Research

rom time to time, Willamette Management Associates analysts and research staff conduct studies on various valuation-related topics. Summary results of these research studies are presented here.

One of our best known studies is the Discount for Lack of Marketability Study, which has been widely referenced in the professional literature and in court case decisions. The latest summary table of that study is available here. We will update this table as more recent years are added to the study.

Discount for lack of marketability study.

We also performed a study on the effect of voting rights on stock prices, which was published in Insights, Guide to ESOP Valuation, and other professional journals.

Voting vs. nonvoting rights study.