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The marketability discount of controlling blocks of shares

The marketability discount of controlling blocks...

KPMG’s Global Valuation Institute (GVI) is pleased to introduce its sixth managerial paper, which discusses the determinants of the marketability discount and quantifies their relative importance.

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The marketability discount of controlling blocks of shares

Following previous papers sponsored by KPMG’s Global Valuation Institute which focused on a range of subjects including employee stock options and restricted stocks, profitability and royalty rates across industries and financial reporting valuation practices, this paper discusses the determinants of the marketability discount and quantifies their relative importance.

The goal of this paper is to illustrate how to obtain an estimate of the marketability discount and to apply this estimate to the valuation of a controlling block of shares. The paper identifies some of the main cross-sectional and time-series determinants of the marketability discount for publicly traded firms.

© 2019 KPMG International Cooperative (“KPMG International”), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.

Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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