Business Valuation Resources, LLC

BVR's Advanced Series on Discounts for Lack of Marketability: Part 1
Restricted Stocks: A Review of Studies and the Market

Date: Thursday, January 10, 2013
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

Earn 2 CPE credits
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Featuring (click image for more information):

John J. Stockdale
John Stockdale Business Valuations

Why You Should Attend

The existence of restricted stock has been a mixed blessing for the business appraiser. These shares, similar in all ways to their freely-traded counterparts – save a restriction on trading, provide direct evidence of the existence of discounts for lack of marketability (DLOM), and the factors influencing the size of the DLOM. In quantity, though, these factors can create a confusing logjam of information, making a clear consensus on the methodology and analysis used in determining DLOMs through restricted stock studies elusive, at best.

"Restricted Stock studies: A Review of Studies and the Market," part 1 of BVR's Advanced Series on Discounts for Lack of Marketability, features series curator and expert appraiser John J. Stockdale in an intensive review of these resources. This webinar will focus on the restricted stock studies available to appraisers, the information they provide, and the pitfalls they present in their data, analysis, and application.


  • Restricted Stock Background Data
    • Restricted stock terms
    • History of SEC rules
    • A sophisticated market develops
  • Summary of Restricted Stock Studies
    • How the discount is measured
    • History of restricted stock studies
  • Commercial Databases
  • Analysis of Restricted Stock Data
    • Central tendencies and dispersions of discounts
    • Restricted stock data compared to volatility
    • Best fit Weibull curves
  • A Different Type of Study
  • DLOM Evidence from Chinese Markets
  • An Analysis of the Private Placement Discount in Canada

Learning Objectives

  • Learn the background, history, and regulatory reasoning behind restricted stock studies
  • Understand how restricted stock studies gather their information and the methodology behind their analysis
  • Learn how evidence from China and Canada shed light on the use of restricted stock studies in other markets
  • Learn how to properly apply and analyze restricted stock study outcomes

Single Connection Policy
Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

Multi-User CPE Policy
Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.

CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).

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CPE Credits for Unlimited Listeners
Have as many eyes and ears take advantage of your registered connection as possible: CE credit is available for an unlimited number of listeners to any registered line. To add listeners for CE credit, please complete the Additional Listener form included on your webinar dial-in instruction email. We'll send dial-in instructions one to two days before our program, and will provide information directly to those listeners you identify approximately one hour before our program.

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Specialized Knowledge & Applications)

Business Valuation Resources, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website:
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All BVR training events are eligible for continuing education credits from the Exit Planning Institute's Certified Exit Planning Advisor (CEPA) program. Credits are based on a 50-minute hour. Final acceptance is at the discretion of the Exit Planning Institute.

Training Packs

BVR's Training Packs are an indispensable addition to any valuation reference library, or the perfect alternative when you cannot attend the session live.

Each Training Pack is delivered approximately 2-4 weeks after the program has aired, and includes:

  • Video file (MP4)
  • Audio file (MP3
  • Transcript of the presentation
  • A copy of the presentation slides
  • A copy of the reading materials, visual aids, and handouts

Please note, CPE is not available with Training Packs.

BVR's Advanced Series on DLOMs
A Review of DLOM Volatility and Option Models
Part 4 of BVR's Advanced Series on Discounts for Lack of Marketability
Thursday, January 31, 2013, 10:00-11:40am PT / 1:00-2:40pm ET
Featuring: John J. Stockdale

BVR's Satisfaction Guarantee:
Business Valuation Resources offers a 100% money-back guarantee. If you are not completely satisfied with your conference experience, or have any concerns or complaints, you may contact Business Valuation Resources at (503) 291-7963, or mail to BVR, LLC, 1000 SW Broadway, Suite 1200, Portland, OR 97205.