Arbeitspapier
Large shareholder diversification and corporate risk-taking
Using new data for the universe of firms covered in Amadeus, we reconstruct the portfolios of shareholders who hold equity stakes in private and publicly-traded European firms. We find great heterogeneity in the degree of portfolio diversification across large shareholders. Exploiting this heterogeneity, we document that firms controlled by diversified large shareholders undertake riskier investments than firms controlled by non-diversified large shareholders. The impact of large shareholder diversification on corporate risk-taking is both economically and statistically significant. Our results have important implications at the policy level because they identify one channel through which policy changes can improve economic welfare.
- Sprache
-
Englisch
- Erschienen in
-
Series: Manchester Business School Working Paper ; No. 618
- Klassifikation
-
Wirtschaft
Portfolio Choice; Investment Decisions
International Financial Markets
Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
- Thema
-
Risk-taking choices
Large shareholders
Portfolio diversification
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Faccio, Mara
Marchica, Maria-Teresa
Mura, Roberto
- Ereignis
-
Veröffentlichung
- (wer)
-
The University of Manchester, Manchester Business School
- (wo)
-
Manchester
- (wann)
-
2011
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Faccio, Mara
- Marchica, Maria-Teresa
- Mura, Roberto
- The University of Manchester, Manchester Business School
Entstanden
- 2011
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