capital of which is mainly detained by atomistic shareholders and the power of which is in the hands of a small group of … united minority shareholders, the hard core that wants to block any hostile takeover. The hard core constructs a device based …’s negative impact on the market due to an overprotection of the hard core to the detriment of the dispersed shareholders. Third …

same period. The results indicate that, unlike for firms that remain public, the largest controlling shareholders (LCSs) of … with the view that agency problems between large and minority shareholders make public firms less attractive to investors …

announcements of GPTs generate a cumulative average abnormal return of about 22% and that pre-transaction shareholders on average … mitigate the inefficiencies induced by pre-transaction agency problems between controlling and minority shareholders. Thus …