The existence of restricted stock has been a mixed blessing for the business appraiser. These shares, similar in all ways to their freely traded counterparts—save a restriction on trading—provide direct evidence of the existence of discounts for lack of marketability (DLOM) and the factors influencing the size of the DLOM. In quantity, though, these factors can create a confusing logjam of information, making a clear consensus on the methodology and analysis used in determining DLOMs through restricted stock studies elusive, at best. Restricted Stock studies: A Review of Studies and the Market, Part 1 of BVR's Advanced Series on Discounts for Lack of Marketability, features series curator and expert appraiser John J. Stockdale in an intensive review of these resources. This webinar will focus on the restricted stock studies available to appraisers, the information they provide, and the pitfalls they present in their data, analysis, and application.