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［13］“Borsa: UniCredito (+5.9%) strappa dopo rottura trattative Commerzbank,” AFX News Limited, September 11, 2001.
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［14］Mark L. Mitchell and Kenneth Lehn, “Do Bad Bidders Become Good Targets?” Journal of Political Economy 98 (1990): 372-398.
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［15］这被称为格罗斯曼—斯蒂格利茨悖论（Grossman-Stiglitz paradox），参见Sanford Grossman and Joseph Stiglitz, “On the Impossibility of Informationally Efficient Markets,” American Economic Review 80, no. 3 (1980): 393.
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［16］B. Black, “Does Corporate Governance Matter? A Crude Test Using Russian Data,” Stanford Law School, working paper, 2000.
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［17］同上。
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［18］Alexander Dyck and Luigi Zingales, “Private Benefits of Control: An International Comparison,” NBER working paper no. 8211, 2002.
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［19］参见R. La Porta, F. Lopez-de-Silanes, and A. Shleifer, “Corporate Ownership around the World,” Journal of Finance 54, no. 2 (1999): 471-517。通过跨国比较研究，他们首先证明了制度基础的不发达会导致所有权的集中。
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［20］对该领域的早期研究，参见Rafael La Porta, Florencio Lopz de Silanes, Andrei Shleifer, and Robert W. Vishny, “Law and Finance,” Journal of Political Economy 106 (1998): 1113。有关私有收益和法律保护之间的相关性研究，参见Dyck and Zingales, “Private Benefits of Control.”
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［21］Dyck and Zingales, “Private Benefits of Control.”
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［22］Leora Klapper and Inessa Love, “Corporate Governance, Investor Protection, and Performance in Emerging Markets,” World Bank, working paper, 2002.
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［23］Michael C. Jensen, “Agency Costs of Free Cash Flow, Corporate Finance and Takeovers,” American Economic Review 76 (1986): 323-339.
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［24］G. Zachary, “His Way,” Wall Street Journal, June 2, 1994.
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［25］以下材料主要来源于G. Baker, “Beatrice: A Study in the Creation and Destruction of Value,” Journal of Finance 47, no. 3 (1992): 1081-1120。
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［26］同上，第1096页。
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［27］O. J. Blanchard, F. Lopez-de-Silanes, and A. Shleifer, “What Do Firms Do with Cash Windfalls?” Journal of Financial Economics 36 (1994): 337-360.
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［28］同上，第358页。
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［29］同上。
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［30］Darin Clay, “ The Role of Institutional Investors” (University of Chicago, Ph.D. diss., 2001).
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［31］同上。
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［32］我们对该问题的研究与MIT的Stewart Myers合作完成。
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［33］Steven Kaplan and Per Stromberg, “ How Do Venture Capitalists Choose and Monitor Investments?” University of Chicago, WP, 2000.
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［34］Josh Lerner, “Ventre Capitalists and the Oversight of Private Firms,” Journal of Finance 50 (1995): 301-318.
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［35］同上。
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［36］Steven Kaplan and Per Stromberg, “ How Do Venture Capitalists Choose and Monitor Investments?”
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［37］M. Gorman and W. Sahlman, “What Do Venture Capitalists Do?” Journal of Business Venturing 4 (1989): 231-248.
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