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We examine how ownership concentration and the separation of ownership and control affect market liquidity in France. We find that firms with a large insider blockholder exhibit significantly lower liquidity. Different methods of concentrating control affect liquidity in different ways. Pyramid...
Persistent link: https://www.econbiz.de/10010706821
For many specialists of territorial networks, the question of governance is crucial. Nevertheless, few works have focused on this subject. In a context where this kind of network is multiplying, and in view of the mixed results of the experiments carried out up until now, this article offers a...
Persistent link: https://www.econbiz.de/10010706893
We analyze the impact of takeover threats on long term relationships between the target owners and other stakeholders …’ incentive to invest. The threat of a takeover that would transfer value from the stakeholders reduces their ex ante investment …. However, the stakeholders may appropriate ex post some value created by a takeover. This can prevent some value …
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This paper surveys research on corporate governance, with special attention to the importance of legal protection of investors and of ownership concentration in corporate governance systems in Europe. One share-one vote encourages the selection of an efficient management team. Families are the...
Persistent link: https://www.econbiz.de/10010707890
takeover bids; and (iii) the stock liquidity is low. …
Persistent link: https://www.econbiz.de/10010708206
We examine how ownership concentration and the separation of ownership and control affect secondary-market liquidity in France. We find that firms with a large insider blockholder exhibit significantly lower liquidity. However, different methods of enhancing control affect liquidity in different...
Persistent link: https://www.econbiz.de/10010708299
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