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Who controls Allianz? |
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| Authors: | Victor Dorofeenko Larry H P Lang Klaus Ritzberger Jamsheed Shorish |
| Institution: | (1) Department of Economics and Finance, Institute for Advanced Studies, Stumpergasse 56, 1060 Vienna, Austria;(2) The Chinese University of Hong Kong, 225 LKK Building, Shatin, Hong Kong, People’s Republic of China;(3) Department of Economics and Finance, Vienna Graduate School of Finance and Institute for Advanced Studies, Stumpergasse 56, 1060 Vienna, Austria;(4) Department of Economics and Finance, Institute for Advanced Studies, Stumpergasse 56, 1060 Vienna, Austria |
| Abstract: | With cross-ownership among firms a separation between dividend rights on common stocks and voting rights may occur. This paper proposes a method to trace control rights in a company that is based purely upon accounting identities and the underlying data on cross-ownership relations among firms and privately held shares. Examples show that under cross-ownership, control and ownership of dividend rights may be entirely separated, and multiple equilibria may exist in such economies. The proposed methodology is then applied to the conglomerate around the German ‘Allianz’ group. |
| Keywords: | Cross ownership Control rights Corporate governance Voting Allianz |
| 本文献已被 SpringerLink 等数据库收录！ | |