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(29)

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US$ millions [F, M] [D, I] Country of Origin

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Area (Km2₎ Population

Telkom SA Limited 10.000 F I South Africa 471.008 44.187.637 Companies

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ALLTEL Corporation 21.000 M D United States 3.718.691 298.444.215 AT&T Inc. 133.000 F D United States 3.718.691 298.444.215 BCE Inc. 23.000 M D Canada 3.855.081 33.098.932 BellSouth Corporation 82.000 F D United States 3.718.691 298.444.215 Century Telephone Enterprises Inc. na F D United States 3.718.691 298.444.215 Cincinnati Bell Inc. 1.000 F D United States 3.718.691 298.444.215 Citizens Communications Company 5.000 F D United States 3.718.691 298.444.215 FairPoint Communications, Inc. 626 F D United States 3.718.691 298.444.215 IDT Corporation 721 F D United States 3.718.691 298.444.215 Iowa Telecommunications Services, Inc. 627 F D United States 3.718.691 298.444.215 Leucadia National Corporation. 6.000 F D United States 3.718.691 298.444.215 Qwest Communications Intl Inc. 17.000 F D United States 3.718.691 298.444.215 Sprint Nextel Corporation 57.000 M D United States 3.718.691 298.444.215 Suncom Wireless Holdings, Inc. 83 M I United States 3.718.691 298.444.215 Telephone and Data Systems, Inc. 0 M D United States 3.718.691 298.444.215 TELUS Corporation 9.000 F D Canada 3.855.081 33.098.932 United States Cellular Corporation na M D United States 3.718.691 298.444.215 Verizon Communications 113.000 F D United States 3.718.691 298.444.215

(30)

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Area (Km2) Population América Móvil S.A. de C.V. 78.000 M I Mexico 761.602 107.449.525 Brasil Telecom S.A. 949 F D Brazil 3.286.470 188.078.227 Compañía Anónima Nacional Teléfonos de Venezuela 2.000 F D Venezuela 352.143 25.730.435 Compania de Telecomunicaciones de Chile S.A. 2.000 F D Chile 292.258 16.134.219 Embratel Participações S.A. na F D Brazil 3.286.470 188.078.227 Nortel Inversora S A na F D Argentina 1.068.296 39.921.833 Tele Norte Leste Participacoes S.A. 2.000 F D Brazil 3.286.470 188.078.227

Telebras HOLDRs na F D Brazil 3.286.470 188.078.227

Telecom Argentina S.A. 3.000 F D Argentina 1.068.296 39.921.833 Telecomunicaçôes de Sao Paulo S/A-Telesp 12.000 F D Brazil 3.286.470 188.078.227 Telefónica de Argentina 3.000 F D Argentina 1.068.296 39.921.833 Teléfonos de México 18.000 F I Mexico 761.602 107.449.525 Tim Participações S.A. 3.000 M D Brazil 3.286.470 188.078.227

Telmex F I Mexico 761.602 107.449.525

Vivo Participações S.A. 2.000 M D Brazil 3.286.470 188.078.227 Companies

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Area (Km2) Population China Unicom 14.000 M D China 3.705.386 1.313.973.713 Asia Satellite Telecommunications Holdings Limited 683 M D Hong-Kong 402 6.940.432 China Mobile Limited 157.000 M D China 3.705.386 1.313.973.713 China Netcom Group Corporation (Hong Kong) Limited 12.000 F D China 3.705.386 1.313.973.713 China Telecom Corporation Limited 30.000 F D China 3.705.386 1.313.973.713 Chunghwa Telecom 18.000 F D Taiwan 13.892 23.036.087 Hutchison Telecommunications International Limited 9.000 M I Hong-Kong 402 6.940.432 KT Corporation 10.000 F D Korea, South 38.023 48.846.823 Mahanagar Telephone Nigam Limited 2.000 F D India 1.269.338 1.095.351.995 Nippon Telegraph and Telephone Corp. 39.000 F D Japan 145.882 127.463.611 NTT DoCoMo, Inc. 68.000 M D Japan 145.882 127.463.611 P.T. Telekomunikasi Indonesia 18.000 F D Indonesia 741.096 245.452.739 Philippine Long Distance Telephone Co. 8.000 F D Philippines 115.830 89.468.677 PT Indosat Tbk 3.000 M D Indonesia 741.096 245.452.739 SK Telecom Co., Ltd. 16.000 M D Korea, South 38.023 48.846.823 Telecom New Zealand 6.000 F I New Zealand 103.737 4.076.140 Telstra Corporation Limited 37.000 F I Australia 2.967.893 20.264.082 Videsh Sanchar Nigam Limited 3.000 F D India 1.269.338 1.095.351.995

(31)

F3 F3 F3 F3

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Market Value

Geographic

Area (Km2) Population BT Group plc 46.000 F I United Kingdom 94.525 60.609.153 Deutsche Telekom AG 72.000 F I Germany 137.846 82.422.299

France Telecom 64.000 F I France 211.208 60.876.136

Hellenic Telecommunication Organization S.A. 12.000 F D Greece 50.942 10.688.058 Magyar Telekom Telecommunications PLC 5.000 F I Hungary 35.919 9.981.334 Mobile TeleSystems 4.000 M I Russia 6.592.735 142.893.540 Portugal Telecom SGPS SA 14.000 F I Portugal 35.672 10.605.870

Rostelecom 4.000 F I Russia 6.592.735 142.893.540

Royal KPN N.V. 29.000 F I Netherlands 16.033 16.491.461

Swisscom AG 19.000 F I Switzerland 15.942 7.523.934

Telecom Italia S.P.A. 58.000 F I Italy 116.305 58.133.509

Telefonica S.A. 94.000 F I Spain 194.896 40.397.842

Telekom Austria AG 13.000 F D Austria 32.382 8.192.880

Turkcell Iletisim Hizmetleri A.S. 13.000 M D Turkey 301.382 70.413.958 Vimpel-Communications 13.000 M D Russia 6.592.735 142.893.540 Vodafone Group plc 147.000 M I United Kingdom 94.525 60.609.153

Companies

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Africa North America

Latin America

Asia and

Oceania Europe TOTAL Market Value (US$ million)

Average 10.000 29.316 11.450 25.038 37.938 25.192

Standard Deviation 0 41.735 20.499 37.042 40.235 36.913

Business

Fixe Line 1 12 12 11 12 71%

Mobile 0 6 3 7 4 29%

Foreign Direct Investment

Domestic 0 17 12 15 4 71%

International 1 1 3 3 12 29%

Companies characteristics

(32)

F1 F1 F1 F1

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0 5 10 15 20 25 30 35 40

10 20 30 40 50 60 70 80 90 100 110 120 130 140 150

Ma rke t Va lue (US$ billion) Numbe r of

Compa nie s

Total Fixed Line Mobile

'.,

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R M = Return of Mobile Companies

n 46 20 n = number of Companies observed

22 477 31 438 = average Market Value (US$ million)

S 31 664 47 199 S = Market Value Standard Deviation (US$ million)

v v = Degrees of Freedom

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0.77654

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α = 0.05 Do not reject H0

M - F - D

27

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(33)

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1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47

Telecom. Companies Market Value (US$

billion)

(34)

FM FM FM FM

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R D R I with:

R F = Return of Fixed Line Companies R M = Return of Mobile Companies

n 42 19 n = number of Companies observed

22 586 37 583 = average Market Value (US$ million)

S 36 416 39 311 S = Market Value Standard Deviation (US$ million)

v v = Degrees of Freedom

D 0

α = significamce level

H 0 : D - I <= 0 αααα = 0.10 0.05

t v,αααα = = = = 1.309 1.694

14 997 10 626

(S2D / nD + S 2

I / nI ) 1/2

Do not reject H0

α = 0.10 α = 0.10α = 0.10 α = 0.10 α = 0.05 α = 0.05α = 0.05 α = 0.05

= = 1.411

33

Reject H0 D - I - D

X X

(35)

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Summary R S ββββ

Domestic Companies (41)

Average -0,08 0,04 0,83

International Companies (19)

Average -0,050 0,040 0,883

Fixed Line Companies (41)

Average -0,062 0,038 0,836

Mobile Companies (19)

Average -0,082 0,048 0,860

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