that were less affected by market sentiment. The process of establishing the National Telecommunication Committee (NTC) and the plans for reforming the telecom industry were viewed as positive

shareholder sentiment to the board. In the case of equity-based schemes, their potential to dilute shareholders’ capital and to powerfully determine managerial incentives means that they should be approved by

resulted in less demand for bonds by foreign investors, and in turn affected the sentiment of local investors. At the end of the year 2006, long-term bond yields ( 10 years) remained at 5.44-5.77 percent