Blocks, Liquidity, and Corporate Control  

Oleh:

Bolton, Patrick ; Ernst ; Thadden, Ludwig Von

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 53 no. 1 (Feb. 1998), page 1-25.
Topik: Blocks; Liquidity; Corporate Control
Fulltext: p 1.pdf (166.54KB)

Isi artikel

The paper develops a simple model of corporate ownership structure in which costs and benefits of ownership concentration are analyzed. The model compares the liquidity benefits obtained through dispersed corporate ownership with the benefits from efficient management control achieved by some degree of ownership concentration. The paper reexamines the free-rider problem in corporate control in the presence of liquidity trading, derives predictions for the trade and pricing of blocks, and provides criteria for the optimal choice of ownership structure.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali