This file is part of IDEAS, which uses RePEc data


[ Papers | Articles | Software | Books | Chapters | Authors | Institutions | JEL Classification | NEP reports | Search | New papers by email | Author registration | Rankings | Volunteers | FAQ | Blog | Help! ]

Determinants of Ownership Concentration and Tender Offer Law in the Chilean Stock Market

Author info | Abstract | Publisher info | Download info | Related research | Statistics
Author Info
Morales, Marco () (Superintendencia de Valores y Seguros, División de Estudios y Desarrollo de Mercados)

Additional information is available for the following registered author(s):

Abstract

This paper analyzes econometrically the determinants of ownership concentration in the Chilean stock market, with particular attention to the e¤ects of the Tender Offer Law (OPA law). Even though the central pourpose of OPAs Law is achieved, the tender offer mechanism increases the ownership concentration. The main reason for this effect has to do with the "residual OPA" obligation considered by the law.

Download Info
To download:

If you experience problems downloading a file, check if you have the proper application to view it first. Information about this may be contained in the File-Format links below. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL: http://www.svs.cl/sitio/publicaciones/doc/Serie%20de%20documentos/morales.pdf
File Format: application/pdf
File Function:
Download Restriction: no

Publisher Info
Paper provided by Superintendencia de Valores y Seguros, División de Estudios y Desarrollo de Mercados in its series Serie de Documentos de Trabajo with number 1.

Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Length: 17 pages
Date of creation: May 2009
Date of revision:
Handle: RePEc:svs:svssdt:2009-1

Contact details of provider:
Postal: Superintendencia de Valores y Seguros, Libertador Bernardo O´Higgins 1449 12th Floor ZIP Code 8340518 - Santiago - Chile
Phone: (56 2) 473 4000
Web page: http://www.svs.cl/
More information through EDIRC

For technical questions regarding this item, or to correct its listing, contact: (Juan Ignacio Zucal).

Related research
Keywords: Ownership Concentration; Payout Policy; Minority Shareholders; Tender Offer;

Find related papers by JEL classification:
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

This paper has been announced in the following NEP Reports:

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Blackwell Publishing, vol. 58(2), pages 277-97, April. [Downloadable!] (restricted)
  2. Burkart, Mike & Panunzi, Fausto, 2006. "Agency conflicts, ownership concentration, and legal shareholder protection," Journal of Financial Intermediation, Elsevier, vol. 15(1), pages 1-31, January. [Downloadable!] (restricted)
    Other versions:
  3. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December. [Downloadable!] (restricted)
    Other versions:
  4. Mara Faccio & Larry H. P. Lang & Leslie Young, 2001. "Dividends and Expropriation," American Economic Review, American Economic Association, vol. 91(1), pages 54-78, March. [Downloadable!] (restricted)
  5. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04. [Downloadable!] (restricted)
    Other versions:
Full references

Statistics
Access and download statistics

Did you know? Springer Verlag was the first commercial publisher to be listed on RePEc.

This page was last updated on 2009-10-18.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.