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Keywords: discounts
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Journal Articles
Journal of Forensic Accounting Research (2023) 8 (1): 357–386.
Published: 01 December 2023
... to inflated estimates for illiquidity discounts (sometimes exceeding 100 percent, a logical fallacy). In this paper, I present a uniform framework (the Margrabe exchange option) comparing the estimated cost of illiquidity under different information asymmetry assumptions. Empirical results presented...