... of the market value of assets to the book value of assets: the market value is calculated as the sum of the book value of assets and the market value of common stock less the book value of common ... Morck, Randall, Andrei Shleifer, and Robert Vishny, “Management Ownership and Market Valuation: An Empirical Analysis,” Journal of Financial Economics, XX (1988), 293–315 Morck, Randall, Andrei ... significantly higher returns, were valued more CORPORATE GOVERNANCE AND EQUITY PRICES 109 Other papers that analyze relationships between governance and either firm value or performance have generally focused...