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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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第3章
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［1］1970年的数据参见 R. Rajan and L. Zingales, “The Great Reversals: The Politics of Financial Development in the 20th Century,” Journal of Financial Economics (forthcoming); 2000年的数据来自Federation International pour Bourse Valeurs.
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［2］1970年的数据参见 R. Rajan and L. Zingales, “The Great Reversals”; 2000年的数据来自Federation International pour Bourse Valeurs.
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［3］Bank for International Settlements Quarterly Review, March 2002.
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［4］Council of Economic Advisers, Economic Report of the President (Washington, DC: U.S. Government Printing Office, February 2002), 412.
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［5］同上，第261页。
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［6］Louis D. Brandeis, letter to Robert W. Bruere, Columbia Law Review 31 (1922): 7.
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［7］Louis D. Brandeis, Other People’s Money (Washington, DC: National Home Library Foundation, 1933), 62.
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［8］Joel Seligman, The Transformation of Wall Street (Boston: Northeastern University Press, 1995), 42.
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［9］有关法案的制定是由于政治压力而不是经济推动的证据，参见George Benston, The Separation of Commercial and Investment Banking (Oxford: Oxford University Press, 1990)； Randall Kroszner and Raghuram G. Rajan, “Is the Glass Steagall Act Justified?: Evidence from the U.S. Experience with Universal Banking, 1921-1933,” American Economic Review 84 (1994): 810-832。
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［10］有关风险投资的数据参见J. Lerner, Venture Capital and Private Equity: A Casebook (New York: Wiley, 2000)。根据国际货币基金组织（国际金融统计）的数据，1997年意大利的毛固定资产投资大约324.9万亿里拉，按当时的汇率计算为1840亿美元。
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［11］PricewaterhouseCoopers/Venture Economics/National Venture Capital Association MoneyTree Survey.www.pwcglobal.com/cy/eng/about/press-rm/PressRelCurrent/Money_Tree.html.
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［12］Fischel, Payback: The Conspiracy to Destroy Michael Milken,24.
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［13］1977～1986年的数据参见B. Holmstrom and S. Kaplan, “Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and the 1990s,” Journal of Economic Literature 15, no. 2 (2001), 121-144。
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［14］Christian Science Monitor, “Time Might Be Right for a Hunk of Junk,” February 11, 2002.
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［15］在通常情况下，大宗交易的价格并不划算。由于交易量很大，证券需要在经纪商手中持有一段时间才能全部转卖出去。另外，经纪商也可能担心大主顾拥有他们不了解的某些信息，因此要求以更优惠的价格给这种风险提供补偿。
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