phải có thể chịu được Chứng khoán và Exchange Commission [SEC], IRS hoặc xem xét lại tư pháp, đặc biệt là ánh sáng của các cung cấp cho công chúng tiếp theo. "Các trung bình và giảm giá trung bình cho thiếu của tiếp thị chỉ ra bởi sự tổng hợp Emory của tám nghiên cứu của các giao dịch đã xảy ra năm tháng | Empirical Evidence of Marketability Discounts 289 had to be able to withstand Securities and Exchange Commission SEC IRS or judicial review particularly in light of the subsequent public offering. The mean and median discounts for lack of marketability indicated by the aggregate of Emory s eight studies of transactions that occurred five months prior to an IPO were 44 and 43 percent respectively. For the most recent period studied November 1995 to April 1997 the mean discount was 43 percent and the median discount was 42 percent see Exhibit . Exhibit Summary of the Emory Studies Period of Study Number of Transactions Mean Discount _M__e_d_ia_n__D_i_sc_o_u__n_t May 1997-December 2000 a 283 50 52 May 1997-December 2000 b 36 48 44 May 1997-March 2000 c 53 54 54 November 1995-April 1997 91 43 42 January 1994-June 1995 46 45 45 February 1992-July 1993 54 45 44 August 1990-January 1992 35 42 40 February 1989-July 1990 23 45 40 August 1987-January 1989 27 45 45 January 1985-June 1986 21 43 43 January 1980-June 1981 13 60 66 Combined Results d 593 47 48 a The Expanded Study b The Limited Study c The Study d To avoid double counting transactions from the and Limited Study are included only as a part of the Expanded Study The following is a brief explanation of each study January 1 1980-June 20 1981. Emory reviewed private placements of securities taking place prior to initial public offerings. The difference between the price of a security sold prior to the IPO and the offering price is the discount for lack of marketability. Emory examined 97 prospectuses of securities offered in the period from January 1 1980 through June 30 1981. Of the 97 IPOs he chose 13 that involved financially sound companies and transactions that took place no more than five months prior to the IPO. Emory found that the private placements sold at a mean discount of 60 percent and a median of 66 percent. January 1985-June 1986. Emory analyzed 21 IPOs and the transactions .
