1. Market value includes investor's decisions and expectations of a company's future performance, such as going concern. Also, a premium would be paid over the book value for a higher market value. 2. Stockholder's equity does not usually include intangible assets, for example, patents or brand value, composed of market value. 3. Book value can be affected by demand and supply. However, factors such as economic conditions and industry trends would not be reflected. 4. Book value is assets minus liabilities, which excludes the market's perception of a company's debt levels. Investors can discount the company's market value if they think a company's debt is unsustainable