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How to roughly measure how much premium investors would demand if a stock could not be sold and its investors had to stick with it permanently using just dividends not capital gain as return? I am not seeking an exact way, which I know cannot be found, but a roughly measure which can makes sense. Is there an asset class in the economy which somewhat fits this feature (not allowing investors to sell it or allowing them to sell it with a very low price) such that its expected return can be utilized to estimate this premium?

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    $\begingroup$ Such an asset could be ‘economically’ sold by selling the dividend stream to another investor, whilst retaining the title. I do think I there would be a liquidity discount. $\endgroup$ – dm63 May 4 at 11:16
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"How to roughly measure how much premium investors would demand if a stock could not be sold and its investors had to stick with it permanently using just dividends not capital gain as return?"

A starting point might be to look at the private/public valuation arbitrage in the sector.

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