haku: @indexterm Company control / yhteensä: 160
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Tekijä: | Burkart, M. Gromb, D. Panunzi, F. |
Otsikko: | Agency conflicts in public and negotiated transfers of corporate control |
Lehti: | Journal of Finance
2000 : APR, VOL. 55:2, p. 647-678 |
Asiasana: | AGENCY THEORY CONFLICT COMPANY CONTROL |
Kieli: | eng |
Tiivistelmä: | The authors analyze control transfers in firms with a dominant minority blockholder and otherwise dispersed owners, and show that the transaction mode is important. Negotiated block trades preserve a low level of ownership concentration, inducing more inefficient extraction of private benefits. In contrast, public acquisitions increase ownership concentration, resulting in fewer private benefits and higher firm value. |
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