Arbeitspapier
Ownership Concentration and Share Valuation: Evidence from Germany.
Concentrated ownership of large listed companies is widespread throughout the world, and Germany is typical in this respect. This paper proposes a method of distinguishing empirically between the beneficial and harmful effects of ownership concentration, and applies it to German data. The results show that, for most types of largest shareholder, the beneficial effects on minority shareholders of increased ownership (greater monitoring of management, and reduced incentives to exploit minority shareholders due to greater cash-flow rights) outweigh the harmful effect (greater private benefits of control due to greater control rights).
- Language
-
Englisch
- Bibliographic citation
-
Series: EPRU Working Paper Series ; No. 1999-22
- Classification
-
Wirtschaft
- Event
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Geistige Schöpfung
- (who)
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Edwards, Jeremy S.S.
Weichenrieder, Alfons J.
- Event
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Veröffentlichung
- (who)
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University of Copenhagen, Economic Policy Research Unit (EPRU)
- (where)
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Copenhagen
- (when)
-
1999
- Handle
- Last update
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10.03.2025, 11:42 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Edwards, Jeremy S.S.
- Weichenrieder, Alfons J.
- University of Copenhagen, Economic Policy Research Unit (EPRU)
Time of origin
- 1999
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