Interestingly, the authors look at 409A valuations, which funnily enough have the opposite problem. From the article: "Low values reduce taxes; coincidentally,

Interestingly, the authors look at 409A valuations, which funnily enough have the opposite problem. From the article: "Low values reduce taxes; coincidentally, 409A valuations commonly use questionable assumptions that significantly deflate values." (p. 8)