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Record: oai:ARNO:410677

AuthorsR. Albuquerque, E. Schroth
TitleQuantifying private benefits of control from a structural model of block trades
JournalJournal of Financial Economics
Volume96
Year2010
Issue1
Pages33-55
ISSN0304405X
FacultyFaculty of Economics and Business
Institute/dept.FEB: Amsterdam Business School Research Institute (ABS-RI)
AbstractWe 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.
Document typeArticle
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