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Zoekopdracht: faculteit: "FEB" en publicatiejaar: "2010"

AuteursR. Albuquerque, E. Schroth
TitelQuantifying private benefits of control from a structural model of block trades
TijdschriftJournal of Financial Economics
Jaargang96
Jaar2010
Nummer1
Pagina's33-55
ISSN0304405X
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 premiums 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.
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