Small business valuations during uncertain times
Kasten, C. L., Lambert, C. A., & Osborne, B. N. (2026)
Journal of Small Business Management, 64(5), 1999-2031
"A dataset of small business acquisitions" matched to state-level economic policy uncertainty (US). Under high uncertainty, businesses sell further below asking price, take longer to sell, and down payments shrink; described as a wealth transfer from sellers to buyers. Sample size is not in the abstract.
Sourcedoi:10.1080/00472778.2025.25941190 citations (OpenAlex)