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Business Valuation Discounts and Premiums
Business Valuation Discounts and Premiums is a free guide to books and publications which focus
on business valuation discounts and premiums.
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Each resource listed below includes the name of the source or publisher and a link to its site, a
description of the resource and its primary features, and notes any information that can be viewed
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.
Discount
for Lack of Marketability: Job Aid for IRS Valuation Professionals
Internal Revenue Service, 2009
Comprehensive guide provides an in-depth presentation on IRS views concerning various discount for lack
of marketability models, and includes commentary on strengths and weaknesses of each model and the respective
views of model by the valuation community and the courts. Publication 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.
Factset Mergerstat Review
FactSet Mergerstat LLC
Publication analyzes mergers and acquisitions involving public, private, and foreign companies, with data
provided—including valuation multiples, acquisition premiums offered, and payment terms—broken down by
industry. Purchase price includes annual print publication and monthly review updates. Table of contents
from annual print publication and sample monthly update report can be viewed free online.
Factset Mergerstat / BVR Control
Premium Study (Online Database)
FactSet Mergerstat LLC / Business Valuation Resources, LLC
Online database analyzes mergers and acquisitions involving controlling interests in publicly-traded companies,
with data provided—including control premiums, implied minority discounts, and valuation multiples—searchable
by industry, revenue or deal size, and other criteria. Subscription includes access to quarterly control
premium study report; sample quarterly report and transaction data can be viewed free online.
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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