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We would like to thank the referees for several helpful comments.
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Eling, M., Schuhmacher, F. The Parent Company Puzzle on the German Stock Market. Fin Mkts Portfolio Mgmt 19, 7–28 (2005). https://doi.org/10.1007/s11408-005-2295-6
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DOI: https://doi.org/10.1007/s11408-005-2295-6