The Banzhaf index in complete and incomplete shareholding structures: A new algorithm
AbstractIn this global world, many firms present a complex shareholding structure with indirect participation, such that it may become difficult to assess a firm's controllers. Furthermore, if there are numerous dominant shareholders, the control can be shared between them. Determining who has the most influence is often a difficult task. To measure this influence, game theory allows the modeling of voting games and the computing of the Banzhaf index. This paper firstly offers a new algorithm to compute this index in all structures and then suggests some modelisations of the floating shareholder. Then, our model is applied to a real case study: the French group Lafarge. This exemplary case demonstrates how the float's structure and hidden coalition can impact the power relationship between dominant shareholders.
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Bibliographic InfoArticle provided by Elsevier in its journal European Journal of Operational Research.
Volume (Year): 215 (2011)
Issue (Month): 2 (December)
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Web page: http://www.elsevier.com/locate/eor
Control Game theory Graph theory Ownership structure Banzhaf index;
Other versions of this item:
- Marc Levy, 2010. "The Banzhaf Index in Complete and Incomplete Shareholding Structures: A New Algorithm," Working Papers CEB 10-046, ULB -- Universite Libre de Bruxelles.
- C63 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computational Techniques
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
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- Marc Levy & Ariane Szafarz, 2011. "Corporate Control with Cross-Ownership," Working Papers CEB 11-053, ULB -- Universite Libre de Bruxelles.
- Ramón Jesús Flores Díaz & Elisenda Molina & Juan Tejada, 2013. "The Shapley group value," Statistics and Econometrics Working Papers ws133430, Universidad Carlos III, Departamento de Estadística y Econometría.
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