{"id":30475,"date":"2022-10-27T04:46:04","date_gmt":"2022-10-27T04:46:04","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=30475"},"modified":"2026-02-19T08:33:00","modified_gmt":"2026-02-19T08:33:00","slug":"beta-estimation-for-public-companies-thinly-traded-companies-and-nonpublic-companies","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/corporate-issuers\/beta-estimation-for-public-companies-thinly-traded-companies-and-nonpublic-companies\/","title":{"rendered":"Beta Estimation for Public Companies, thinly traded Companies, and Nonpublic Companies"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"VideoObject\",\n  \"name\": \"Cost of Capital \u2013 Fundamental Topics (2025 CFA\u00ae Level I \u2013 Corporate Issuers\u2013Module 6)\",\n  \"description\": \"This video lesson covers key concepts from the CFA Level I curriculum on the Cost of Capital. It explains how to calculate and interpret WACC, evaluate the cost of equity and debt, and incorporate tax effects. The lesson also discusses beta estimation techniques and properly accounting for flotation costs in project evaluation.\",\n  \"uploadDate\": \"2021-10-17T00:00:00+00:00\",\n  \"thumbnailUrl\": \"https:\/\/i.ytimg.com\/vi\/HkoJ_nedolg\/hqdefault.jpg\",\n  \"contentUrl\": \"https:\/\/www.youtube.com\/watch?v=HkoJ_nedolg\",\n  \"embedUrl\": \"https:\/\/www.youtube.com\/embed\/HkoJ_nedolg\",\n  \"duration\": \"PT40M28S\"\n}\n<\/script>\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Incorporating financial leverage when estimating beta for a nonpublic company\",\n    \"text\": \"Which of the following processes is most likely to be applied to an asset beta to reflect the effect of financial leverage when estimating the beta of a nonpublic company?\\n\\nA. Adjusted beta.\\n\\nB. Re-levering.\\n\\nC. Unlevering.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"B. Re-levering.\\n\\nRe-levering is the process of incorporating the effect of a subject company\u2019s financial leverage into an asset beta to estimate the company\u2019s equity beta. This step adjusts the asset beta to reflect the capital structure of the nonpublic company.\\n\\nA is incorrect because an adjusted beta accounts for the tendency of betas to revert toward 1.0 over time.\\n\\nC is incorrect because unlevering removes the effect of financial leverage from a comparable company\u2019s beta to arrive at an asset beta.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/HkoJ_nedolg?si=QCMYk2ZUFTmwGTsI\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n\n\n<p>Beta is an estimate of a company\u2019s systematic or market-related risk.<\/p>\n<h2><strong>Estimating Beta for Public Companies<\/strong><\/h2>\n<p>For public companies, beta is estimated through ordinary least squares (OLS) regression of returns on a stock on the returns on the market. The following factors influence the beta estimates from such a regression:<\/p>\n<ul>\n<li>The choice of index used to represent the market portfolio. For example, the S&amp;P 500 index is used as the market portfolio for the US equities.<\/li>\n<li>The length of the data period and the frequency of observations. The most common choice is five years of monthly data, yielding 60 observations.<\/li>\n<\/ul>\n<p>The beta value obtained through OLS regression is known as raw or unadjusted historical beta. Betas have tended to revert toward 1.0 over time, and since valuation is forward-looking, raw betas are adjusted so that they more accurately reflect future betas.<\/p>\n<p>$$<br \/>\\text { Adjusted beta }=\\left(\\frac{2}{3}\\right)(\\text { Unadjusted beta })+\\left(\\frac{1}{3}\\right)(1.0)<br \/>$$<\/p>\n<div style=\"margin: 18px 0 26px; text-align: center;\"><a style=\"display: inline-block; padding: 12px 18px; border: 2px solid #2563eb; border-radius: 14px; color: #2563eb; text-decoration: none; font-weight: 500; font-size: 15px; line-height: 1.2; background: #ffffff;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Practice beta estimation questions for CFA exam prep. <\/a><\/div>\n<h2><strong>Estimating Beta for Thinly Traded and Nonpublic Companies<\/strong><\/h2>\n<p>Analysts can indirectly estimate the beta of nonpublic companies using the beta of publicly traded comparable companies. This procedure must consider the effect on the beta of differences in financial leverage between the nonpublic company and the comparable one. This is done in two steps:<\/p>\n<p><strong>Step 1:<\/strong>\u00a0The comparable company\u2019s beta is unlevered to reflect the systematic risk. This is known as\u00a0<strong>asset beta<\/strong>\u00a0(\u03b2<sub>U<\/sub>).<\/p>\n<p>$$<br \/>\\beta_{U}=\\left[\\frac{1}{1+\\frac{D}{E}}\\right] \\beta_{E}<br \/>$$<\/p>\n<p>D and E represent the nonpublic company\u2019s debt and equity levels in this case.<\/p>\n<p><strong>Step 2:\u00a0<\/strong>The unlevered beta (asset beta) is then re-levered to reflect the financial leverage of the comparable company.<\/p>\n<p>$$<br \/>\\beta_{E}=\\left[1+\\frac{D}{E}\\right] \\beta_{U}<br \/>$$<\/p>\n<p>Analysts may use the median or average industry beta rather than a comparable company\u2019s beta. The un-levering and re-levering process can be applied to the asset beta using the median or average industry capital structure.<\/p>\n<blockquote>\n<h3><strong>Question<\/strong><\/h3>\n<p>Which of the following processes is\u00a0<em>most likely<\/em>\u00a0to be applied to an asset beta to reflect the effect of financial leverage when estimating the beta of a nonpublic company?<\/p>\n<ol style=\"list-style-type: upper-alpha;\">\n<li>Adjusted beta.<\/li>\n<li>Re-levering.<\/li>\n<li>Unlevering<\/li>\n<\/ol>\n<p><strong>Solution<\/strong><\/p>\n<p>The correct answer is<strong>\u00a0B<\/strong>.<\/p>\n<p>Re-levering is the process of incorporating the effect of the subject company\u2019s financial leverage on an asset beta.<\/p>\n<p><strong>A is incorrect<\/strong>. Adjusted beta is the estimated beta that reflects the tendency of betas to revert to 1.0 over time.<\/p>\n<p><strong>C is incorrect<\/strong>. Unlevering is the process of eliminating the comparable company&#8217;s financial leverage from its beta so that it only reflects the systematic risk. This process is used to arrive at the asset beta.<\/p>\n<\/blockquote>\n<div class=\"notes_inv\"><hr \/><\/div>\n<div style=\"text-align: center; margin-top: 32px;\"><a style=\"display: inline-block; padding: 16px 40px; background-color: #2563eb; color: #ffffff; text-decoration: none; border-radius: 14px; font-weight: bold; font-size: 17px;\" href=\"https:\/\/analystprep.com\/free-trial\/\" target=\"_blank\" rel=\"noopener noreferrer\"> Start Free Trial \u2192 <\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Beta is an estimate of a company\u2019s systematic or market-related risk. Estimating Beta for Public Companies For public companies, beta is estimated through ordinary least squares (OLS) regression of returns on a stock on the returns on the market. The&#8230;<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-30475","post","type-post","status-publish","format-standard","hentry","category-corporate-issuers","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Beta Estimation for Public and Private Firms | CFA Level 1<\/title>\n<meta name=\"description\" content=\"Learn how beta is estimated for public, thinly traded, and nonpublic firms using regression methods and adjustments for limited trading data.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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