premiums.Thepremiumsduringthe1990saveragedabout 3
percent,whereastheyweremorethan 5 percentpriorto1960.
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44 A. Ellul and M. Pagano, “IPO Underpricing and
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45 E. F. Fama and K. R. French, “The Cross-Section of
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46 Theholdingperiodwastwoyearspriorto 1997 andhas
been reduced to one year since.
47 J.M.Maher, “Discounts for Lack of Marketability for
Closely Held Business Interests,”Taxes54 (1976): 562–571.
48 W.L.Silber,“DiscountsonRestrictedStock:TheImpact
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