Partial sales of lumpy assets
利用新数据集研究大宗资产部分权益的定价，发现部分权益通常以溢价交易，与税务规则和法院裁决中的折价惯例相反，并识别了影响溢价的关键因素。
Abstract Using a new dataset, we study the pricing of a partial interest in a lumpy asset. Ex ante, it is unclear what a partial interest is worth due to countervailing factors which include asset quality, control benefits, asymmetrical information, and illiquidity. Contrary to the partial sale discount norm in IRS tax rules, court rulings, and appraisal methodology, we find that partial interests typically trade at a price premium. We identify salient factors that account for this premium. We find lower premiums exist for partnership buyouts compared to new outside buyers. No premium exists for a 50% co‐control stake.