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Artículos de revistas sobre el tema "Discount for lack of marketability"

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Publicado: 4 de junio de 2021
Última modificación: 7 de febrero de 2022

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1

Sansing, Richard C. "Economic Foundations of Valuation Discounts." Journal of the American Taxation Association 21, s-1 (1999): 28–38. http://dx.doi.org/10.2308/jata.1999.21.s-1.28.

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This paper develops and analyzes two models of asset valuation from which the appropriate discounts for lack of marketability, blockage, and minority ownership are derived. The analysis of the first model shows that a lack of prospective buyers is a necessary but not sufficient condition for a discount for lack of marketability. Heterogeneous beliefs among prospective buyers regarding the value of the asset are also required. A consequence of this result is that the proper marketability discount for an interest in a partnership that holds easily valued investment assets is zero. Analysis of the second model shows that a discount for owning a minority interest reflects the ability of a majority owner to indirectly transfer wealth to himself at the expense of the minority owner. If a discount exists, it is decreasing in the cost of the transfer to the corporation and decreasing in the ownership interest of the majority shareholder.
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2

Rýdlová, Barbora. "Lack of Marketability Discount - Analysis of Empirical Studies." Český finanční a účetní časopis 2006, no. 1 (2006): 118–34. http://dx.doi.org/10.18267/j.cfuc.132.

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3

TAUB, MAXWELL J. "Some Thoughts on the Lack of Marketability Discount." Business Valuation Review 13, no. 3 (1994): 113–14. http://dx.doi.org/10.5791/0882-2875-13.3.113.

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4

ABRAMS, JAY B. "Discount For Lack of Marketability: A Theoretical Model." Business Valuation Review 13, no. 3 (1994): 132–39. http://dx.doi.org/10.5791/0882-2875-13.3.132.

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5

LERCH, MARY ANN. "Yet Another Discount for Lack of Marketability Study." Business Valuation Review 16, no. 2 (1997): 70–106. http://dx.doi.org/10.5791/0882-2875-16.2.70.

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6

Kania, John J. "Evolution of the Discount for Lack of Marketability." Business Valuation Review 20, no. 1 (2001): 11–17. http://dx.doi.org/10.5791/0882-2875-20.1.11.

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7

Abbott, Ashok B. "Discount for Lack of Marketability: An Empirical Analysis." Business Valuation Review 22, no. 4 (2003): 172–79. http://dx.doi.org/10.5791/0882-2875-22.4.172.

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8

Hatch, John. "Discount for Lack of Marketability: Do IPO Studies Tell Us Anything?" Business Valuation Review 23, no. 1 (2004): 10–13. http://dx.doi.org/10.5791/0882-2875-23.1.10.

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9

Brooks, Robert. "A General Option Valuation Approach to Discount for Lack of Marketability." Business Valuation Review 35, no. 4 (2016): 135–48. http://dx.doi.org/10.5791/bvr-d-16-00008.1.

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10

Chipalkatti, Niranjan. "Estimating the Discount For Lack of Marketability-Using Proportional Bid-Ask Spreads." Business Valuation Review 20, no. 1 (2001): 3–10. http://dx.doi.org/10.5791/0882-2875-20.1.3.

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11

LaPray, Joseph. "Hypothecation Impairment as a Component of a Discount for Lack of Marketability." Business Valuation Review 21, no. 3 (2002): 142–44. http://dx.doi.org/10.5791/0882-2875-21.3.142.

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12

Emory, John D., F. R. Dengel, and John D. Emory. "Discounts for Lack of Marketability, Emory Pre-IPO Discount Studies 1980–2000, As Adjusted October 10, 2002." Business Valuation Review 21, no. 4 (2002): 190–91. http://dx.doi.org/10.5791/0882-2875-21.4.190.

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13

JOHNSON, BRUCE A. "Quantitative Support for Discounts for Lack of Marketability." Business Valuation Review 18, no. 4 (1999): 152–55. http://dx.doi.org/10.5791/0882-2875-18.4.152.

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14

Pratt, Shannon P. "In Defense of Discounts for Lack of Marketability." Business Valuation Review 29, no. 3 (2010): 97–99. http://dx.doi.org/10.5791/0897-1781-29.3.97.

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15

Angrist, Ezra, Harry Curtis, and Daniel Kerrigan. "Regression Analysis and Discounts for Lack of Marketability." Business Valuation Review 30, no. 1 (2011): 36–48. http://dx.doi.org/10.5791/0897-1781-30.1.36.

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16

Butler, Peter J., Keith A. Pinkerton, and Dennis R. Reinstein. "A Hybrid Restricted Stock/Pre-IPO Data Point: Lack of Marketability Discount for ESOPs." Business Valuation Review 26, no. 2 (2007): 42–44. http://dx.doi.org/10.5791/0882-2875-26.2.42.

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17

GARBER, STEVEN. "A Proposed Methodology for Estimating the Lack of Marketability Discount Related to ESOP Repurchase Liability." Business Valuation Review 12, no. 4 (1993): 172–81. http://dx.doi.org/10.5791/0882-2875-12.4.172.

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18

CHAFFE, DAVID B. H. "Option Pricing as a Proxy for Discount for Lack of Marketability in Private Company Valuations." Business Valuation Review 12, no. 4 (1993): 182–88. http://dx.doi.org/10.5791/0882-2875-12.4.182.

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19

Hatch, John A. "Restricted Stock Studies and Discounts for Lack of Marketability." Business Valuation Review 23, no. 2 (2004): 74–77. http://dx.doi.org/10.5791/0882-2875-23.2.74.

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20

Stockdale, John J. "Time is of the Essence: A Proposed Model for Computing the Discount for Lack of Marketability." Business Valuation Review 25, no. 3 (2006): 108–14. http://dx.doi.org/10.5791/0882-2875-25.3.108.

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21

SLIWOSKI, LEONARD J. "Built in Gains Tax, Discounts for Lack of Marketability, andEisenberg v. Commissioner." Business Valuation Review 17, no. 1 (1998): 3–6. http://dx.doi.org/10.5791/0882-2875-17.1.3.

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22

Kania, John J. "Predicting Lack of Marketability Discounts by Use of an Econometric (Statistical Regression) Model." Business Valuation Review 21, no. 4 (2002): 175–80. http://dx.doi.org/10.5791/0882-2875-21.4.175.

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23

Stephenson, Tara. "Stock Price Discounts for Lack of Marketability: OTC Market Empirical Results 2005–2008." Business Valuation Review 29, no. 1 (2010): 12–17. http://dx.doi.org/10.5791/0897-1781-29.1.12.

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24

Paglia, John K., and Maretno Agus Harjoto. "Can Publicly Traded Company Multiples Shed Insights on Discounts for Lack of Marketability?" Business Valuation Review 29, no. 1 (2010): 18–22. http://dx.doi.org/10.5791/0897-1781-29.1.18.

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25

Finnerty, John D. "Using Put Option–based DLOM Models to Estimate Discounts for Lack of Marketability." Business Valuation Review 31-32, no. 4, 1-3 (2013): 165–70. http://dx.doi.org/10.5791/13-00001.1.

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26

PETERS, JERRY O. "Lack of Marketability Discounts for Controlling Interests: An Analysis of Public vs. Private Transactions." Business Valuation Review 14, no. 2 (1995): 59–61. http://dx.doi.org/10.5791/0882-2875-14.2.59.

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27

Pratt, Shannon. "Using Pre-IPO and Restricted Stock Data to Estimate Discounts for Lack of Marketability." Business Valuation Review 23, no. 2 (2004): 63–68. http://dx.doi.org/10.5791/0882-2875-23.2.63.

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28

FRAZIER, WILLIAM H. "Will Proposed Rule 144A And Revisions To Rule 144 Affect Lack Of Marketability Discounts?" Business Valuation Review 8, no. 4 (1989): 157–59. http://dx.doi.org/10.5791/0882-2875-8.4.157.

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29

Macnaughton, Alan. "Discussion of Economic Foundations of Valuation Discounts." Journal of the American Taxation Association 21, s-1 (1999): 39–41. http://dx.doi.org/10.2308/jata.1999.21.s-1.39.

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The purpose of the Sansing (1999) paper is to bring some rigor to the fuzzy and contentious area of valuation discounts. This is worthwhile as valuations are seldom dispassionate searches for the truth. Sometimes the taxpayer's goal is to inflate the value, as in the case of a charitable donation; in other situations, such as for estate and gift taxes, the desire is to obtain a low value. The first part of the discussion considers discounts for lack of marketability, while the second part considers minority discounts and integrates the two types.
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30

Fishman, Jay E., and Bonnie O'Rourke. "Estimating Discounts for Lack of Marketability: Understanding Alternative Approaches—Put Options Versus Monetizing an Option Collar." Business Valuation Review 35, no. 3 (2016): 81–85. http://dx.doi.org/10.5791/0882-2875-35.3.81.

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31

LERCH, MARY ANN. "Measuring Lack of Marketability Discounts from IPO Pricing–The Graphic Approach IPO Data: November 1995 - April 1997." Business Valuation Review 19, no. 2 (2000): 70–79. http://dx.doi.org/10.5791/0882-2875-19.2.70.

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32

Young, Christopher, and James Janos. "Incongruent Court Advice: Examining Fair Value and Fair Market Value Standards in Commercial Damage Cases Pursuant to Minority Claims." Journal of Forensic Economics 28, no. 1-2 (2019): 197–209. http://dx.doi.org/10.5085/jfe-425.

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Abstract The standard of value in shareholder oppression and dissolution cases for a valuation of a minority shareholder's interest in a business in most U.S. states is fair value. The fair value standard in most U.S. states excludes discounts for control and lack of marketability. However, the three valuation approaches commonly used (income, market, and asset) all yield different levels of value. Consequently, this can unfairly negatively or positively impact minority and oppressed shareholders. In this paper we examine these inconsistencies and offer a solution to arriving at a level of value the trier of fact is seeking to obtain.
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33

Grabowski, Roger J., and Anas Aboulamer. "Total Beta—Where Does It Fit in Valuation Theory." Business Valuation Review 39, no. 1 (2020): 14–25. http://dx.doi.org/10.5791/20-00005.1.

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The valuation of any company by the discounted cash flow method is divided into two different tasks: forecasting cash flows and discounting these same cash flows using the appropriate discount rate. The latter requires a good understanding of the risks faced by the subject company's cash flows to be able to determine the appropriate risk premia to compensate a typical willing buyer and satisfy a typical willing seller. There is a high level of ambiguity and dispersion of opinions about how to quantify these risks especially when valuing closely held companies. To avoid dealing with the task of identifying and measuring components of the appropriate risk premia for the subject company, some practitioners have turned to a measure that, supposedly, lumps all risks together (which they term Total Beta) and purportedly then allows one to estimate a total cost of equity. The proponents of total beta believe that by using a “total risk” beta there is no need to consider size premia, lack of marketability premia or company specific risk premia. Critics of total beta argue that there is no theoretical basis for total beta as a measure of total risk. This paper argues for the camp of the critics of total beta because we believe it represents a major departure from finance theory and does not adjust the cost of capital correctly for Company Specific Risk. Then, we examine academic research to show that the two major arguments used by total beta proponents to discredit the existing model do not hold. We do not argue that the existing models are absolute truth. We recognize the limitation of the CAPM and/or Modified CAPM models and we admit their inability of answer all questions regarding the cost of equity. However, we believe that total beta is not a step in the right direction.
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34

Paulsen, Jon. "Marketability Discount Concerns." Business Valuation Review 20, no. 1 (2001): 24–26. http://dx.doi.org/10.5791/0882-2875-20.1.24.

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35

Seaman, Ronald M. "A Minimum Marketability Discount." Business Valuation Review 24, no. 4 (2005): 177–80. http://dx.doi.org/10.5791/0882-2875-24.4.177.

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36

Mercer, Z. Christopher. "A Current View of the Restricted Stock Studies and Restricted Stock Discounts." Business Valuation Review 40, no. 2 (2021): 44–60. http://dx.doi.org/10.5791/21-00001.

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Although there is relevant evidence in some restricted stock studies that can be helpful for marketability discount determinations, comparisons with average discount observations from these studies do not provide a meaningful methodology to estimate marketability discounts. We conclude this despite the fact that too many valuation analysts continue to rely on simplistic comparisons with averages of restricted stock discounts from dated studies in their marketability discount determinations.
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37

Pastusiak, Radosław, Jakub Keller, and Michał Radke. "Marketability Discount in Various Economic Environments. Comparison of Developed and Emerging Markets on the Example of the USA and Poland." Journal of Risk and Financial Management 13, no. 6 (2020): 132. http://dx.doi.org/10.3390/jrfm13060132.

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The aim of the presented article is to compare and evaluate the occurrence and level of marketability discount in developed and emerging markets in the example of the United States of America (USA) and Poland. According to the hypothesis put forward in the article, due to the smaller degree of development and depth of emerging markets, the marketability discount obtained in the context of the initial public offering (IPO) is lesser in its extent, as compared to the case when the IPO takes place in the developed market. The authors have made a statistic and econometric analysis based on a sample of nearly 200 IPOs in Poland and 1200 IPOs in the USA. The study used an analysis of the statistical differences between the groups (t-test), and also a linear modelling of the determinants of liquidity discount volume. The obtained results show that the stated hypothesis was correct, and that there are significant differences between the studied markets in reference to the marketability discount. The authors also concluded that the discount is not related to the condition of the company.
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38

PHILLIPS, JOHN R., and NEILL W. FREEMAN. "What Is the Marketability Discount for Controlling Interests?" Business Valuation Review 18, no. 1 (1999): 3–11. http://dx.doi.org/10.5791/0882-2875-18.2.3.

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39

Mercer, Z. Christopher, and Travis W. Harms. "Marketability Discount Analysis at a Fork in the Road." Business Valuation Review 20, no. 4 (2001): 21–38. http://dx.doi.org/10.5791/0882-2875-20.4.21.

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40

Finnerty, John D. "An Average-Strike Put Option Model of the Marketability Discount." Journal of Derivatives 19, no. 4 (2012): 53–69. http://dx.doi.org/10.3905/jod.2012.19.4.053.

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41

Grigor'eva, E. A. "Specifics of determining the discount rate in the machine-building enterprise valuation." Financial Analytics: Science and Experience 13, no. 2 (2020): 167–82. http://dx.doi.org/10.24891/fa.13.2.167.

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Subject. Currently, there is an increasing need to determine the market value of organizations. Machine-building enterprises have a number of special features that must be taken into account when evaluating the business. Objectives. The focus is on developing certain provisions of methodology and practice for evaluating engineering organizations, namely, the assessment of additional risk of inventory items’ marketability when calculating the discount rate. Methods. The study employs the dialectical method of cognition, the systems approach, economic and analytical research methods. Results. I analyzed the specifics of marketability of inventory items of engineering enterprises and risks related thereto. The paper offers a three-level classification of stock and its risk identification, taking into account the criteria for dividing the stock by purpose, liquidity, and inventory carrying costs in accordance with the included scale. Based on the classification, I developed recommendations for determining the discount rate when evaluating engineering organizations, aimed at additional risk assessment. Conclusions. Evaluation procedures within the framework of traditional approaches and methods applied to machine-building enterprises disregard the risks that are specific to this type of economic activity. The proposed methodology for calculating the discount rate for these organizations is tailored to the specifics of their operation.
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42

Feldman, Stanley Jay. "A Note on Using Regression Models to Predict the Marketability Discount." Business Valuation Review 21, no. 3 (2002): 145–51. http://dx.doi.org/10.5791/0882-2875-21.3.145.

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43

Rodríguez López, Ángel, and Gracia Rubio Martín. "THE MARKETABILITY DISCOUNT IN SPANISH VALUATION MULTIPLES: INVESTORS’ PERCEPTION IN LISTED COMPANIES VERSUS PRIVATE TRANSACTIONS." Journal of Business Economics and Management 20, no. 1 (2019): 107–30. http://dx.doi.org/10.3846/jbem.2019.8101.

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The aim of this paper is to assess the fair marketability discount (MD) in the Spanish market for valuation multiples comparing public versus private transactions. The study finds that to obtain MD it is necessary previously to control by a battery of factors that affects ratios’ prices such as industry, firm size, profitability, risk, year and also other characteristics about the buyer. The interactions of MD with each variable showed different investors’ perceptions about non marketability enterprises explaining MD. The valuation methodology applied in the research was a cross section of 824 public and private acquisitions in the Spanish market from the period 2006−2017. This work represents important evidence, in a more integrated vision than previous literature, for analysts and regulators stressing the necessity to apply MD in Spanish valuation processes based in listed multiples.
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44

Callen, Jeffrey L., Suresh Govindaraj, and Bharat Sarath. "Retirement, Nonmarket Valuation, and Partnership Contracts." Journal of Accounting, Auditing & Finance 15, no. 2 (2000): 121–40. http://dx.doi.org/10.1177/0148558x0001500202.

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This paper analyzes a potential hold-up problem facing a senior partner contemplating retiring from a partnership at some expected future time. Two scenarios are considered. In the first, the partner wishes to exit with a fixed amount in hand. In the second, he wishes to maximize his payoff from the partnership. It is shown how typical contractual features of partnership agreements, namely, profit distribution and buyback clauses, solve the retirement problem both for the case where a ready buyer is available at the expected exit time and, more importantly, for the case where the partnership is not freely marketable and the only potential buyer is another partner. Provided discount rates are assumed to be exogenous, this analysis also solves for the appropriate valuation discount to be applied to the value of a partnership (relative to an equivalent public company) as a consequence of the limited marketability of the partnership form.
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45

Mitchell, Mark, and Mary Norwalk. "Assessing and Monitoring Bajaj: Debunking the Reliability of Marketability Discount Studies and the 7.23% Solution." Business Valuation Review 27, no. 1 (2008): 3–17. http://dx.doi.org/10.5791/0882-2875-27.1.3.

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46

Buchner, Axel. "How much can lack of marketability affect private equity fund values?" Review of Financial Economics 28 (January 2016): 35–45. http://dx.doi.org/10.1016/j.rfe.2015.10.002.

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47

Dawson, Peter C. "An Independent Evaluation of the Reliability of the Implied Private Company Pricing Line Model in Appraisal Practice." Journal of Business Valuation and Economic Loss Analysis 12, no. 1 (2017): 63–99. http://dx.doi.org/10.1515/jbvela-2016-0003.

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AbstractThe Implied Private Company Pricing Line (IPCPL) model is intended to calculate a reliable present value discount rate for a 100 % control interest in a private/closely-held operating company under the Fair Market Value Standard. But, would its application be more reliable than the Adjusted Capital Asset Pricing Model (ACAPM) or Build-Up Method (BUM)? This article evaluates two core aspects of the model’s practical application that have received little attention in the literature: (1) Does it eliminate a significant portion of subjective adjustments? The private company market’s adjustment for key marketability differences is said to be built into the private company transaction prices, eliminating the need for an appraiser to subjectively quantify and apply those adjustments; and (2) Being “actual market clearing prices”, do the private company transaction prices reflect Fair Market Value?
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48

Abbott, Ashok. "A Quantitative Measure of Discount for Lack of Liquidity." Business Valuation Review 26, no. 1 (2007): 2–7. http://dx.doi.org/10.5791/0882-2875-26.1.2.

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49

Trevino, Gene A., and David P. Martin. "Do Controlling Interests Warrant a Lack of Control Discount?" Business Valuation Review 28, no. 3 (2009): 140–43. http://dx.doi.org/10.5791/0882-2875-28.3.140.

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50

Bagna, Emanuel. "The Liquidity Discount in the Italian Market." International Business Research 13, no. 11 (2020): 137. http://dx.doi.org/10.5539/ibr.v13n11p137.

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The illiquidity discount represents the reduction in the value of an asset because it cannot be easily sold. It is usually applied by appraisals in valuing a minority interest in a closely-held business. This article presents a literature review of the illiquidity discount and an analysis of the level of discount in Italy during the period 2003 - 2012. The analysis conducted made it possible to verify: a) the existence for the Italian market of a discount for lack of liquidity for shares with less turnover; b) the variability over time of that discount, thus agreeing with the literature that has found the premiums for liquidity risk vary over time. The discounts that were found are, nonetheless, smaller than those indicated in the literature. The descending trend over time for the discount would seem to be particularly consistent with the studies on restricted stocks.
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