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EFTA00307395_sub_001 - EFTA00307395_100

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mm). Offux. Madan asal Deana vin Cbramt.. (Samna %Taiwan Mmtmect c Numeaute<inamesn and Mesta nf Persu4nd 0~n~ (latimamt*Nelm Manna »<mils groan. Minin 4 l'oxyad °mom an.1 Make .4 'Inflame (hamntet N4«..~. Gamma »min. Iluanna Comm a( aaJMenbraltneacranCantrameekNimmeut. (Mamie« 4.4.:eco On» If

o Companies with lower price stability exhibited higher discounts. o Companies with higher earnings stability exhibited lower discounts. IS From Milton Gelman, "An Economist-Financial Analyst's Approach to Valuing Stock of a Closely Held Company," Journal of Taxation, June 1972, pp. 353-54. gcb From Rober

EFTA00307294_sub_001 - EFTA00307294_100

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EFTA00307193_sub_001 - EFTA00307193_100

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Entities connected to both Minin and Milton Gelman

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