Lack of marketability discounts suffer more controversial attacks

Business Valuation UpdateVol. 8 No. 2
February 2002
Shannon P. Pratt, CFA, ARM, ABAR, FASA, MCBA, CM&AA

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discounts & premiums
american society of appraisers (ASA), pre-IPO study, securities and exchange commission (SEC), fair market value (FMV), internal revenue service (IRS), american institute of certified public accountants (AICPA), quantitative marketability discount model (QMDM)

Summary

The apparently well-meaning Drs. John Kania and Mukesh Bajaj are at it again, espousing discounts for lack of marketability for stocks of closely held companies that are a fraction of those encountered in the real world.