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Unless investors can derive significant private benefits of control, they will pay small premiums for voting shares over nonvoting shares. they will pay moderate premiums

Unless investors can derive significant private benefits of control,

they will pay small premiums for voting shares over nonvoting shares.

they will pay moderate premiums for voting shares over nonvoting shares.

they will pay substantial premiums for voting shares over nonvoting shares.

they will not pay substantial premiums for voting shares over nonvoting shares.

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