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Business Valuation Discounts and Premiums
Business Valuation Discounts and Premiums is a guide to books and publications which focus
on business valuation discounts and premiums.
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Each resource listed below includes the source or publisher, a description of the resource and its
primary features, and any information that is accessible free online.
For more information on books and publications which focus on business appraisal and related topics,
see Business Valuation Books and Publications.
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Business
Valuation Discounts and Premiums, Second Edition
Pratt, Wiley, 2009
Topics include minority interest discounts and control premiums, lack of marketability discounts, and
various other discounts applicable in performing a business valuation, along with a discussion of common
errors in applying discounts and premiums. Table of contents, index, and searchable text are available
free online.
BVR's Guide to Discounts for Lack
of Marketability
Business Valuation Resources, LLC, updated annually
Guide to lack of marketability discounts includes articles from leading experts, summary reference tables,
and abstracts of relevant court cases with online access to full-text case decisions. Table of contents
can be viewed free online.
FMV Restricted Stock Study
FMV Opinions, Inc.
Database provides an interactive tool for quantifying lack of marketability discounts based on restricted
stock transaction data that is searchable by industry code, various financial measures, market capitalization,
and transaction parameters.
Restricted Stock Studies
National Association of Certified Valuation Analysts
Compilation of restricted stock studies often cited as empirical evidence in quantifying lack of marketability
discounts.
Valuation Advisors Lack of
Marketability Discount Study
Valuation Advisors, LLC
Database compares initial public offering (IPO) stock prices to pre-IPO prices and is searchable by industry
code, revenues, assets, operating income, time period, and type of pre-IPO equity interest. Study
is updated monthly and contains over 3,700 transactions. Selected
summary data available free online.
QMDM Companion, Version 4.0
Mercer, Mercer Capital, 2008
Quantitative Marketability Discount Model (QMDM), Version 4.0 includes an explanatory manual and a rate-of-return-based
spreadsheet model which uses present value analysis to quantify lack of marketability discounts.
QMDM Fact Sheet is available as a
download with free registration.
Mergerstat Review
FactSet Mergerstat LLC
Annual publication analyzes mergers and acquisitions involving public, private, and foreign companies,
with data provided—including valuation multiples, premiums offered, and payment terms—broken down by industry.
Table of contents and selected excerpts are accessible free online.
Mergerstat Online Transaction Roster
FactSet Mergerstat LLC
Online database version of Mergerstat Review with content updated daily. Searchable by seller industry,
seller SIC code, seller and/or buyer name, and a specific year, current year, or the entire database.
Mergerstat Control Premium Study
FactSet Mergerstat LLC
Quarterly publication provides acquisition premiums for controlling interests in publicly-traded companies
based on acquisition prices compared to the trading prices one day, one week, one month, and two months
prior to the disclosure date of the transaction. Table of contents and selected excerpts are free online.
Mergerstat / Shannon Pratt's
Control Premium Study
Online database version of Mergerstat Control Premium Study is searchable by SIC code, financial performance
ratios, business description, range of control premiums, financial information, and sale details.
Executive Summary Report on Partnership Re-Sale
Discounts
Partnership Profiles, Inc., annual
Report provides detailed analysis of secondary market price-to-net-asset-value discounts for real estate
limited partnership interests by partnership type (equity, undeveloped land, and triple-net-lease), debt
level (low to no debt and moderate to high debt), and current distributions (distributing and non-distributing).
Partnership Profiles Minority Interest Discount
Database
Partnership Profiles, Inc., annual
Database provides secondary market transaction and historical financial information for limited partnership
interests in over 300 limited partnerships. Database package includes the Executive Summary Report on
Partnership Re-Sale Discounts; detailed financial data including property holdings, distribution history,
debt levels, and operating statistics; and a CD-ROM disc containing the most recent annual and quarterly
reports for publicly-registered, non-publicly-traded limited partnerships and REITs.
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