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| Author: | Claessens, S. |
| Title: | Corporate governance and equity prices: Evidence from the Czech and Slovak Republics |
| Journal: | Journal of Finance
1997 : SEP, VOL. 52:4, p. 1641-1658 |
| Index terms: | COMPANY OWNERSHIP EQUITY CAPITAL PRICES CZECH REPUBLIC SLOVAK REPUBLIC |
| Language: | eng |
| Abstract: | The Slovak and Czech voucher scheme led to relatively concentrated ownership. Two-thirds ended up with investment funds and one-third with private individuals, of the shares offered through the voucher scheme. 72% are owned by the top ten funds, of the shares owned by investment funds. Market prices analysis provides strong evidence that more concentrated ownership is associated with higher prices. Majority ownership by domestic investors is associated with even higher prices and appears to be especially useful to change the way companies are managed. Companies with state and foreign majority owners don't have higher prices , which suggests that control by these investors entails costs for minority shareholders through decreased firm efficiency or dilution of property rights. |
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