This project focuses on the effects of ownership structures on the liquidity of the stock market in a context of low protection for minority shareholders and large ownership concentration. The ultimate defense strategy of an expropriated investor is to exit the position, provided that a market...

Emerging economies are typically characterized by weak shareholders' protection and highly concentrated ownership structures which are relatively stable over time. With concentrated ownership, the conflict of interests shifts from the principal-agent problem to a dominant shareholders-minority...

Empirical studies of controlling corporate ownership typically face at least two difficulties: presumed stability of ownership that leads to low-powered tests and time-consuming hand-collection of data. We provide guidance for data collection and empirical design using simulation-based results...

The main objective of this research is to analyze whether the momentum effect (Jegadeesh, 1990) and the long-term reverse effect (DeBondt and Thaler, 1985) are observed at the Mexican Stock Exchange, their magnitude, and their significance. These anomalies challenge the efficient market...

In a context of low protection for minority shareholders and large ownership concentration, I find that market participants impose a discount on the value of firms in which the voting rights of dominant shareholders exceed the cash-flow rights. However, investors prefer a dominant shareholder...

In this paper we propose a behavioral explanation for the survival of poorly performing asset managers. We argue that, in general, asset managers make use of copious amounts of correct but useless information to convince investors about their supposed superior ability to interpret the market....