Marketability Discounts and Risk in Transactions Prior to Initial Public Offerings

Philip Saunders, Jr., PhD, is the Principal of Philip Saunders Associates, an economic and financial analysis and business valuation firm in Weston, Massachusetts (www.philipsaunders.com). The author wishes to thank Anna Lau and Elizabeth D. Saunders, Research Assistants at Philip Saunders Associates, who assisted with analysis of the data.