The Value of Marketability as Illustrated in Initial Public Offerings of Common Stock (Eighth in a Series) November 1995 through April 1997

John D. Emory, ASA, is First Vice President, Appraisal Services, Robert W. Baird & Co., Incorporated, an affiliate of Northwestern Mutual Life Insurance Company. He served for the allowed six years on the American Society of Appraisers Business Valuation Committee. He is a past President of the Wisconsin Chapter of the ASA, a member of the ESOP Association Valuation Advisory Committee and has been Chairman of its Discount for Lack of Marketability Subcommittee. Assistance was provided by F.R. Dengel, Baird Associate and by Alan P. English.