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colleran,

This is from 2009, and the years it examines were 2005-2007. This is likely one of the studies cited in "The Shareholder Value Myth," the book I panned recently. There are more recent studies that show very different results.

Here's my review, which includes at least one study showing different results:

http://www.fool.com/investing/general/2013/01/14/shareholder...

I'm pretty sure that there are more and that I've covered them for Fool.com. I should go back through all my columns and collect them exhaustively.

IMHO, this study's timeframe was a REALLY bad timeframe to look at. We were in the midst of a massive asset bubble as I recall. ;) One really long sucker's rally in the market, too. To paraphrase Warren Buffett, the tide hadn't gone out yet to show who was naked or not.

Alyce
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