메뉴 건너뛰기




Volumn 17, Issue 5, 2011, Pages 1330-1339

Blockholder dispersion and firm value

Author keywords

Corporate governance; Firm value; Multiple blockholder structures; Ownership structure

Indexed keywords


EID: 80051592145     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2011.06.005     Document Type: Article
Times cited : (129)

References (52)
  • 1
    • 22144449932 scopus 로고    scopus 로고
    • Asset pricing with liquidity risk
    • Acharya V., Pedersen L. Asset pricing with liquidity risk. J. Financ. Econ. 2005, 77(2):375-410.
    • (2005) J. Financ. Econ. , vol.77 , Issue.2 , pp. 375-410
    • Acharya, V.1    Pedersen, L.2
  • 2
    • 77958553209 scopus 로고    scopus 로고
    • The "Wall Street walk" and shareholder activism: exit as a form of voice
    • Admati A., Pfleiderer P. The "Wall Street walk" and shareholder activism: exit as a form of voice. Rev. Financ. Stud. 2009, 22(7):2445-2485.
    • (2009) Rev. Financ. Stud. , vol.22 , Issue.7 , pp. 2445-2485
    • Admati, A.1    Pfleiderer, P.2
  • 3
    • 84937315308 scopus 로고
    • Large shareholder activism, risk sharing, and financial market equilibrium
    • Admati A., Pfleiderer P., Zechner J. Large shareholder activism, risk sharing, and financial market equilibrium. J. Polit. Econ. 1994, 102(6):1097-1130.
    • (1994) J. Polit. Econ. , vol.102 , Issue.6 , pp. 1097-1130
    • Admati, A.1    Pfleiderer, P.2    Zechner, J.3
  • 4
    • 0002893643 scopus 로고    scopus 로고
    • Formal and real authority in organizations
    • Aghion P., Tirole J. Formal and real authority in organizations. J. Polit. Econ. 1997, 105(1):1-29.
    • (1997) J. Polit. Econ. , vol.105 , Issue.1 , pp. 1-29
    • Aghion, P.1    Tirole, J.2
  • 5
    • 0013068840 scopus 로고    scopus 로고
    • Illiquidity and stock returns: cross-section and time-series effects
    • Amihud Y. Illiquidity and stock returns: cross-section and time-series effects. J. Financ. Mark. 2002, 5(1):31-56.
    • (2002) J. Financ. Mark. , vol.5 , Issue.1 , pp. 31-56
    • Amihud, Y.1
  • 6
    • 70450177729 scopus 로고    scopus 로고
    • Do multiple large shareholders play a corporate governance role? Evidence from East Asia
    • Attig N., El Ghoul S., Guedhami O. Do multiple large shareholders play a corporate governance role? Evidence from East Asia. J. Financ. Res. 2009, 32(4):395-422.
    • (2009) J. Financ. Res. , vol.32 , Issue.4 , pp. 395-422
    • Attig, N.1    El Ghoul, S.2    Guedhami, O.3
  • 7
    • 0009952279 scopus 로고
    • Private benefits from control of public corporations
    • Barclay M., Holderness C. Private benefits from control of public corporations. J. Financ. Econ. 1989, 25(2):371-395.
    • (1989) J. Financ. Econ. , vol.25 , Issue.2 , pp. 371-395
    • Barclay, M.1    Holderness, C.2
  • 9
    • 82755191811 scopus 로고    scopus 로고
    • (forthcoming). Estimating the effects of large shareholders using a geographic instrument. Journal of Financial and Quantitative Analysis.
    • Becker, B., Cronqvist, H., Fahlenbrach, R. (forthcoming). Estimating the effects of large shareholders using a geographic instrument. Journal of Financial and Quantitative Analysis.
    • Becker, B.1    Cronqvist, H.2    Fahlenbrach, R.3
  • 10
    • 0000932935 scopus 로고    scopus 로고
    • The balance of power in closely held corporations
    • Bennedsen M., Wolfenzon D. The balance of power in closely held corporations. J. Financ. Econ. 2000, 58(1-2):113-139.
    • (2000) J. Financ. Econ. , vol.58 , Issue.1-2 , pp. 113-139
    • Bennedsen, M.1    Wolfenzon, D.2
  • 12
    • 0345016930 scopus 로고    scopus 로고
    • Effect of corporate governance on bond ratings and yields: the role of institutional investors and outside directors
    • Bhojraj S., Sengupta P. Effect of corporate governance on bond ratings and yields: the role of institutional investors and outside directors. J. Bus. 2003, 76(3):455-475.
    • (2003) J. Bus. , vol.76 , Issue.3 , pp. 455-475
    • Bhojraj, S.1    Sengupta, P.2
  • 13
    • 0011536823 scopus 로고
    • Shareholder passivity reexamined
    • Black B. Shareholder passivity reexamined. Mich. Law Rev. 1990, 89:520-608.
    • (1990) Mich. Law Rev. , vol.89 , pp. 520-608
    • Black, B.1
  • 14
    • 15544384216 scopus 로고    scopus 로고
    • Multiple shareholders and control contests
    • Bloch F., Hege U. Multiple shareholders and control contests. HEC working paper 2001.
    • (2001) HEC working paper
    • Bloch, F.1    Hege, U.2
  • 15
    • 0040757858 scopus 로고    scopus 로고
    • The declining credit quality of U.S. corporate debt: myth or reality?
    • Blume M., Lim F., Mackinlay A.C. The declining credit quality of U.S. corporate debt: myth or reality?. J. Finance 1998, 53(4):1398-1413.
    • (1998) J. Finance , vol.53 , Issue.4 , pp. 1398-1413
    • Blume, M.1    Lim, F.2    Mackinlay, A.C.3
  • 16
    • 0010106826 scopus 로고    scopus 로고
    • Blocks, liquidity, and corporate control
    • Bolton P., von Thadden E. Blocks, liquidity, and corporate control. J. Finance 1998, 53(1):1-25.
    • (1998) J. Finance , vol.53 , Issue.1 , pp. 1-25
    • Bolton, P.1    von Thadden, E.2
  • 17
    • 0009952280 scopus 로고    scopus 로고
    • Large shareholders, monitoring, and the value of the firm
    • Burkart M., Gromb D., Panunzi F. Large shareholders, monitoring, and the value of the firm. Q. J. Econ. 1997, 112(3):693-728.
    • (1997) Q. J. Econ. , vol.112 , Issue.3 , pp. 693-728
    • Burkart, M.1    Gromb, D.2    Panunzi, F.3
  • 18
    • 0000544450 scopus 로고    scopus 로고
    • Does Delaware law improve firm value?
    • Daines R. Does Delaware law improve firm value?. J. Financ. Econ. 2001, 62(3):525-558.
    • (2001) J. Financ. Econ. , vol.62 , Issue.3 , pp. 525-558
    • Daines, R.1
  • 19
    • 0000840371 scopus 로고    scopus 로고
    • Ownership structure and corporate performance
    • Demsetz H., Villalonga B. Ownership structure and corporate performance. J. Corp. Finance 2001, 7(3):209-233.
    • (2001) J. Corp. Finance , vol.7 , Issue.3 , pp. 209-233
    • Demsetz, H.1    Villalonga, B.2
  • 20
    • 82755191809 scopus 로고    scopus 로고
    • Corporate control and multiple large shareholders. Warwick Economics Research Papers, Warwick University.
    • Dhillon, A., Rossetto, S., 2009. Corporate control and multiple large shareholders. Warwick Economics Research Papers, Warwick University.
    • (2009)
    • Dhillon, A.1    Rossetto, S.2
  • 21
    • 33749638253 scopus 로고
    • Risk measurement when shares are subject to infrequent trading
    • Dimson E. Risk measurement when shares are subject to infrequent trading. J. Financ. Econ. 1979, 7(2):197-226.
    • (1979) J. Financ. Econ. , vol.7 , Issue.2 , pp. 197-226
    • Dimson, E.1
  • 22
    • 33645876749 scopus 로고    scopus 로고
    • Large blocks of stock: prevalence, size, and measurement
    • Dlugosz J., Fahlenbrach R., Gompers P., Metrick A. Large blocks of stock: prevalence, size, and measurement. J. Corp. Finance 2006, 12(3):594-618.
    • (2006) J. Corp. Finance , vol.12 , Issue.3 , pp. 594-618
    • Dlugosz, J.1    Fahlenbrach, R.2    Gompers, P.3    Metrick, A.4
  • 23
    • 1842445955 scopus 로고    scopus 로고
    • Private benefits of control: an international comparison
    • Dyck A., Zingales L. Private benefits of control: an international comparison. J. Finance 2004, 59(2):537-600.
    • (2004) J. Finance , vol.59 , Issue.2 , pp. 537-600
    • Dyck, A.1    Zingales, L.2
  • 24
    • 69949093231 scopus 로고    scopus 로고
    • Blockholder trading, market efficiency, and managerial myopia
    • Edmans A. Blockholder trading, market efficiency, and managerial myopia. J. Finance 2009, 64(6):2481-2513.
    • (2009) J. Finance , vol.64 , Issue.6 , pp. 2481-2513
    • Edmans, A.1
  • 25
    • 84860390158 scopus 로고    scopus 로고
    • Short-term termination without deterring long-term investment: a theory of debt and buyouts
    • Edmans A. Short-term termination without deterring long-term investment: a theory of debt and buyouts. J. Financ. Econ. 2011, 102(1):81-101.
    • (2011) J. Financ. Econ. , vol.102 , Issue.1 , pp. 81-101
    • Edmans, A.1
  • 26
    • 82755191810 scopus 로고    scopus 로고
    • (forthcoming). The real effects of financial markets: the effect of prices on takeovers. J. Finance.
    • Edmans, A., Goldstein, I., Jiang, W. (forthcoming). The real effects of financial markets: the effect of prices on takeovers. J. Finance.
    • Edmans, A.1    Goldstein, I.2    Jiang, W.3
  • 27
    • 79959739216 scopus 로고    scopus 로고
    • Governance through trading and intervention: a theory of multiple blockholders
    • Edmans A., Manso G. Governance through trading and intervention: a theory of multiple blockholders. Rev. Financ. Stud. 2011, 24(7):2395-2428.
    • (2011) Rev. Financ. Stud. , vol.24 , Issue.7 , pp. 2395-2428
    • Edmans, A.1    Manso, G.2
  • 28
    • 0002616759 scopus 로고    scopus 로고
    • Dividends and expropriation
    • Faccio M., Lang L., Young L. Dividends and expropriation. Am. Econ. Rev. 2001, 91(1):54-78.
    • (2001) Am. Econ. Rev. , vol.91 , Issue.1 , pp. 54-78
    • Faccio, M.1    Lang, L.2    Young, L.3
  • 29
    • 38549147867 scopus 로고
    • Common risk factors in the returns on stocks and bonds
    • Fama E., French K. Common risk factors in the returns on stocks and bonds. J. Financ. Econ. 1993, 33(1):3-56.
    • (1993) J. Financ. Econ. , vol.33 , Issue.1 , pp. 3-56
    • Fama, E.1    French, K.2
  • 31
    • 0037332214 scopus 로고    scopus 로고
    • Corporate governance and equity prices
    • Gompers P., Ishii J., Metrick A. Corporate governance and equity prices. Q. J. Econ. 2003, 118(1):107-155.
    • (2003) Q. J. Econ. , vol.118 , Issue.1 , pp. 107-155
    • Gompers, P.1    Ishii, J.2    Metrick, A.3
  • 32
    • 24044502039 scopus 로고    scopus 로고
    • Firm value and managerial incentives: a stochastic frontier approach
    • Habib M., Ljungqvist A. Firm value and managerial incentives: a stochastic frontier approach. J. Bus. 2005, 78(6):2053-2094.
    • (2005) J. Bus. , vol.78 , Issue.6 , pp. 2053-2094
    • Habib, M.1    Ljungqvist, A.2
  • 33
    • 62649100968 scopus 로고    scopus 로고
    • The myth of diffuse ownership in the United States
    • Holderness C. The myth of diffuse ownership in the United States. R. Financ. Stud. 2009, 22(4):1377.
    • (2009) R. Financ. Stud. , vol.22 , Issue.4 , pp. 1377
    • Holderness, C.1
  • 34
    • 0007127129 scopus 로고    scopus 로고
    • Were the good old days that good? Changes in managerial stock ownership since the great depression
    • Holderness C., Kroszner R., Sheehan D. Were the good old days that good? Changes in managerial stock ownership since the great depression. J. Finance 1999, 54(2):435-469.
    • (1999) J. Finance , vol.54 , Issue.2 , pp. 435-469
    • Holderness, C.1    Kroszner, R.2    Sheehan, D.3
  • 35
    • 0000165393 scopus 로고
    • The role of majority shareholders in publicly held corporations: an exploratory analysis
    • Holderness C., Sheehan D. The role of majority shareholders in publicly held corporations: an exploratory analysis. J. Financ. Econ. 1988, 20:317-346.
    • (1988) J. Financ. Econ. , vol.20 , pp. 317-346
    • Holderness, C.1    Sheehan, D.2
  • 36
    • 0000210848 scopus 로고
    • Market liquidity and performance monitoring
    • Holmström B., Tirole J. Market liquidity and performance monitoring. J. Pol. Econ. 1993, 101(4):678-709.
    • (1993) J. Pol. Econ. , vol.101 , Issue.4 , pp. 678-709
    • Holmström, B.1    Tirole, J.2
  • 37
    • 0001693411 scopus 로고
    • The effect of a large shareholder on corporate value
    • Huddart S. The effect of a large shareholder on corporate value. Manag. Sci. 1993, 39(11):1407-1421.
    • (1993) Manag. Sci. , vol.39 , Issue.11 , pp. 1407-1421
    • Huddart, S.1
  • 40
    • 41549084629 scopus 로고    scopus 로고
    • Complex ownership structures and corporate valuations
    • Laeven L., Levine R. Complex ownership structures and corporate valuations. Rev. Financ. Stud. 2008, 21(2):579-604.
    • (2008) Rev. Financ. Stud. , vol.21 , Issue.2 , pp. 579-604
    • Laeven, L.1    Levine, R.2
  • 41
    • 0013028968 scopus 로고    scopus 로고
    • Does the governed corporation perform better? Governance structures and corporate performance in Germany
    • Lehmann E., Weigand J. Does the governed corporation perform better? Governance structures and corporate performance in Germany. Eur. Finance Rev. 2000, 4(2):157-195.
    • (2000) Eur. Finance Rev. , vol.4 , Issue.2 , pp. 157-195
    • Lehmann, E.1    Weigand, J.2
  • 42
    • 0040428442 scopus 로고    scopus 로고
    • Large shareholders as monitors: is there a trade-off between liquidity and control?
    • Maug E. Large shareholders as monitors: is there a trade-off between liquidity and control?. J. Finance 1998, 53(1):65-98.
    • (1998) J. Finance , vol.53 , Issue.1 , pp. 65-98
    • Maug, E.1
  • 43
    • 31144447688 scopus 로고    scopus 로고
    • Multiple large shareholders and firm value
    • Maury B., Pajuste A. Multiple large shareholders and firm value. J. Bank. Finance 2005, 29(7):1813-1834.
    • (2005) J. Bank. Finance , vol.29 , Issue.7 , pp. 1813-1834
    • Maury, B.1    Pajuste, A.2
  • 44
    • 0002564688 scopus 로고
    • Managers' voting rights and corporate control
    • Mikkelson W., Partch M. Managers' voting rights and corporate control. J. Financ. Econ. 1989, 25(2):263-290.
    • (1989) J. Financ. Econ. , vol.25 , Issue.2 , pp. 263-290
    • Mikkelson, W.1    Partch, M.2
  • 45
    • 0012533256 scopus 로고    scopus 로고
    • The value of corporate voting rights and control: a cross-country analysis
    • Nenova T. The value of corporate voting rights and control: a cross-country analysis. J. Financ. Econ. 2003, 68(3):325-351.
    • (2003) J. Financ. Econ. , vol.68 , Issue.3 , pp. 325-351
    • Nenova, T.1
  • 46
    • 0009932851 scopus 로고    scopus 로고
    • The choice of stock ownership structure: agency costs, monitoring, and the decision to go public
    • Pagano M., Röell A. The choice of stock ownership structure: agency costs, monitoring, and the decision to go public. Q. J. Econ. 1998, 113(1):187-225.
    • (1998) Q. J. Econ. , vol.113 , Issue.1 , pp. 187-225
    • Pagano, M.1    Röell, A.2
  • 47
    • 0001475438 scopus 로고
    • Board composition, ownership structure, and hostile takeovers
    • Shivdasani A. Board composition, ownership structure, and hostile takeovers. J. Account. Econ. 1993, 16(1-3):167-198.
    • (1993) J. Account. Econ. , vol.16 , Issue.1-3 , pp. 167-198
    • Shivdasani, A.1
  • 48
    • 84936823587 scopus 로고
    • Large shareholders and corporate control
    • Shleifer A., Vishny R. Large shareholders and corporate control. J. Pol. Econ. 1986, 94(3):461-488.
    • (1986) J. Pol. Econ. , vol.94 , Issue.3 , pp. 461-488
    • Shleifer, A.1    Vishny, R.2
  • 49
    • 0001026456 scopus 로고    scopus 로고
    • A survey of corporate governance
    • Shleifer A., Vishny R. A survey of corporate governance. J. Finance 1997, 52(2):737-783.
    • (1997) J. Finance , vol.52 , Issue.2 , pp. 737-783
    • Shleifer, A.1    Vishny, R.2
  • 50
    • 33646477423 scopus 로고    scopus 로고
    • How do family ownership, control and management affect firm value?
    • Villalonga B., Amit R. How do family ownership, control and management affect firm value?. J. Financ. Econ. 2006, 80(2):385-417.
    • (2006) J. Financ. Econ. , vol.80 , Issue.2 , pp. 385-417
    • Villalonga, B.1    Amit, R.2
  • 51
    • 0036234941 scopus 로고    scopus 로고
    • Governance with poor investor protection: evidence from top executive turnover in Italy
    • Volpin P. Governance with poor investor protection: evidence from top executive turnover in Italy. J. Financ. Econ. 2002, 64(1):61-90.
    • (2002) J. Financ. Econ. , vol.64 , Issue.1 , pp. 61-90
    • Volpin, P.1
  • 52
    • 84993877354 scopus 로고
    • Limitation of liability and the ownership structure of the firm
    • Winton A. Limitation of liability and the ownership structure of the firm. J. Finance 1993, 48(2):487-512.
    • (1993) J. Finance , vol.48 , Issue.2 , pp. 487-512
    • Winton, A.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.