The discount for lack of marketability term structure
实证估计了长达10年限制期的缺乏市场流动性折扣（DLOM）期限结构，发现其与利率期限结构类似，具有水平、斜率和曲率变化。
Abstract I empirically estimate a discount for lack of marketability (DLOM) term structure for restriction periods up to 10 years. I model the multi‐year DLOM by annually compounding the 1‐year DLOM plus a term premium over the restriction period. I fit the model to a sample of 5,333 private equity placement implied DLOMs between 1985 and 2017. I estimate different DLOM term structures for the last and earlier pre‐initial public offering (IPO) private equity transactions. DLOM term structures exhibit level, slope, and curvature shifts similar to an interest rate term structure.