minority shareholders of his firm, or of the target, or even of both. We show that the incentives are enhanced if the dominant … shareholder initially holds silent stakes in rivals while controlling interests may discourage them. Moreover, we find that …

results, we find that a dominant shareholder may choose to acquire shares in a competitor although the aggregate profit of the … “favorite” effect: after the acquisition, the dominant shareholder will favor the firm in which he eventually holds the … of initial silent toeholds in rivals enhances the incentive for a dominant shareholder to buy shares in other firms in …

incentive to expropriate held by the dominant shareholder impacts negatively the market performance of the firm if the main …