-------------------------------------------------------1

-------------------------------------------------------2

-------------------------------------------------------3

-------------------------------------------------------5

-------------------------------8

-------------------------------12

------------------------------------------------------18

------------------------------------------------------24

------------------------------------------------------27

----------------------------------------28

------------------------------------------------------33

---------------------------------------36

---------------------------39

------------------------------------------------------42

-------------------------------------------------------------60

-------------------------------------------------------62

-------------------------------------------------62

-------------------------------------------------------------------------64


2-1 ---------------------------------------------------------------------5
2-2 ------------------------------------------------------------17
3-1 ---------------------------------------23
3-2 ------------------------------------------------------------------------27
4-1 ---------------------------------------------------------37
4-2 ---------------------------------------------------------40
4-3 ------------------------------------------------------------41
4-4 ------------------------------------------------------45
4-5 ---------------------------------------------------------46
4-6 ----------------------------------------------- ------49
4-7 ---------------------------------------------------------50
4-8 ---------------------------------------------54
4-9 ------------------------------------------------55
4-10 -------------------------------------------58
4-11 ----------------------------------------------59

1-1--------------------------------------------------------------------4

83
5
88 12
70 77

86
1450 87
2540 88 2830

86 1692
3745 87

2040 4126 88 2120

4500

1.

2.

3.

1-1

Jensen & Meckling1976

Principle
Agent

Jensen & Meckling

1.
2.
3.

Eisenhartd1989
2-1

1.
2.
3.

1.
2.
3.

1.
2.

Eisenhard, K.M.(1989)

Jensen & Meckling1976

Inside owners

Outside
owners

Jensen & Meckling1976

NPV 0
Myers1977
10


Demsetz1983
NPV

NPV > 0

DeAngelo1987

11

Jensen & Meckling 1976
Convergence-of-interest Hypothesis

26

12

1990

1995

24.63
35

1997

1998

Jensen & Ruback 1983 entrenchment

hypothesis
anti-takeover behavior

expense preference
13

behavior

Demsez1983

Morck, Shleifer & Vishny1988 1980 Fortune 500

0 5
5 25 25

1990

25%
25%40%
40%

1992

14

15

3 5

29

33

16


202

246

56 9 7
23287

193

192
216

30

17

 26

197

22-1

10

18

157

157-1

193

19

72 6 3
21648

3-1

3-1

29

33

202

20

246

23287

192216
30

26

197

1/2

22-1

10 1/2

157

(6 )

157-1

192216

193

21648

197

21

2500
89
22

 5000 6000
5000

23

76

81

86 6 25
24

 3-2

1/3

25

3-2

26

1.
:
3%

2.

1.
10%

2.

25%

25%
1.

10%

2.

10%

1.
2.

1/3

87 12 11

27

28

29

30

 82 87

()

()

50
300
80-20%

3-2
3-2

82
83
84
85
86
87

161
161
126
126
185
185
141
141
203
203
179
179
297
297
236
236
320
320
267
267
341
341
1507
1507
949
949

31

PROE /
1 0 0

L e v e r a g e / 1 0 0

32

100 100
C D R O E / 1 0 0
S D R O E / 1 0 0

()

0.05 0.5
1000 100
33

ASM ( )/ 2
1 0 0

()

Beaver1970

ROE( 0.49)
Penman1991 FamaFrench1992
PROE
ROE PROE
PROE

()

A S H / 2
1 0 0

()

SIZE
34


Warner1977

Log

S I Z E L o g ( )

()

I C F O T /
1 0 0

()

1995
Lintner1956

35

()

MODEL1
PROEi=0+1ASMi+2 ASHi +3PROEi,t-1+4ID 1+5ID 2+6ID 3+7ID 4+8ID 5+9ID 6 + i

MODEL2
PROEi=0+1ASMi+2ASHi+3PROEi,t-1+4ID 1+5ID 2+6ID 3+7ID 4+8ID 5+9ID 6+10YD1+11YD2+
12YD3+13YD4+14YD5+ i
36

 MODEL1 MODEL2

1.PROE
2.ASM
3.ASH
4.i t
5.YD
8287 6 5
6.ID
7 6
ID1
ID2
ID3
ID4
ID5
ID6

MODEL3
LEVERAGEi=0+1ASMi+2SIZEI+3ID 1+4ID 2+5ID 3+6ID 4+7ID 5+8ID 6 + i

MODEL4
37

LEVERAGEi=0+1ASMi+2SIZEi+3ID 1+4ID 2+5ID 3+6ID 4+7ID 5+8ID 6+9YD1+10YD2+

11

YD3+12YD4+13YD5+ i

MODEL3 MODEL4

1.LEVERAGE
2.ASM
3.SIZE
4. i
5.YD
8287 6 5

6.ID MODEL1 MODEL2

MODEL5
CDROEi=0+1ASMi+2ICFOTi +3CDROEi,t-1+4ID 1+5ID 2+6ID 3+7ID 4+8ID 5+9ID 6 + i

MODEL6
CDROEi=0+1ASMi+2ICFOTi+3CDROEi,t-1+4ID 1+5ID 2+6ID 3+7ID 4+8ID 5+9ID+
10YD1+11YD2+12YD3+13YD4+ i

MODEL7
38

SDROEi=0+1ASMi+2SDROEit-1+3ID 1+4ID 2+5ID 3+6ID 4+7ID 5+8ID 6 + i

MODEL8
SDROEi=0+1ASMi+2SDROEit-1+3ID 1+4ID 2+5ID 3+6ID 4+7ID 5+8ID 6 +9YD1+10YD2+
11

YD3+12YD4+13YD5+ i

MODEL5MODEL7 MODEL6MODEL8

1.CDROE
2.SDROE
3.ASM
4.ICFOT
5. i t
6.YD
7.ID

4-1

39

 PROE
1/4
PROE 10 1/4
0 PROE 60
-40.5 100

Leverage
Leverage
3/4
1/4

CDROE
4-1
3/4 18.8
15.47

SDROE
4-1 85.22
100
67.83

40

ASM

100 0 1/4
40 1/4 0

ASH

24.7721.98

ICFOT
4-1
12.47 10
80
4-182 87

3/4 1/4

PROE(%)
Leverage(%)

5.41
46.51

9.34

65.91

10.53

5.24

0.35

-40.5

42.92 339.65

65.34

36.19

15.04

41

CDROE(%)

15.47

33.17

312.5

18.80

SDROE(%)

67.83

37.84

100

100

85.22

41.52

ASM(%)

24.65

26.53

100

42.08

15.02

1.58

ASH(%)

24.77

13.96

81.86

33.71

21.98

13.54

2.14

SIZE()

15.77

1.00

19.13

16.36

15.68

15.08

13.37

ICFOT(%)*

12.47

13.65

86.64

18.02

9.32

3.74 -28.46

* 83 87

Pearson Correlation
4-2
1.

1%ASMPROE
PROE1
PROE 0.58
ASH PROE

2.

42

 1%Leverage
0.32SIZE

3.

1%
CDROE
ICFOT
CDROE1

4.

4-2 1%

ICFOT

SDROE1

4-2

PROE
ASM
ASM
-0.08
(0.0021)
PROE1
0.58
-0.17
(0.0001) (0.0001)
ASH
0.10
-0.25
(0.0001) (0.0001)

PROE1

0.18
(0.0001)

Leverage ASM
ASM
0.32
(0.0001)
SIZE
0.26
0.08
(0.0001) (0.001)

43

CDROE
ASM
ASM
-0.11
(0.0001)
ICFOT
-0.14
-0.03
(0.0001) (0.4277)
CDROE1
0.38
-0.15
(0.0001) (0.0001)

ICFOT

-0.17
(0.0001)

SDROE
ASM
ICFOT
ASM
0.04
(0.1567)
ICFOT
0.21
-0.02
(0.0001) (0.5608)
SDROE1
0.35
0.13
0.13
(0.0001) (0.0001) (0.0001)
PROE
Leverage
CDROE
SDROE
ASM
PROE1
ASH
SIZE
ICFOT
CDROE1
SDROE1

VIFVariance inflation factor

VIF 10
4-3 VIF 3

4-3

44


ASM
PROE1
ASH
IND1
IND2
IND3
IND4
IND5
IND6
Y83
Y84
Y85
Y86
Y87

VIF
1.1619
1.1131
1.1229
1.3092
1.2286
1.2691
1.3826
1.3865
1.2688
1.8920
1.9802
2.3351
2.4154
2.5055

ASM
SIZE
IND1
IND2
IND3
IND4
IND5
IND6
Y83
Y84
Y85
Y86
Y87

VIF

1.0827 ASM
1.0972 ICFOT
CDROE1
1.3471 IND1
1.2122 IND2
1.2654 IND3
1.3541 IND4
1.3795 IND5
1.2824 IND6
1.8858 Y83
1.9643 Y84
2.3016 Y85
2.4007 Y86
2.4986

VIF
1.0866
1.1776
1.1128
1.3001
1.2156
1.2696
1.3223
1.4306
1.2493
1.8104
2.0062
2.2585
2.3226

ASM
ICFOT
SDROE1
IND1
IND2
IND3
IND4
IND5
IND6
Y83
Y84
Y85
Y86

VIF
1.0734
1.0847
1.1667
1.3051
1.2063
1.2803
1.3081
1.4254
1.2423
1.8067
1.9725
2.2361
2.2965

ASM
PROE1
ASH
SIZE
ICFOT
CDROE1
SDROE1
ID1~ID6
Y82~Y87

4-4 4-5

82 0.0336P 0.0843
83
-0.0328P 0.0919
2 (84 0.082 87
45

0.0311)2 85 -0.0099 86 -0.0027

0.0058P 0.4537

PROE
PROE 6
82 0.7935P 0.0001
83 0.4790
P 0.0001
84 0.8429P 0.0001
85 0.5500
P 0.0001
86 0.5277P 0.0001
87 0.6190
P 0.0001
0.5920P
0.0001
Beaver1970
Penman1991
FamaFrench1992

ASH
86
0.0634P 0.0135 87 -0.1087P
0.0158
83 84 85 82

-0.0028P 0.8481
]

46

 4
83 2.1916P 0.0066
84 1.7866P 0.0235 87 2.3221P 0.0014
85 -1.9538P 0.0079

1.

82 83

2.

3.

47

 4-4MODEL1

ASM
PROE1(+)
ASH
IND1
IND2
IND3
IND4
IND5
IND6
R-square
Adj R-sq

82
83
84

P
0.6418 0.6060
2.4781 0.0684
0.7955 0.5707
0.0336 0.0843*
-0.0328 0.0919*
0.0082 0.6501
0.7935 0.0001***
0.4790 0.0001***
0.8429 0.0001***
-0.0462 0.1334
0.0015 0.9644
0.0273 0.4212
-1.1474 0.4141
3.7581 0.0115**
-0.1722 0.9058
-0.0862 0.9572
0.9578 0.5934
0.2181 0.9019
1.6185 0.2579
3.4918 0.0195**
-0.5051 0.7354
-3.45178 0.0057***
2.9872 0.0278**
-1.7546 0.1911
0.1199 0.9352
1.3031 0.3881
-0.4171 0.7849
3.4893 0.0898*
2.4179 0.2187
-2.8976 0.1146
0.706
0.4287
0.5528
0.6882
0.3990
0.5320
85
86
87
48

ASM
PROE1(+)
ASH
IND1
IND2
IND3
IND4
IND5
IND6
R-square
Adj R-sq

P
-0.6678 0.6172
-1.1477 0.2756
5.5972 0.0019***
-0.0099 0.5572
-0.0027 0.8393
0.0311 0.1338
0.5500 0.0001***
0.5277 0.0001***
0.6190 0.0001***
0.0405 0.1837
0.0634 0.0135**
-0.1087 0.0158**
-3.1169 0.0350**
3.7047 0.0018***
-0.5760 0.7595
-1.2754 0.4416
-0.1218 0.9276
-1.9668 0.3792
1.0915 0.4682
2.4965 0.0420**
-0.9840 0.6306
-2.4355 0.0736*
4.2339 0.0001***
-2.3829 0.1882
0.7172 0.5936
-1.0419 0.3215
-0.5939 0.7215
-1.9206 0.1994
-0.0730 0.9504
-0.9927 0.6107
0.4321
0.4726
0.2068
0.4144
0.4573
0.1853

(+)(-)
* < 0.1** < 0.05*** < 0.01
ASM
PROE1
ASH
IND1 IND11 IND1 0
IND2 IND21 IND2 0
IND3 IND31 IND3 0
IND4 IND41 IND4 0
IND5 IND51 IND5 0
IND6 IND61 IND6 0

4-5 MODEL2

ASM
PROE1(+)
ASH
Y83
Y84
Y85
Y86
Y87
IND1
IND2
IND3
IND4

0.8521
0.0058
0.5920
-0.0028
2.1916
1.7866
-1.9538
0.1905
2.3221
0.4341
-0.6395
1.2547
-0.3354

P
0.2966
0.4537
0.0001***
0.8481
0.0066***
0.0235**
0.0079***
0.7933
0.0014***
0.5109
0.4078
0.0667*
0.5833
49

IND5
IND6
R-square
Adj R-sq

-0.2544
-0.3827

0.6823
0.5998
0.3722
0.3663

(+)(-)
* < 0.1** < 0.05*** < 0.01
ASM
PROE1
ASH
IND1 IND11 IND1 0
IND2 IND21 IND2 0
IND3 IND31 IND3 0
IND4 IND41 IND4 0
IND5 IND51 IND5 0
IND6 IND61 IND6 0

4-6 4-7

4-6
82 0.3809P 0.0007

83 0.4157P 0.0001
84 0.3741P 0.0001

85 0.3757P 0.0001
86 0.3342P 0.0001

50

87 0.5106P 0.0001

0.4157P 0.0001

82 10.0321P 0.0002

83 10.4185P 0.0001
84 9.1021P 0.0001

85 9.0279P 0.0001
86 8.2501P 0.0002

87 8.9259P 0.0007

8.8444P 0.0001

4-7
IND1
7.4048P 0.0312
IND2 8.4550P 0.0270 IND3 (
-7.4420P 0.0344
IND4 8.0322P 0.0100
IND6
31.6209P 0.0001

1.

2.

51

3.

4-6MODEL3

ASM(+)
SIZE(+)
IND1
IND2
IND3
IND4
IND5
IND6
R-square
Adj R-sq

82
83
84

P
-125.3258 0.0037*** -130.9460 0.0006*** -111.5280 0.0016***
0.3809 0.0007***
0.4157 0.0001***
0.3741 0.0001***
10.0321 0.0002***
10.4185 0.0001***
9.1021 0.0001***
4.3735 0.6148
3.8583 0.6120
5.3530 0.4583
-4.9446 0.6182
-11.9149 0.1950
-5.5879 0.5161
-10.6617 0.2270
-12.7951 0.0963*
-7.2687 0.3181
13.0030 0.0893*
5.0270 0.4598
3.3519 0.6101
15.3711 0.0880*
6.3720 0.4131
1.0112 0.8926
13.4999 0.2905
15.9385 0.1031
18.2588 0.0404**
0.2280
0.2631
0.2181
0.1877
0.2298
0.1860
52

ASM(+)
SIZE(+)
IND1
IND2
IND3
IND4
IND5
IND6
R-square
Adj R-sq

85
86
87

P
-107.1194 0.0016*** -100.1610 0.0064*** -114.3941 0.0092***
0.3757 0.0001***
0.3342 0.0001***
0.5106 0.0001***
9.0279 0.0001***
8.2501 0.0002***
8.9259 0.0007***
5.5708 0.5571
12.9282 0.1022
8.3327 0.3623
1.7130 0.8363
17.6943 0.0466**
35.6567 0.0010***
-7.5195 0.3207
-5.8581 0.4696
-5.6335 0.5635
3.2252 0.6315
6.7126 0.3510
15.0162 0.0806**
-4.2382 0.5247
0.1155 0.9868
0.8837 0.9127
34.8743 0.0001***
25.5543 0.0012***
49.6908 0.0001***
0.2315
0.1626
0.2430
0.2102
0.1412
0.2248

(+)(-)
* < 0.1** < 0.05*** < 0.01
ASM
SIZE
IND1 IND11 IND1 0
IND2 IND21 IND2 0
IND3 IND31 IND3 0
IND4 IND41 IND4 0
IND5 IND51 IND5 0
IND6 IND61 IND6 0

4-7 MODEL4

ASM(+)
SIZE(+)
Y83
Y84
Y85
Y86
Y87
IND1
IND2
IND3
IND4

-107.7322
0.4115
8.8444
-2.4004
-3.8999
0.6420
-3.4263
3.0766
7.4048
8.7550
-7.4420
8.0332

P
0.0001***
0.0001***
0.0001***
0.5600
0.3346
0.8644
0.3586
0.4083
0.0312**
0.0270**
0.0344**
0.0100***
53

IND5
IND6
R-square
Adj R-sq

0.8270
31.6209

0.7954
0.0001***
0.2110
0.2041

(+)(-)
* < 0.1** < 0.05*** < 0.01
ASM
SIZE
IND1 IND11 IND1 0
IND2 IND21 IND2 0
IND3 IND31 IND3 0
IND4 IND41 IND4 0
IND5 IND51 IND5 0
IND6 IND61 IND6 0

4-8 4-9

4-8

P 0.05 84
-0.1797P 0.0368 85 -0.1258P 0.0284

54


-0.1005P 0.0048

ICFOT
82 83 83 P
0.05( 0.4750P 0.0402) 84
85 -0.2628P
0.0043
-0.1220P
0.0473

4-8
82 0.5192P 0.0001
83 0.2469P 0.0006

84 0.4019P 0.0001
85 0.2362P 0.0001

86 0.4299P 0.0001

0.3534P 0.0001

ID1
6.2999P 0.0455

ID5 -5.1588P
0.0868

55


1.

2.

3.

4.

IND1

ID5

56

 4-8MODEL5
82
83
84

7.8346 0.2960
10.4546 0.1092
21.1875 0.0010***
ASM(+)
-0.0140 0.4659
-0.1045 0.2089
-0.1797 0.0368*
ICFOT(-)
0.0940 0.3868
0.4750 0.0402**
-0.3803 0.0512
CDROE1(+)
0.5192 0.0001***
0.2469 0.0006***
0.4019 0.0001***
IND1
6.4995 0.5288
11.0687 0.2185
2.6083 0.7556
IND2
-10.4401 0.3667
-0.8974 0.9342
-6.2926 0.5269
IND3
21.6611 0.0496**
8.6440 0.3695
6.9658 0.4185
IND4
-3.8562 0.6881
1.1022 0.9065
-11.8122 0.1325
IND5
-4.8512 0.6600
-13.7589 0.1601
-6.4468 0.4613
IND6
-8.6287 0.5412
-1.8016 0.8672
-8.0510 0.4355
R-square
0.3140
0.1521
0.2182
Adj R-sq
0.2625
0.0956
0.1791
85
86
57

17.2848 0.0001***
6.4029 0.0361**
ASM(+)
-0.1258 0.0284**
-0.0371 0.2751
ICFOT(-)
-0.2628 0.0043***
-0.1098 0.1401
CDROE1(+)
0.2362 0.0001***
0.4299 0.0001***
IND1
7.2456 0.1917
5.0246 0.2677
IND2
-10.6914 0.1036
-1.1904 0.8154
IND3
-0.2406 0.9659
-3.4517 0.4342
IND4
-8.1327 0.1411
-1.6244 0.6917
IND5
-4.7650 0.3366
-2.1875 0.5706
IND6
-7.1599 0.2217
0.3576 0.9337
R-square
0.2098
0.2980
Adj R-sq
0.1800
0.2741
(+)(-)
* < 0.1** < 0.05*** < 0.01
ASM
ICFOT
CDROE1
IND1 IND11 IND1 0
IND2 IND21 IND2 0
IND3 IND31 IND3 0
IND4 IND41 IND4 0
IND5 IND51 IND5 0
IND6 IND61 IND6 0

4-9MODEL6

ASM(+)
ICFOT(-)
CDROE1(+)
Y83
Y84
Y85
Y86
IND1
IND2
IND3
IND4
IND5

16.5968
-0.1005
-0.1220
0.3534
-0.7606
-0.8244
-5.8858
-6.8237
6.2999
-5.4076
4.6898
-4.4394
-5.1588

P
0.0001***
0.0048***
0.0473**
0.0001***
0.8274
0.8026
0.0645*
0.0291**
0.0455**
0.1383
0.1459
0.1390
0.0868*
58

IND6
R-square
Adj R-sq

-3.7594

0.2822
0.2205
0.2100

(+)(-)
* < 0.1** < 0.05*** < 0.01
ASM
ICFOT
CDROE1
IND1 IND11 IND1 0
IND2 IND21 IND2 0
IND3 IND31 IND3 0
IND4 IND41 IND4 0
IND5 IND51 IND5 0
IND6 IND61 IND6 0

4-10 4-11

4-10

4-11

0.0969P 0.0101

59

ICFOT
4-10 86
82 0.5147P 0.0366
83
0.5733P 0.0048
84 0.4084P 0.0491
85 0.3218P 0.0050
4-11
0.3402P 0.0001

4-10
82 0.4762P 0.0001
83 0.4974P
0.0001
84 0.4010P 0.0001
85 0.4360
P 0.0001
86 0.4052P 0.0001

4-11 0.4286P 0.0001

IND1
82 -17.1106P
0.0591
85
-16.1527P 0.0241
86
-10.4732
P 0.0942
4-11
-7.2788P 0.0306

60


1.

80

2.

3.

4.

4-10MODEL7
82
83
84

32.2967 0.0001***
26.9798 0.0002***
24.7546 0.0017***
ASM(+)
0.0455 0.3750
0.1531 0.0753
0.1625 0.0625
ICFOT(+)
0.5147 0.0366**
0.5733 0.0048***
0.4084 0.0441**
SDROE1(+)
0.4762 0.0001***
0.4974 0.0001***
0.4010 0.0001***
IND1
-17.1106 0.0591*
1.2461 0.8674
6.4800 0.4511
IND2
9.8106 0.3559
2.8965 0.7451
-4.3418 0.6801
IND3
-5.5130 0.5652
-2.0837 0.7913
-5.7418 0.5131
IND4
1.9276 0.8201
-0.5466 0.9435
-8.7652 0.2937
IND5
-2.2224 0.8156
2.3004 0.7722
13.2870 0.1353
IND6
6.9694 0.5732
-5.2430 0.5521
14.2560 0.1744
R-square
0.3240
0.3557
0.2345
Adj R-sq
0.2720
0.3118
0.1940
85
86
87
61

43.6747 0.0001***
45.9584 0.0001***
ASM(+)
0.0488 0.2787
0.0595 0.1952
ICFOT(+)
0.3218 0.0050***
0.1512 0.1415
SDROE1(+)
0.4360 0.0001***
0.4052 0.0001***
IND1
-16.2567 0.0241**
-10.4732 0.0942*
IND2
-10.3440 0.2038
-9.5861 0.1715
IND3
-3.7730 0.5847
0.6688 0.9149
IND4
-13.5873 0.0457**
4.7709 0.3980
IND5
-2.9948 0.6228
2.0199 0.7037
IND6
-1.3554 0.8526
0.9504 0.8762
R-square
0.2583
0.2364
Adj R-sq
0.2289
0.2097

(+)(-)
* < 0.1** < 0.05*** < 0.01
ASM
SDROE
IND1 IND11 IND1 0
IND2 IND21 IND2 0
IND3 IND31 IND3 0
IND4 IND41 IND4 0
IND5 IND51 IND5 0
IND6 IND61 IND6 0

4-11 MODEL8

ASM(+)
ICFOT(+)
SDROE1(+)
Y83
Y84
Y85
Y86
IND1
IND2
IND3
IND4
IND5
IND6

36.8671
0.0969
0.3402
0.4286
0.4187
-8.4690
2.0514
4.5339
-7.2788
-4.0486
-3.6370
-3.5016
1.8498
2.0402

P
0.0001***
0.0101**
0.0001***
0.0001***
0.9096
0.0158**
0.5437
0.1685
0.0306**
0.3009
0.2874
0.2729
0.5582
0.5836
62

R-square
Adj R-sq

0.2709
0.2608

(+)(-)
* < 0.1** < 0.05*** < 0.01
ASM
SDROE1
IND1 IND11 IND1 0
IND2 IND21 IND2 0
IND3 IND31 IND3 0
IND4 IND41 IND4 0
IND5 IND51 IND5 0
IND6 IND61 IND6 0

63

64

 80

65

1/4
42 1/4

66

1.
-

85
2.

87
3.
289
88 1 82-85
4.

290
88 2 64-67

67

5.

84
6.

79
7.
-- 77

79
8.

86
9.

80
10.
34
87 3 90-97

11.
-
45 88 2 89-98

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between Market Determined and Accounting Determined Risk
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2.DeAngelo,

H., Management Buyouts of Publicly Traded

Corporation, in Copeland ed., Modern Finance and Industrial

Economics, Chapter6, New York: Basil Blackwell, 1987.
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3.Demsetz H., The Structure of Ownership and the Theory of the

Firm, Journal of Law and Economics, 26(1983), 375-390.
4.Eisenhardt, K.M., Agency theory: Assessment and Review,
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Book-to-Market

Equity.

GRSP

working

Paper

361,

University of Chicago, 1992.

6.Jensen, M.C. and R.S. Ruback, The Market for Corporate
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69