Time
Period

Number of
Companies
Analyzed

Number of
Transactions
Analyzed

Standard
Mean
Discount

Trimmed
Mean
Discount*

Median
Discount

Standard
Deviation

1975–78

17

31

34.0%

43.4%

52.5%

58.6%

1979

9

17

55.6%

56.8%

62.7%

30.2%

1980–82

58

113

48.0%

51.9%

56.5%

29.8%

1983

85

214

50.1%

55.2%

60.7%

34.7%

1984

20

33

43.2%

52.9%

73.1%

63.9%

1985

18

25

41.3%

47.3%

42.6%

43.5%

1986

47

74

38.5%

44.7%

47.4%

44.2%

1987

25

40

36.9%

44.9%

43.8%

49.9%

1988

13

19

41.5%

42.5%

51.8%

29.5%

1989

9

19

47.3%

46.9%

50.3%

18.6%

1990

17

23

30.5%

33.0%

48.5%

42.7%

1991

27

34

24.2%

28.9%

31.8%

37.7%

1992

36

75

41.9%

47.0%

51.7%

42.6%

1993

51

110

46.9%

49.9%

53.3%

33.9%

1994

31

48

31.9%

38.4%

42.0%

49.6%

1995

42

66

32.2%

47.4%

58.7%

76.4%

1996

17

22

31.5%

34.5%

44.3%

45.4%

1997

34

44

28.4%

30.5%

35.2%

46.7%