this concentration. The main characteristics of the Belgian corporate ownership and equity market can be summarised as … ownership concentration with an average largest direct shareholding of 45%, (iii)holding companies and families, and to a lesser … blocks through business group structures and voting pacts, (iv) control is levered by pyramidal and complex ownership …

that in absence of bargaining, any model of such JV is discontinuous in the ownership distribution in that for di erent … ownership distributions, control is either fully held by one party, or no party in particular.The paper therefore model control … indigenization policies that restrict foreign ownership. …

Analysis (DEA).The corresponding measures of TFP growth are based on different assumptions, which we expose and interrelate …

efficiency as a double auction.When we impose transaction costs on the buyers, only the sellers make private offers, which …

In this paper we study the constrained efficiency of a stock market equilibrium under moral hazard.We extend a standard … general equilbrium framework (Magill and Quinzii (1999) and (2002)) to allow for a more general initial ownership distribution …