Konijn, Sander J.J.; Kraeussl, Roman; Lucas, Andre - Tinbergen Instituut - 2009
a more concentrated ownership structure. To test for the direction of the effect, we use a large dataset of U.S. firms … markets information. We find that a large fraction of aggregated block ownership negatively affects Tobin's Q. The negative … impact is larger if blockowners are more dispersed, suggesting that a concentrated ownership structure is to be preferred on …