Current Draft : September 22 , 2003 First Draft : April , 2002 Comments welcome To Steal or Not to Steal : Firm Attributes , Legal Environment , and Valuation

University workshops, where earlier versions of the paper were presented under different titles. We would also like to thank Nick Bradley, Ian Byrne, George Dallas, and Laurie Kizik for providing us with S&P Transparency Rankings and CLSA Corporate Governance Scores, Mara Faccio and Larry Lang for their generosity in sharing their ownership data, and Joyce Buchanan and Vlad Charniauski for excellent research assistance.

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