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My conclusion is that the various restricted stock studies are inadequate to meet current business valuation standards and that they should not be used as a basis for “guessing” the magnitude of marketability discounts for illiquid interests of closely held businesses.
I have addressed this issue in several books and numerous articles and blog posts since then. Nevertheless, many appraisers and several business valuation authors still seem to want to hang on to this non-existent discount of convenience. The answer to the questions was, and still is, of course, no.
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