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The structure of corporate ownership in privatized utilities

  • Francesc Trillas


    (Universitat Autònoma de Barcelona)

Shareholder dispersion may be valuable because a credible commitment by shareholders not to interfere allows managers to benefit from their initiatives. A tougher regulatory regime for investors decreases the value of the commitment not to interfere implicit in a more dispersed ownership structure. Deregulation, captured through increasing monitoring costs, also has the effect of causing higher shareholder concentration. Political objectives may yield higher (through collusion between managers and politicians) or lower (through collusion between politicians and blockholders) dispersion than the benchmark case where the government maximizes shareholder proceeds. (Copyright: Fundación SEPI)

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Article provided by Fundación SEPI in its journal Investigaciones Económicas.

Volume (Year): 28 (2004)
Issue (Month): 2 (May)
Pages: 257-284

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Handle: RePEc:iec:inveco:v:28:y:2004:i:2:p:257-284
Contact details of provider: Postal: Investigaciones Economicas Fundación SEPI Quintana, 2 (planta 3) 28008 Madrid Spain
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  1. Schmidt, Klaus M., 2000. "The political economy of mass privatization and the risk of expropriation," European Economic Review, Elsevier, vol. 44(2), pages 393-421, February.
  2. Torsten Persson & Guido Tabellini, 1997. "Political Economics and Macroeconomic Policy," NBER Working Papers 6329, National Bureau of Economic Research, Inc.
  3. Marco Pagano & Ailsa Röell, 1998. "The Choice Of Stock Ownership Structure: Agency Costs, Monitoring, And The Decision To Go Public," The Quarterly Journal of Economics, MIT Press, vol. 113(1), pages 187-225, February.
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  8. Joskow, Paul L. & Rose, Nancy L. & Shepard, Andrea., 1993. "Regulatory constraints on executive compensation," Working papers 3550-93., Massachusetts Institute of Technology (MIT), Sloan School of Management.
  9. Jeffry M. Netter & William L. Megginson, 2001. "From State to Market: A Survey of Empirical Studies on Privatization," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 321-389, June.
  10. Trillas, Francesc, 0. "Mergers, acquisitions and control of telecommunications firms in Europe," Telecommunications Policy, Elsevier, vol. 26(5-6), pages 269-286, June.
  11. Dieter B”s & Phillipp Harms, 1995. "Mass Privatization, Management Control and Efficiency," Discussion Paper Serie A 475, University of Bonn, Germany.
  12. Roemer, J.E., 1993. "Limited Privatization inn the Presence of Public Bads," Papers 93-13, California Davis - Institute of Governmental Affairs.
  13. Steve Thompson, 1999. "Increasingly Marginal Utilities: Diversification and Free Cash Flow in Newly Privatized UK Utilities," Review of Industrial Organization, Springer, vol. 15(1), pages 25-42, August.
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