This chapter summarizes the available published restricted stock studies, and presents tabular material from several of the studies. The independent restricted stock studies, encompassing hundreds of transactions, are remarkably consistent over time. They indicate discounts in the 33–35% range, up until the Securities and Exchange Commission (SEC) started loosening the restrictions in 1990. After that, discounts dropped, reflecting greater liquidity, especially after the holding period was reduced from two years to one year in 1997. The studies do not address the most important factor influencing the magnitudes of discounts, which is the level of dividends or cash distributions. This is because almost none of the companies involved in the studies paid dividends. However, the restricted stock studies are helpful in identifying several other factors that do and do not impact the size of discounts for lack of marketability.