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To: Gregg Powers who wrote (27298)	4/16/1999 2:41:00 PM
From: Morgan Drake	Respond to of 152472

Gregg: It would probably help if you were to take a look at the article. The JPM, as I'm sure you are aware, is not an investment rag: there is adequate peer review re articles submitted for publication. Additionally, as I mentioned, there were plenty of prior supporting studies. More analyst coverage obviously means more exposure to buyers. More buyers means earnings multiple expansion possibilities, I guess. Absent these exogenous agents, I would tend to agree with you. Regards, Morgan