This study investigates whether the valuation approaches for closely held companies preferred by courts vary by industry type. Our difference of means tests find that income valuation approaches are preferred by courts over either asset or market approaches for cases involving the valuation of manufacturing companies, while market valuation approaches are preferred for cases involving the valuation of holding companies. We do not find any significant differences between companies categorized as tangible and intangible. Our multivariate tests further indicate that income approaches are approximately five times more likely to be preferred for manufacturing companies than other types of companies.
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