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tions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1993, PP- 459-485. 27 From Bruce Johnson, "Res
twat sc.. Ow wail II OM fl ea...try • ily• •riall I SWOP WAW Sow: MAW Sow!. MAW Ufa. Unswwwww erWe HAW O.ae. wwlw.nSa MM. Cotownwin Ile. W Conflownnus Wait IC LAW intl., If LW! SIMI Leal SZSAW CL”)) Connmven in • i•e•srtio leM)Coffintwqr...thibnik. Il 23)Coesionar•ba Waal Uniomnaws WWI )
tions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1993, PP- 459-485. 27 From Bruce Johnson, "Res
twat sc.. Ow wail II OM fl ea...try • ily• •riall I SWOP WAW Sow: MAW Sow!. MAW Ufa. Unswwwww erWe HAW O.ae. wwlw.nSa MM. Cotownwin Ile. W Conflownnus Wait IC LAW intl., If LW! SIMI Leal SZSAW CL”)) Connmven in • i•e•srtio leM)Coffintwqr...thibnik. Il 23)Coesionar•ba Waal Uniomnaws WWI )
tions from 1991 through 1995. The overall average discount for the study was 20.0%. 25 From FMV Restricted Stock Study. 26 From Michael Henze] and Richard L. Smith, "Market Discounts and Shareholder Gains for Placing Equity Privately," The Journal of Finance, June 1993, PP- 459-485. 27 From Bruce Johnson, "Res
twat sc.. Ow wail II OM fl ea...try • ily• •riall I SWOP WAW Sow: MAW Sow!. MAW Ufa. Unswwwww erWe HAW O.ae. wwlw.nSa MM. Cotownwin Ile. W Conflownnus Wait IC LAW intl., If LW! SIMI Leal SZSAW CL”)) Connmven in • i•e•srtio leM)Coffintwqr...thibnik. Il 23)Coesionar•ba Waal Uniomnaws WWI )
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