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Why is ownership endogenous?

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Author Info

  • Julio Pindado
  • Chabela De La Torre

Abstract

A recently published paper by Gugler and Weigand (2003) addresses the problem of the endogeneity of ownership, but an unresolved question remains. Where does this endogeneity come from? It is shown that the main source of endogeneity is the simultaneity between ownership and value.

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File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/1350485042000267003&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

Volume (Year): 11 (2004)
Issue (Month): 14 ()
Pages: 901-904

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Handle: RePEc:taf:apeclt:v:11:y:2004:i:14:p:901-904

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References

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  1. Himmelberg, C.P. & Hubbard, R.G. & Palia, D., 1997. "Understanding the Determinants of Mangerial Ownership and the Link Between Ownership and Performance," Papers 97-21, Columbia - Graduate School of Business.
  2. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, vol. 93(6), pages 1155-77, December.
  3. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
  4. Demsetz, Harold & Villalonga, Belen, 2001. "Ownership structure and corporate performance," Journal of Corporate Finance, Elsevier, vol. 7(3), pages 209-233, September.
  5. Denis, Diane K. & McConnell, John J., 2003. "International Corporate Governance," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(01), pages 1-36, March.
  6. Klaus Gugler & Jurgen Weigand, 2003. "Is ownership really endogenous?," Applied Economics Letters, Taylor & Francis Journals, vol. 10(8), pages 483-486.
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Citations

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Cited by:
  1. Irena Grosfeld, 2006. "Ownership concentration & firm performance: Evidence from an emerging market," William Davidson Institute Working Papers Series wp834, William Davidson Institute at the University of Michigan.
  2. repec:hal:wpaper:halshs-00590485 is not listed on IDEAS
  3. Irena Grosfeld, 2009. "Large shareholders and firm value: Are high-tech firms different?," PSE Working Papers halshs-00587856, HAL.
  4. Cristina Boþa-Avram, 2012. "Managerial Ownership, Board Structure And Firm’S Performance: A Review Of Main Findings," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4, pages 648-656, December.
  5. repec:hal:wpaper:halshs-00587856 is not listed on IDEAS
  6. Laura Beny, 2006. "Do Investors Value Insider Trading Laws? International Evidence," William Davidson Institute Working Papers Series wp837, William Davidson Institute at the University of Michigan.
  7. Ming-Yuan Chen, 2006. "Managerial ownership and firm performance: an analysis using switching simultaneous-equations models," Applied Economics, Taylor & Francis Journals, vol. 38(2), pages 161-181.

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