Estimating the Marketability Discounts: A Comparison Between Bid-Ask Spreads, and Longstaff's Upper Bound

This paper contends that the discount for lack of marketability (DLOM) is the difference between the stock price of a liquid company and an equivalent illiquid company and reflects the lack of a free-trading option that is embedded within a company's stock. Longstaff derived a model that views...

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Veröffentlicht in:	Journal of applied finance : JAF 2013-01, Vol.23 (1), p.57
Hauptverfasser:	Chipalkatti, Niranjan, Luft, Carl, Levine, Lawrence M, Mondal, Lummezen
Format:	Artikel
Sprache:	eng
Schlagworte:	Asked price Bids Bulletin boards Comparative analysis Costs Discounts Estimating techniques Friction Initial public offerings Performance evaluation Restricted stock Stocks Studies Tax courts Valuation discounts
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