Determinants of Ownership Concentration and Tender Offer Law in the Chilean Stock Market
AbstractThis 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.
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Bibliographic InfoPaper provided by Superintendencia de Valores y Seguros in its series Serie de Documentos de Trabajo with number 01.
Length: 17 pages
Date of creation: May 2009
Date of revision:
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Ownership Concentration; Payout Policy; Minority Shareholders; Tender Offer;
Find related papers by JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
- G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
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