This article shows that future tax savings from a tax loss carryforward equal a portfolio of options based on the taxable base. Unfortunately, the assumption of a geometric Brownian motion is not applicable for the taxable base, since it implies that a positive taxable base, for example, will...

This study compares the value of small privately held firms with similarly sized, small publicly held firms when the businesses are actually sold to ascertain the private ownership discount. These results are important to better understand the effects of public ownership and liquidity on the...