INFLATION AND THE MARKET VALUE OF THE FIRM: THEORY AND TESTS

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  • Hai Hong

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    • Assistant Professor of Finance, Graduate School of Management, Northwestern University. This paper is based on the author's 1975 doctoral dissertation at the Graduate School of Industrial Administration, Carnegie-Mellon University. The author wishes to thank Allan H. Meltzer, Robert S. Kaplan and Gershon Mandelker for their encouragements and suggestions. Helpful comments on earlier drafts were received from Guy Fohrer, Arie Melnik, Al Rappaport, Richard Rendleman Jr., Lawrence Revsine, and Robert Taggart Jr.

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