The Value of Marketability As Illustrated In Initial Public Offerings of Common Stock (Seventh in a Series) January 1994 through June 1995

John D. Emory, ASA, is First Vice President, Appraisal Services, Robert W. Baird & Co. Incorporated, an affiliate of Northwestern Mutual Life Insurance Company. He recently rotated off the American Society of Appraiser's Business Valuation Committee after six elected years. He is a past President of the Wisconsin Chapter of the ASA and a member of the ESOP Association Valuation Advisory Committee and has been Chairman of its Discount for Lack of Marketability Subcommittee for the last several years. Assistance was provided by Steven J. Latham ,CFA, Jennifer E. Reeves, Drew Tucker and Robert S. Ficks, Manager of Baird”s Rule 144/Stock Options Department.