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ᇍࠃѩ߶ؿളࢠն֥э߄đૌൈؿགྷႵᆣऌіૼܢתၰσؓఃᇍࠏᇅఏ֞ਔޓݺ֥ҀԉቔႨđࣉطૌಪູࠏܒሧᆀิࢌ֥ܢתၰσᄝ܄ඳᇍᇏؿߨਔႵི֥ቔèႨb Wilshire Associate ሱ1995୍ष֥ؓࠒࠞҕა܄ඳᇍ֥ࡆᇜ܄ༀჴྨࠎࣁ༢֥ሧቆކࣉྛ֥ק௹۷ྍ֥࣮ཁൕđࠏܒሧᆀؓ܄ඳᇍ֥ࠒࠞҕაջটਔ෮ሧܢௐ൧ӆࡎᆴ֥ᄹӉđᆃ္ФӫູCalPERSིႋb ࠏܒሧᆀა܄ඳြܱࠛ༢֥࣮ࢲંޓ؟đޓگᄖđ္ޓౢbTim and Jonathan Sokobin֥࣮ؿགྷđၛ܋ࠎࣁູսі֥ࠏܒሧᆀؓ܄ඳᇍࢲܒڿ۪֥ࠒࠞéҕა֝ᇁਔഈ൧܄ඳӉ௹ࣜႏི֥ࠛิۚb Short, Helen and Kevin Keaseyሹࢲਔၛభ࣮෮ؿགྷ֥ࠏܒሧᆀބ܄ඳིࠛᆭࡗ֥ܱ༢ࠣࠏܒሧᆀބܵҪБԏაིܱࠛ༢ᆃਆᆀᆭࡗ֥৳༢bૌؿགྷđႮႿ҂֥෮Ⴕᆀ০ၭࡗթᄝࠞఃگᄖ֥ܱ༢ຩđᄜࡆഈྐ༏ܙêٚ૫֥໙ีđࠏܒሧᆀؓ܄ඳི֥ࠛ႕ཙѩ҂ૼཁbႇݓหྸ߶࠹ഽླྀ߶ᄻࣜቔݖ၂ՑܱႿ܄ඳြࠛa൙߶Ӯჴބࣜದჴ֥Бԏࣃ์ၛࠣࠏܒሧᆀᆭࡗܱ༢֥ൌᆣ࣮đ࣮ࢲݔіૼđೂݔ৫ֹॉ੮ఃܢת֥০ၭđࠏܒؓ܄ඳြࠛીႵ႕ཙđ҂ݖఃᇏ္Ⴕඪૼࠏܒؓ൙߶ބ܄ඳြࠛᆭࡗܱ༢թᄝ႕ཙ֥ҋਘb֒ࠏܒ෮ႚႵ֥ܢٺб൙߶Ӯჴߎ؟ൈđࠏܒ֥႕ཙ൞ᆞ૫֥൞ૼཁ֥bႭః൞đીႵః۷ն֥ຓ҆ܢתൈđࠏܒؓ܄ඳြ֥ࠛ႕ཙ۷ࡆૼཁĠၹູೂݔຓ҆նܢת؟֥߅đࠏܒ္߶࠷௹ຬႿຓ҆նܢתಀྛࡓëಃ০bTarun Khannaބ KrishnaPalepuဒਔႆ؇ᆣಊ൧ӆᇏࠏܒሧᆀӻܢб২ა܄ඳ Qᆴ֥ཌྷܱྟ ,ѩ۴ऌݓຓaݓଽࠏܒሧᆀӻܢб২აກџ֥ Qᆴٳљӯᆞaڵཌྷܱđìطቔԛਔݓຓaݓଽࠏܒሧᆀؓഈ൧܄ඳြࠛऎႵ҂႕ཙ֥ࢲંb ݓଽᆣૼࠏܒሧᆀა܄ඳᇍܱ༢֥ൌᆣ࣮ޓഒđࣇႵ੍ؓᆣಊሧࠎࣁ (ᄝഈ൧܄ඳᇏ֥ӻܢб২ )აഈ൧܄ඳြࠛіགྷ (ກџ Qᆴ )ᆭࡗ֥ܱ༢ࣉྛਔ݂߭ٳ༅b࣮íіૼđᆣಊሧࠎࣁӻܢб২აഈ൧܄ඳြࠛӯૼཁ֥ᆞཌྷܱྟb a࣮ٚمބဢЧ࿊ᄴ è Del Guercio, Diane and Jennifer Hawkins, The Motivation and Impact of Pension Fund Activism, Journal of Financial Economics ,, 1999,pp. 293-340. é Tim and Jonathan Sokobin đDoes Coordinated Institutional Shareholder Activism Work? http// ê Short, Helen and Kevin Keasey, Institutional shareholders and corporate governance in the United Kingdom, in Keasey et al 1997. ë ሇႄሱࡲğu܄ඳᇍંvđhttp//, 1999. ì Tarun Khanna & Krishna Palepu, Emerging Market Business Groups,Foreign Investors,and Corporate Gonernance,NBER Working Papers6955,www. nber. org/ papers/ w6955,1 999. í ੍ğuࠎࣁӻܢაഈ൧܄ඳြࠛཌྷܱྟ֥ൌᆣ࣮v,uഈݚࣜ࠶࣮v2002୍ֻ6௹b 2
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