6. “A Primer on Distressed Debt Investing,” Mark J. P. Anson, The Journal of Private
Equity (Institutional Investor, Summer 2002)
Purpose:
To test the candidate’s understanding of issues relating to investments in private equity and
distressed debt.
LOS: The candidate should be able to
3B. “Discounts for Lack of Marketability” (Study Session 8)
a) discuss the importance of marketability;
b) discuss the results of the studies of private stock transactions prior to public offerings;
c) discuss the transactional considerations encountered when attempting to liquidate a
controlling interest in a closely held company;
d) discuss the reasons for differences between private and public company acquisition
P/E multiples;
e) describe the factors that affect the discount for lack of marketability.
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