<< What I am interested in understanding is to what degree a low single digit percentage of daily volume in additional selling impacts the stock price. I'm sure there are academic studies of this type of situation but I haven't come across any.>> like buffett you are using the wrong metric. daily volume means very little even on the NYSE. I could tell you stories about nasdaq volume but that's another story. The foundations, in the aggregate, are selling about 25 million shs a year, and it takes 2 - 2.5 billion in net buying per year to absorb that selling, simple. Over 10 years selling sloppy, matters, and helps to account for the discount.
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