By popular demand, we’ve made the “December 2002 Mean DLOL [Discount for Lack of Liquidity] for Smallest and Largest Stocks” analysis by Ashok Abbott (Business Valuation, LLC and West Va. Univ.) available as a free valuation download at BVResources.com.  Abbott wanted to demonstrate a “real world” DLOL for a given exchange and certain time period; his data and calculations weren't included because the file size would be huge—but anyone interested in seeing the supporting numbers can contact the editor. 

Professor Abbott’s analysis arose out of his two most recent telephone conferences, “Defining, Measuring & Defending Discounts for Lack of Liquidity” (April 25, 2007) with co-presenters Shannon Pratt and Rob Schlegel; and “Valuation of Illiquid and Hard-to-Value Securities” (May 9, 2007) with Espen Robak and Barry Silbert.