Expanded Study of the Value of Marketability as Illustrated in Initial Public Offerings of Common Stock May 1997 through December 2000

John D. Emory Sr., ASA, is President of Emory Business Valuation, LLC, which he founded in February 1999 after 31 years at Robert W. Baird & Co., where he provided Baird's appraisal services for privately owned companies and their securities. 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. F.R. Dengel III, MM and John D. Emory Jr., JD, MBA are Vice Presidents with Emory Business Valuation, LLC. Assistance was provided by Thad Beversdorf and Carole Haley.