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An Economic Analysis Of Investor Protection In Corporations With Concentrated Ownership

  • Bennedsen, Morten

    (Department of Economics, Copenhagen Business School)

  • Wolfenzon, Daniel

    (Michigan Business School)

Registered author(s):

    We provide a theoretical analysis of the relationship between investor protection and the performance of corporations with concentrated ownership and apply it to analyze two types of investor protection. First, we analyze the cost and benefits of imposing super-majority requirements on certain important policy issues in the corporation. Second, we analyze why it can be in the interest of the corporation to impose restrictions on the free transferability of shares.

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    File URL: http://openarchive.cbs.dk/cbsweb/handle/10398/7551
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    Paper provided by Copenhagen Business School, Department of Economics in its series Working Papers with number 15-2000.

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    Length: 28 pages
    Date of creation: 01 Dec 2000
    Date of revision:
    Handle: RePEc:hhs:cbsnow:2000_015
    Contact details of provider: Postal: Department of Economics, Copenhagen Business School, Solbjerg Plads 3 C, 5. sal, DK-2000 Frederiksberg, Denmark
    Phone: 38 15 25 75
    Fax: 38 15 34 99
    Web page: http://www.cbs.dk/departments/econ/
    Email:


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    1. Andrei Shleifer & Robert W. Vishny, 1996. "A Survey of Corporate Governance," NBER Working Papers 5554, National Bureau of Economic Research, Inc.
    2. La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
    3. Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer, 1998. "Corporate Ownership Around the World," NBER Working Papers 6625, National Bureau of Economic Research, Inc.
    4. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Agency Problems and Dividend Policies Around the World," Harvard Institute of Economic Research Working Papers 1839, Harvard - Institute of Economic Research.
    5. Bennedsen, Morten & Wolfenzon, Daniel, 2000. "The balance of power in closely held corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 113-139.
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