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Zoekopdracht: faculteit: "FEB" en publicatiejaar: "2009"

AuteursR. Albuquerque, E. Schroth
TitelQuantifying private benefits of control from a structural model of block trades
UitgeverCentre for Economic Policy Research
PlaatsLondon
Jaar2009
Pagina's52
SerietitelCEPR Discussion Paper Series
Serienummer7358
FaculteitFaculteit Economie en Bedrijfskunde
Instituut/afd.FEB: Amsterdam Business School Research Institute (ABS-RI)
SamenvattingWe study the determinants of private benefits of control in negotiated block transactions. We estimate the block pricing model in Burkart, Gromb, and Panunzi (2000) explicitly accounting for both block premia and block discounts in the data. The evidence suggests that the occurrence of a block premium or discount depends on the controlling block holder's ability to fight a potential tender offer for the target's stock. We find evidence of large private benefits of control and of associated deadweight losses, but also of value creation by controlling shareholders. Finally, we provide evidence consistent with Jensen's free cash flow hypothesis.
Opmerkingen02 July 2009
Soort documentRapport
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