Prior studies, such as Claessens, Djankov, Fan and Lang (2002), suggest that separation between ultimate control and ownership decreases firm value (due to the entrenchment effects of large shareholding). Using a sample of Canadian firms, we find that stocks with a greater deviation between...

We investigate the determinants, costs and benefits of corporate affiliation to pyramidal holdings. We find that there is a mismatch between cash flow rights and voting rights in firms affiliated to pyramidal holdings, and that corporate policies reflect cash distribution preferences of the...

We examine the ownership structure of 1121 Canadian listed firms. We analyze their direct and ultimate ownership and control, and other corporate features. We contrast our findings to those reported in recent research for East Asian and Western European firms. We find that ownership and control...

We collect the ultimate ownership data for the 1,167 Canadian traded corporations, for the 1994-1996 period, to examine the relationship between stock liquidity and ultimate ownership structure. Our results suggest that the presence of family increases the bid-ask spread. In addition, the...