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R. C. Stapleton, M. G. Subrahmanyam, Market Imperfections, Capital Market Equilibrium and Corporation Finance, The Journal of Finance, Vol. 32, No. 2, Papers and Proceedings of the Thirty-Fifth Annual Meeting of the American Finance Association, Atlantic City, New Jersey, September 16-18, 1976 (May, 1977), pp. 307-319
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Stapleton et al. (1977) studied this question.
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