Business Valuation Discounts and Premiums
Business Valuation Discounts and Premiums is a resource guide to books and publications
which focus on business valuation discounts and premiums.
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Each entry below includes
the source organization and a link to its website, a description of the resource and its
primary features, and indicates any information that is accessible free online.
For a comprehensive listing of books, publications, and other resources which focus on
business appraisal, intangible asset appraisal, and related financial and economic topics,
see Business Valuation Books and Publications.
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To learn more about our other resource guides, please see the
site map or search by keyword using the search
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Business Valuation Discounts and Premiums
Shannon P. Pratt, John Wiley & Sons, October 2001
Publication covers the conceptual basis for each type of discount, data sources, their
strengths and weaknesses, court cases, different perspectives and theories, research on
causal factors, and different methodologies. Table of contents, index, and searchable
text available free online.
BVR's Guide to Discounts
for Lack of Marketability
Business Valuation Resources, LLC
Guide includes analysis, articles, and presentations from a variety of sources addressing
issues concerning discounts for lack of marketability. Table of contents available free
online.
BVR's Guide To DLOM
Case Law
Business Valuation Resources, LLC, annual updates.
Guide to discount for lack of marketability case law includes abstracts of nearly 300
court cases with searchable CD access to full text of most cases and comprehensive summary
tables.
FMV Restricted
Stock Study
FMV Opinions, Inc.
Database includes 430 restricted stock transactions and is searchable by industry, financial
data, and transaction parameters.
Restricted Stock Studies
National Association of Certified Valuation Analysts
Compilation of restricted stock studies.
Valuation Advisors
Lack of Marketability Study
Valuation Advisors, LLC
Study compares the initial public offering (IPO) stock price to pre-IPO common stock,
common stock option, and convertible preferred stock prices. Selected
summary data available free online.
QMDM Companion, Version
4.0
Z. Christopher Mercer, Mercer Capital, 2008
Quantitative Marketability Discount Model (QMDM) presents a practical model to assist
appraisers in developing, quantifying, and defending marketability discounts used in valuation
reports based upon the specific facts and circumstances of each case using present value
analysis.
Mergerstat Review
FactSet Mergerstat LLC
Annual publication analyzes mergers and acquisitions involving US companies, including
privately held, publicly traded, and foreign companies. It also analyzes unit divestitures,
management buyouts and certain asset sales. Includes industry analysis by size, premium,
and transaction multiples. It also provides trend analysis by seller, type, deal size
and industry as well as offering 25 years of summary M&A statistics, including average
premium and price/earnings ratio.
Mergerstat Control Premium
Study
FactSet Mergerstat LLC
Quarterly publication tracks acquisition premiums for completed transactions involving
publicly traded target companies where a controlling interest was acquired. Analysis compares
acquisition prices to the trading prices one day, one week, one month and two months prior
to the announcement date of the transaction. In addition, an event study is performed
for each transaction to ascertain the target company's common stock price per share unaffected
by the acquisition announcement. The study indicates the percentage of shares held before
and after the transaction as well as additional information.
Mergerstat /
Shannon Pratt's Control Premium Study
Online database version of Mergerstat Control Premium Study is searchable by industry,
financial data, and sales details parameters.
Executive Summary Report on
Partnership Re-Sale Discounts
Partnership Profiles, Inc., annual
This 20-page report provides a detailed analysis of the current state of price-to-value
discounts based on the prices at which minority interests in real estate partnerships
traded in the secondary market, together with a historical look at these measures. This
summary reports price-to-value discounts for each partnership included in the survey as
well as averages for the entire group of partnerships and based upon five categories including:
(i) equity - distributing (low to no debt); (ii) equity - distributing (moderate to high
debt); (iii) equity - non-distributing; (iv) undeveloped land; and (v) triple-net-lease.
Partnership Profiles Minority
Interest Discount Database
Partnership Profiles, Inc., annual
This interactive database, which is accessible via the Partnership Profiles website for
a period of one year from time of purchase, provides access to valuable market data compiled
in connection with Partnership Profiles' annual Partnership Re-Sale Discount Surveys.
Includes an interface enabling appraisers to quickly access market data on more than 300
real estate partnerships.
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