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Amidst the ongoing debate of how to best quantify and support marketability discounts, a crucial point may be overlooked. The decrease in value caused by the discount for lack of marketability represents a market-made concession to compensate an investor for the increased risks of a less-marketable and illiquid concern. This is accomplished by investors requiring a higher rate of return.
In "Using the Empirical Method for Determining DLOMs," expert Bruce Johnson leads a discussion on how this fundamental concept can be effectively put to use to empirically determine a discount for lack of marketability. As Johnson points out, "a DLOM can be supported using a rate of return methodology." Find out how and learn more about the studies he uses to objectively support the impact of the discount for lack of marketability on the rate of return in this must-attend webinar.
Program Agenda
Overview
What is a Discount for Lack of Marketability?
The Basics
What causes DLOMs in third party transactions
Court Cases and Quotes
Examination of Historical Studies
Restricted Stock Studies
IPO Studies
Methodology to Use Rates of Return to Determine the DLOM
Studies Supporting Incremental Increase
Public vs. Private Equity Returns
Restricted Stock Returns
Long Term vs. Short Term Bonds
Case Study
Conclusion
Learning Objectives
Learn how to harness empirical evidence to quantify a discount for lack of marketability
Understand how courts have viewed the techniques used in this webinar and how appraisers can best prepare their DLOM determinations
Understand the quantitative and qualitative strengths of historical studies
Understand where professional thinking currently stands on marketability discounts and what larger trends this may highlight
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