Restricted stock discounts, 1991-95

Business Valuation UpdateVol. 5 No. 3
March 1999
Bruce A. Johnson, ASA
discounts & premiums
restricted stock study, discount for lack of marketability (DLOM), holding period


We're very pleased that Bruce chose Business Valuation Update for the initial publication of this latest in a long series of restricted stock discount studies.I think it's particularly useful that he empirically identifies three factors that impact the magnitude of the discount for lack of marketability.