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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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[16]有关固定佣金制度的取消带来的影响,更详细的描述参见M. Blume, J. Siegel, and D. Rottenberg, The Revolution on Wall Street: The Rise and Decline of the New York Stock Exchange (New York: Norton, 1993)。
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[17]P. Gompers and A. Metrick, “Institutional Investors and Equity Prices,” Quarterly Journal of Economics 116, no. 1 (2001): 295-260; J. Poterba and A. Samwick, “Stock Ownership Patterns, Stock Market Fluctuations, and Consumption,” Brookings Paper on Economic Activity 2 (1985): 295-357; and Statistical Abstract of the United States, 2001, Washington, DC: U.S. Bureau of the Census (2001): 739.
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[18]Statistical Abstract of the United States, 2001, table 1214.
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[19]Holmstrom and Kaplan, “Corporate Governance and Merger Activity in the U.S.”
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[20]James M. Poterba, “The Rate of Return to Corporate Capital and Factor Shares: New Estimates Using Revised National Income Accounts and Capital Stock Data,” NBER working paper no. W6263, 1999.
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