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→Opler and Titman 1993
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Opler and Titman find support for the free cash flow theory and financial distress hypothesis. They also find that firms undergoing LBOs in the 1985 to 1990 subperiod were more diversified than those that did not. Regression: Logit of Probability of Going Private (1980 to 1990):
*Operating income/assets
*Tobin's Q
