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Control Premiums and the Effectiveness of Corporate Governance Systems

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  • Alexander Dyck
  • Luigi Zingales

Abstract

This article summarizes the findings of the authors' study, published recently in the Journal of Finance, that use control premiums paid in large block sales to assess the quality of corporate governance systems. The authors report significant variation in such premiums, with countries like the U.S. and U.K. showing premiums of less than 10% while premiums for countries like Brazil running in excess of 60%. 2004 Morgan Stanley.

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Bibliographic Info

Article provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.

Volume (Year): 16 (2004)
Issue (Month): 2-3 ()
Pages: 51-72

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Handle: RePEc:bla:jacrfn:v:16:y:2004:i:2-3:p:51-72

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Cited by:
  1. Kasbi, Salma, 2009. "Ownership Concentration and Capital Structure Adjustments," Economics Papers from University Paris Dauphine 123456789/3862, Paris Dauphine University.
  2. Fu, Richard & Subramanian, Ajay, 2011. "Leverage and debt maturity choices by undiversified owner-managers," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 888-913, September.
  3. Rashid Ameer, 2012. "Impact of cash holdings and ownership concentration on firm valuation: Empirical evidence from Australia," Review of Accounting and Finance, Emerald Group Publishing, vol. 11(4), pages 448-467.
  4. Attig, Najah & Guedhami, Omrane & Mishra, Dev, 2008. "Multiple large shareholders, control contests, and implied cost of equity," Journal of Corporate Finance, Elsevier, vol. 14(5), pages 721-737, December.

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