کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
10475926 929444 2005 44 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
How much value can blockholders tunnel? Evidence from the Bulgarian mass privatization auctions
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
How much value can blockholders tunnel? Evidence from the Bulgarian mass privatization auctions
چکیده انگلیسی
This study examines the emergence of the Bulgarian stock market and the role of controlling blockholders. A new approach using mass privatization auction data measures the premium for control and demonstrates that, in the absence of legal constraints, majority owners extract more than 85% of firm value as private benefits of control. Institutional investors form portfolios of predominantly controlling positions or participate in majority coalitions. Ownership stakes cluster at 51%. After the privatized companies begin trading on the Bulgarian Stock Exchange, majority-owned firms trade at 40-60% discounts. Overall, the results support the Fama and Jensen (J. law Ecorg 26 (1983) 301) view that majority-owned firms cannot persist as publicly traded corporations if the expropriating activities of controlling blockholders are not legally restricted.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 76, Issue 1, April 2005, Pages 191-234
نویسندگان
,