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A survey of blockholders and corporate control

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  • Clifford G. Holderness
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    Abstract

    The author surveys the empirical literature on large-percentage shareholders in public corporations, focusing on four key issues: the prevalence of blockholders; the motivation for block ownership; the effect of blockholders on executive compensation, leverage, the incidence of takeovers, and a wide range of corporate decisions; and the effect of blockholders on firm value. A central finding of this study is that there is little reason for policymakers or small investors to fear large-percentage shareholders in general, especially when the blockholders are active in firm management.

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    Bibliographic Info

    Article provided by Federal Reserve Bank of New York in its journal Economic Policy Review.

    Volume (Year): (2003)
    Issue (Month): Apr ()
    Pages: 51-64

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    Handle: RePEc:fip:fednep:y:2003:i:apr:p:51-64:n:v.9no.1

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    Related research

    Keywords: Stockholders ; Corporate governance;

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