Emory responds to Dr. Bajaj: miniscule adjustments warranted

Business Valuation UpdateVol. 8 No. 5
May 2002
John D. Emory, Jr., CFA, JD/MBA
John D. Emory, Sr., ASA
initial public offering (IPO), convertible preferred stock, real estate investment trusts (REIT)


In this article, John Emory and his colleagues address Dr. Bajaj's criticism of their pre-IPO discount for lack of marketability studies ( BVU , March 2002, pp. 12-14). The result is no adjustment to ...