haku: @indexterm Stock ownership / yhteensä: 134
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| Tekijä: | Barclay, M. J. Holderness, C. G. |
| Otsikko: | Private benefits from control of public corporations |
| Lehti: | Journal of Financial Economics
1989 : DEC, VOL. 25:2, p. 371-395 |
| Asiasana: | PUBLIC CORPORATIONS INVENTORY CONTROL PRICING STOCK OWNERSHIP FINANCIAL CONTROL VOTING |
| Kieli: | eng |
| Tiivistelmä: | The pricing of 63 block trades between 1978 and 1982 is analyzed that involve at least 5 percent of the common stock of NYSE or Amex corporations. These blocks are typically priced at substantial premiums to the post-announcement exchange price. It is argued that the premiums, which average 20 percent, reflect private benefits that accrue exclusively to the stockholder because of his voting power. The premiums paid by both individual and corporate block purchasers increase with firm size, fractional ownership, and firm performance. Individuals pay larger premiums for firms with greater leverage, lower stock-return variance, and larger cash holdings. |
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