Restricted Stock Discounts: An Empirical Analysis

Q4 Economics, Econometrics and Finance

Journal of Business Valuation and Economic Loss Analysis Pub Date : 2018-06-07 DOI:10.1515/jbvela-2017-0008

Daniel L. Mcconaughy, M. Hussein, J. Dow

引用次数: 0

Abstract

Abstract Examining 416 transactions over the 1996 to 2013 time period, we find that size, stock price volatility, block size, price-to-revenue, and EBITDA margin are significantly related to restricted stock discounts. We do not find registration rights or the initial holding period to be statistically significantly related to discounts. Our results suggest that simple correlations or sorting of discounts by various criteria do not capture what factors are statistically significantly related to restricted stock discounts in the complex world of private placement deals.

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限制性股票折扣:一个实证分析

研究了1996年至2013年期间的416笔交易，我们发现规模、股价波动、大宗交易规模、市收比和EBITDA利润率与限制性股票折扣显著相关。我们没有发现注册权或初始持有期限与折扣有统计学上的显著关系。我们的研究结果表明，在私募交易的复杂世界中，简单的相关性或按各种标准对折扣进行排序并不能捕捉到哪些因素在统计上与限制性股票折扣显著相关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Valuation and Economic Loss Analysis Economics, Econometrics and Finance-Finance

CiteScore

0.40

自引率

0.00%

发文量

期刊介绍： The Journal of Business Valuation and Economic Loss Analysis (JBVELA) is a refereed academic journal that publishes continuously throughout the year and is co-edited by Bradley Ewing and James Hoffman. The mission of the Journal of Business Valuation and Economic Loss Analysis is to improve the practice of business valuation, economic loss analysis, and risk management by helping to inform academics, practitioners, and attorneys about theoretical and practical developments in these fields.