Valuation Discounts Book

	List of Exhibits
	Foreword
	Preface
	Acknowledgments
1	Overview of Business Valuation Discounts and Premiums and the Bases to Which They Are Applied	1
2	Minority Discounts and Control Premiums	17
3	Empirical Data Regarding Minority Discounts and Control Premiums	45
4	Minority Discounts and Control Premiums in the Courts	64
5	Discounts for Lack of Marketability for Minority Interests: Concept and Evidence	78
6	Synopsis of Restricted Stock Studies	90
7	John Emory Pre-Initial Public Offering Discount for Lack of Marketability Studies - Complete Underlying Data	111
8	Factors Affecting Discounts for Lack of Marketability for Minority Interests	152
9	Discounts for Lack of Marketability for Controlling Interests	165
10	Quantitative Marketability Discount Model	178
11	Marketability Discounts in the Courts	196
12	Voting versus Nonvoting Stock	208
13	Key Person Discounts	224
14	Discounts for Trapped-in Capital Gains Taxes	237
15	Blockage Discounts	250
16	Nonhomogeneous Assets ("Portfolio") Discounts	260
17	Discounts for Environmental, Litigation, and Other Contingent Liabilities	269
18	Discount Adjustments for Limited Partnership Interests and Other Asset Management Entities	273
19	Premium and Discount Issues in Undivided Interest Valuations	292
20	Common Errors in Applying Discounts and Premiums	316
	App. A: Bibliography	323
	App. B: Data Resources	340
	App. C: Table of Cases	345
App. D	How Much Can Marketability Affect Security Values?	351
App. E	Internal Revenue Service Revenue Ruling 77-287	360
App. F	Securities and Exchange Commission Rules 144 and 144A	366
	CPE Self-Study Examination	383
	Index	393