Adjusting the Restricted Stock Transactions to Estimate Marketability Discounts

Business Valuation UpdateVol. 18 No. 9
September 2012
Martin Greene, CPA/ABV, ASA
William F. Murray, CPA, ABV, CFF, ASA


The courts have been critical of using restricted stock studies to estimate a discount for lack of marketability (DLOM). In particular, they question the use of averages culled from historical studies without specific reference to subject companies and st ...