This paper shows that open market block trading can provide a link between private benefits of control enjoyed by large shareholders and the "voting premiumʺ, i.e. the price difference between voting and non-voting shares. We first demonstrate in a microstructure model with informed traders and...

This note provides a proof of Granger's (1986) error correction model for fractionally cointegrated variables and points out a necessary assumption that has not been noted before. Moreover, a simpler, alternative error correction model is proposed which can be employed to estimate fractionally...