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

Author

Listed:
  • Morales, Marco

    (Superintendencia de Valores y Seguros)

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.

Suggested Citation

  • Morales, Marco, 2009. "Determinants of Ownership Concentration and Tender Offer Law in the Chilean Stock Market," Serie de Documentos de Trabajo 01, Superintendencia de Valores y Seguros.
    • Handle: RePEc:svs:svssdt:2009-1
    as

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    File URL: http://www.svs.cl/sitio/publicaciones/doc/Serie%20de%20documentos/morales.pdf
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    References listed on IDEAS

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    3. 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, April.
    4. Arellano, Manuel, 2003. "Panel Data Econometrics," OUP Catalogue, Oxford University Press, number 9780199245291.
    5. Larry H. P. Lang & Mara Faccio & Leslie Young, 2001. "Dividends and Expropriation," American Economic Review, American Economic Association, vol. 91(1), pages 54-78, March.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Ownership Concentration; Payout Policy; Minority Shareholders; Tender Offer;
    All these keywords.

    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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