1. Long-termism is just the extent of 'entrenchment' of current 'major' shareholders in the firm;See Panageas, supra note 167
2. 8B/10B Line Coding
3. the cost of capital is below the firm's long-run value"). The reduction in the cost of capital is consistent with the controller's belief that the expected return on the shares will be lower in the future. Note that the controlling shareholder's time horizon lengthens to the extent that access to the trading markets is restricted. Given a partial constraint on liquidation of its position, the firm's investment policy would be partially open to short-term incentives-the controlling shareholder would determine investment using "some weighted average between share price and long term value;See Bolton;Panageas, supra note 167