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I find evidence of widespread stock and option underpricing by private firms before they go public reflecting large discounts that exceed reasonable compensation for lack of marketability.

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This page is a summary of: Charity begins at the office: issuing cheap stock and stock options to employees and insiders before going public, Managerial Finance, September 2024, Emerald,
DOI: 10.1108/mf-09-2023-0540.
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