We model illiquidity as a restriction on the stopping rules investors can follow in selling
assets, and apply this framework to the valuation of thinly traded investments. We find that …

This study examines the impact of the market participant on prices paid for private
companies in the Pratt's Stats database. We examine approximately 4,200 transactions over …

Valuation analysts adjust prices of private firm's stock downward from their fully marketable
counterparts, reflecting the private firms' lower level of marketability. This discount for lack of …

Illiquidity discounts for restricted stocks depend on the contractual length of the restriction
period. The author provides a methodology for extending the application of restricted stock …

The value of marketability affects investors as they cannot sell their privately held stocks
instantly. This restriction should lead to a discount for lack of marketability, DLOM. The …

Nous présentons dans ce chapitre, les marchés financiers subsahariens en général, et plus
particulièrement les deux plus importants que sont l'Afrique du Sud et le Nigéria. Nous …