications include “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); “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); three chapters co-authored in The Handbook of Business Valuation and Intellectual Property Analysis (McGraw-Hill), including chapters on the equity risk premium and the valuation of pass-through entities.. Roger teaches courses for the American Society of Appraisers, including Cost of Capital, part of the curriculum of the Center for Advanced Valuation Studies and a course he co-developed.
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 an Accredited Senior Appraiser.