Depending on the market attitude toward the asset, a bond can be acquired for more or less than its par value. When the bond approaches maturity, the bondholder gets paid the par value, regardless of whether the purchase price was paid. As an example, a bond with a par value of $100 that is acquired in the secondary market for $80 will provide a 25% return when it matures.
Because stock shares typically have a par value around zero, the market value is almost always more than the par value. Rather of attempting to buy shares at a discount, investors profit from the stock’s fluctuating value over time as a result of corporate success and investor opinion.