Blockholder dispersion and firm value |
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Authors: | Sander J.J. Konijn,Roman Krä ussl,Andre Lucas |
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Affiliation: | aING Bank, The Netherlands;bVU University Amsterdam, The Netherlands;cDuisenberg school of Finance and Tinbergen Institute, The Netherlands |
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Abstract: | Multiple blockholder structures are a widespread phenomenon in the U.S. The theoretical literature, however, provides conflicting predictions on whether a single large blockholder or a set of dispersed smaller blockholders is better for firm value. Using U.S. data, we find a negative correlation between Tobin's Q and blockholder dispersion. The findings are robust to a wide variety of model specifications and controls and differ from results for other geographic regions such as Europe and Asia. |
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Keywords: | JEL classification: G3 G32 |
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