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RESEARCH

HVA conducts its own proprietary research and studies of empirical data on a wide range of valuation related subjects.

Performing such research in-house and having access to the underlying data gives HVA superior insights relative to the vast majority of its competitors who must rely on often outdated studies published by others for their empirical data.

For the purpose of valuing early stage technology and life sciences companies, HVA conducts studies analyzing the prices paid by investors in successive rounds of financing. The "pre-money" company values implied by each round of financing can be used to develop meaningful valuation metrics for companies at various stages of development. HVA conducts similar studies specifically for Internet companies that compare implied company values to benchmarks such as revenues, unique monthly visitors, page views, number of subscribers, size of the target market and cumulative investment.

For the purpose of valuing fractional interests, HVA conducts ongoing studies of discounts for lack of control and lack of marketability observed in the marketplace. HVA's restricted stock studies analyze prices paid in private placements of restricted stock as compared to their freely traded counterparts. HVA's limited partnerships studies analyze the prices paid in private purchases of limited partnership interests in non-publicly traded partnerships relative to the underlying net asset value of the respective partnerships. HVA's closed-end mutual fund studies analyze the stock prices of publicly traded closed-end mutual funds relative to the underlying net asset value of the respective funds. In its studies, HVA identifies not only the range of discounts in the marketplace but, more importantly, the specific factors that influence the magnitude of the discounts.