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An Empirical Comparison of the Performance of Classical Power Indices

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Author Info
Leech, D.

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Abstract

This paper assesses the indices against a set of reasonable criteria in terms of shareholder voting power and the control of the corporation in a large cross section of British companies. Each company is a separate voting body and there is much variation in the distribution of voting shares among them. Moreover reasonable criteria exist against which to judge the indices. New algorithms for the Shapley-Shubik and Banzhaf indices are applied to detailed data on beneficial ownership of 444 large UK companies without majority control.

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File URL: http://www2.warwick.ac.uk/fac/soc/economics/research/workingpapers/publications/twerp563.pdf
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Publisher Info
Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 563.

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Length: 39 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:wrk:warwec:563

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Related research
Keywords: INDEXES ; GAMES ; VOTING ; SHAREHOLDERS;

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Find related papers by JEL classification:
G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
D70 - Microeconomics - - Analysis of Collective Decision-Making - - - General

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. Roth, Alvin E., 1977. "Utility functions for simple games," Journal of Economic Theory, Elsevier, vol. 16(2), pages 481-489, December. [Downloadable!] (restricted)
  2. Pohjola, Matti, 1988. " Concentration of Shareholder Voting Power in Finnish Industrial Companies," Scandinavian Journal of Economics, Blackwell Publishing, vol. 90(2), pages 245-53.
  3. Leech, Dennis, 1985. "The relationshiop between Shareholding Concentration and Shareholder Voting Power in British Companies : A study of the Application of Power Indices for Simple Games," The Warwick Economics Research Paper Series (TWERPS) 267, University of Warwick, Department of Economics.
  4. 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:
  5. Dennis Leech, 2002. "Shareholder Voting Power and Ownership Control of Companies," Homo Oeconomicus, Institute of SocioEconomics, vol. 19, pages 345-371.
  6. Brams, Steven J., 1987. "Are the Two Houses of Congress Really Equal?," Working Papers 87-12, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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Cited by:
(explanations, 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. Dennis Leech & Robert Leech, 2006. "Voting power and voting blocs," Public Choice, Springer, vol. 127(3), pages 285-303, June. [Downloadable!] (restricted)
    Other versions:
  2. Chris Geller & Jamie Mustard & Ranya Shahwan, 2007. "Focused Power: Experimental Manifestation of the Shapley-Shubik Power Index," Economics Series 2007_13, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance. [Downloadable!]
  3. Fabrice Barthélémy & Mathieu Martin, 2006. "Analyse spatiale du pouvoir de vote : application au cas de l'intercommunalité dans le département du Val d'Oise," THEMA Working Papers 2006-17, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise. [Downloadable!]
  4. Chris GELLER & Jamie MUSTARD & Ranya SHAHWAN, 2004. "Standard Voting Power Indices Work: An Experimental Investigation of Pure Voting Power," Economics Series 2004_23, Deakin University, Faculty of Business and Law, School of Accounting, Economics and Finance. [Downloadable!]
  5. Edwards, Jeremy S S & Weichenrieder, Alfons J, 2009. "Control Rights, Pyramids, and the Measurement of Ownership Concentration," MPRA Paper 13830, University Library of Munich, Germany. [Downloadable!]
  6. Gelman, Andrew & Katz, Jonathan N. & Bafumi, Joseph, 2002. "Standard Voting Power Indexes Don't Work: An Empirical Analysis," Working Papers 1133, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
  7. Leech, Dennis, 2002. "Computation of Power Indices," The Warwick Economics Research Paper Series (TWERPS) 644, University of Warwick, Department of Economics. [Downloadable!]
  8. Leech, D., 2001. "Fair Reweighting of the Votes in the EU Council of Ministers and the Choice of Majority Requirement for Qualified Majority Voting during Successive Enlargements," The Warwick Economics Research Paper Series (TWERPS) 587, University of Warwick, Department of Economics. [Downloadable!]
  9. Mueller, Elisabeth, 2005. "Benefits of Control, Capital Structure and Company Growth," ZEW Discussion Papers 05-55, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research. [Downloadable!]
    Other versions:
  10. Leech, Dennis, 2002. "Power Indices As An Aid To Institutional Design : The Generalised Apportionment Problem," The Warwick Economics Research Paper Series (TWERPS) 648, University of Warwick, Department of Economics. [Downloadable!]
  11. Dennis Leech, 2001. "Shareholder Voting Power and Corporate Governance: A Study of Large British Companies," Nordic Journal of Political Economy, Nordic Journal of Political Economy, vol. 27, pages 33-54. [Downloadable!]
  12. Gelman, Andrew & Katz, Jonathan N. & Tuerlinckx, Francis, 2002. "The Mathematics and Statistics of Voting Power," Working Papers 1141, California Institute of Technology, Division of the Humanities and Social Sciences. [Downloadable!]
Statistics
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