May 24, 2018

Published Articles

Greene Valuation founder Martin Greene is a sought-after expert on various business valuation topics. Please see examples of his writings below. For more information on these topics and how Greene Valuation can use this expertise to serve your needs, contact us.

Black-Scholes Model Can Overvalue ESOs and Other Options 
Martin Greene, author
Business Valuation Update,
November 2015

Are Minority Interest Discounts Really Appropriate in Valuing Noncontrolling Interests in Holding Real Estate Companies?
Martin Greene, author
CPA Journal, March 2014

Tanenblatt v. Commissioner: Valuation Methods in Real Estate
Martin Greene, author
Tax Stringer — A Publication of the New York State Society of Certified Public Accountants, January 2014

Adjusting Restricted Stock Transactions to Estimate Marketability Discounts
Martin Greene, co-author
Business Valuation Update, September 2012

Do Longstaff and other put option models produce a marketability premium or a discount? 
Martin Greene, author
Business Valuation Update, October 2010
Maximum strike price lookback (Longstaff) and other put option models are achieving greater acceptance as liquidity components in estimating discounts for lack of marketability. These models provide greater empirical support, which satisfies the need for greater precisions and replicability when estimating discounts.

Systemic methodology calculates size premiums for smaller private companies based on public company data
Martin Greene, author
Business Valuation Update, April 2006
The size premium  can be one of the most significant components in estimating the cost of capital under the build-up model (BUM) or capital asset pricing model (CAPM) for smaller privately-held companies, yet frequently business valuators may apply the least quantitative measures to estimate its value. This article outlines a methodology to estimate the sp for smaller companies by extrapolating market returns and betas of larger publicly-traded companies; it also clarifies how to apply the estimated sp to the company’s cash flow under the BUM and CAPM.

Oppressed shareholders’ rights can affect estate and gift tax valuations
Martin Greene, co-author
The CPA Journal, February 2001
Minority shareholders are provided statutory rights frequently overlooked in estate and gift tax valuations. Although designed to protect minority shareholders from oppressive controlling shareholders, these rights should be carefully considered during business valuations in other settings, such as estate and gift taxation. The potential for the legal exercise of special minority shareholder rights could affect the discounts assigned to the minority interest.