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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 valuation of small firms. The data show a public ownership discount that is pronounced and statistically significant for smaller firms ($20-100 Million selling price) opposite of the traditional view of a discount for the privately held firms.  For the larger firms in our sample ($100-1,000 million), public firms sell at a premium over similar sized private firms.  The data also show a significant discount for the smaller firms as a group as compared to the larger firms.The effect of SOX on the valuation is also considered.  We find that, from the stand point of net effect on value, there is a statistically insignificant negative effect on both the firms in our “larger” group and our “smaller” group.

Evidence on Lack of Liquidity for Small Public Firms