Determinants of Ownership Concentration and Tender Offer Law in the Chilean Stock Market

This paper analyzes econometrically the determinants of ownership concentration in the Chilean stock market, with particular attention to the e¤ects of the Tender Offer Law (OPA law). Even though the central pourpose of OPAs Law is achieved, the tender offer mechanism increases the ownership concentration. The main reason for this effect has to do with the "residual OPA" obligation considered by the law.

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Year of publication:	2009-05
Authors:	Morales, Marco
Institutions:	Superintendencia de Valores y Seguros, Ministerio de Hacienda
Subject:	Ownership Concentration \| Payout Policy \| Minority Shareholders \| Tender Offer

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Extent:	application/pdf
Series:	Serie de Documentos de Trabajo.
Type of publication:	Book / Working Paper
Language:	English
Notes:	Number 01 17 pages
Classification:	G32 - Financing Policy; Capital and Ownership Structure ; G34 - Mergers; Acquisitions; Restructuring; Corporate Governance ; G35 - Payout Policy
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10008475778