Modigliani and Miller (1958, 1963) propose when firms must pay tax, the valuation of firms would increase from the borrowing. • To develop the relationship among the variables, this paper reviews the study on

valuation of firms would increase from the borrowing. To develop the relationship among the variables, this paper reviews the study on the “family business” proposed by Claessens et. al. (2000) for the

Procedures for Securities Borrowing and Lending By virtue of Section 14 of the Securities and Exchange Act, B.E. 2535 (1992) and Clause 5 of the Ministerial Regulation No. 9 (B.E. 2540) issued under the

Commission No. KorDor 29/2540 Re: Rules, Conditions and Procedures for Securities Borrowing and Lending By virtue of Section 14 of the Securities and Exchange Act, B.E. 2535 (1992) and Clause 5 of the

category of securities brokerage, securities dealing, securities borrowing and lending, but excluding a company licensed to undertake securities business in the category of securities financing; “short sale

subsequently to operate securities business. This does not include financial institutions licensed to undertake securities borrowing and lending business which offer custody for clients’ assets related to

securities business. This does not include financial institutions licensed to undertake securities borrowing and lending business which offer custody for clients’ assets related to securities borrowing and

management fee and securities borrowing and lending fee etc.. (Translation) -21- 1.3 Gain (loss) on Securities trading means gain or loss on securities trading. In the case where it has a securities trading

, securities underwriting fee, fund management fee, clients’ asset management fee and securities borrowing and lending fee etc.. (Translation) -21- 1.3 Gain (loss) on Securities trading means gain or loss on

business; (5) mutual fund management business; 2 (6) private fund management business; (7) securities borrowing and lending business. Clause 4 In the case where a person having the following qualifications