论文信息 - Restricted Stock Discounts: An Empirical Analysis

Restricted Stock Discounts: An Empirical Analysis

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.

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

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