Fatal Flaws in the Levels of Value: Is there a Better Model?
What is wrong with the traditional levels of value model and is there a better solution?
What are the main objections and inconsistencies in the model?
What are the differences in buyer and seller behavior between the public markets and the market for control that make the traditional model wrong?
If public stocks trade as minority interests, how can it be that public stock value doe not represent a minority level of value?
What do acquisition premiums for public companies really represent? Do they tell us anything about the differential in value between minority and control?
Do REIT discounts to NAV tell us anything about the differential in value between minority and control?
Do closed end fund discounts tell us anything about the differential in value between minority and control?
If the capital markets do not give us the reliable data on the difference between minority and control, how can we develop a reasonable discount for lack of control in a private company setting?
Comments on the Lappo and Peracchio cases regarding the methodologies used by the appraisers to develop their levels of value. Is there a better way?
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