với một độ lệch số học tiêu chuẩn là 119%. Phiên bản beta của các quỹ này đã được thống nhất, ngụ ý quay trở lại vượt quá CAPM trong khu phố của 40%. Trở lại này có thể là quá cao, vì nó không phải là net lệ phí và bồi thường khác mà nhà đầu tư mạo hiểm thường nhận được. | The Value of Liquidity 101 respective estimated coefficient values. The results of these simulations shown in Table indicate that restricted stock discounts reported by Silber can vary from a low of 14 percent to a high of 40 percent. This variation is simply a function of the wide dispersion of the estimated coefficients around their estimated mean values. It stretches credulity to think that an institutional investor planning to purchase 13 percent of the stock of a firm with a market capitalization of 54 million would require a discount as high as 40 percent simply because the stock cannot be sold for two years. Moreover institutional purchasers typically have large and very well diversified portfolios. Purchasing 13 percent of a 54 million firm represents a very small part of their overall portfolio. Hence in relative terms the risk is quite small. Unless the firm issuing the restricted stock is forced to do so it does not seem sensible that management knowing the risks faced by institutional investors would agree to such an arrangement. In short the Silber results are informative and useful but they do not measure the price of liquidity. IS THE LIQUIDITY DISCOUNT GREATER IN A CONTROL TRANSACTION Silber s research supports the conclusion that the private placement discount increases with the relative size of the restricted stock placement. While it would be natural to use the model to test what the discount would be for a control transaction say 51 percent such a simulation would not be appropriate if the sample did not include observations that included control Since Silber s sample did not include control transactions we need to look to other research as a guide to what a liquidity discount might be for a control transaction. John Koeplin and others hereafter referred to as Koeplin have addressed this question. Koeplin notes TABLE Restricted Stock Discounts under Varying Assumptions about the Size of Coefficients of the Silber Model .
