We wish to thank Avri Ravid and John Wald for very helpful feedback and advice. Research assistantship by Omri Zuckerstein is highly appreciated. Special thanks to Yossi Ginossar and Doron Cohen of Grant Thornton, Israel and Kobi Avramov of Tel Aviv Stock Exchange for useful information. We acknowledge the financial support from the Academic College of Tel-Aviv Yaffo.

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