Effects of corporate equity ownership on firm value

Wirtschaftswissenschaften

Drees, Friedel, Mietzner, Mark, Schiereck, Dirk

Effects of corporate equity ownership on firm value

Drees, Friedel, Mietzner, Mark, Schiereck, Dirk: Effects of corporate equity ownership on firm value, Review of Managerial Science, 2013; Jg. 7 (3): 277-308: http://DOI 10.1007/s11846-012-0080-2.

Originalarbeiten in wissenschaftlichen Fachzeitschriften mit Review-Verfahren

We investigate the valuation effects related to corporate minority block purchases for a European sample of 113 purchases over 1993-2006. We argue that corporate block ownership, as opposed to institutional or individual block ownership, has several unique characteristics and can create significant short- and long-term wealth for target and acquiring firm shareholders. Because target firms that exhibit signs of inefficient monitoring or agency problems benefit the most, we conclude that corporate block ownerships can align incentives and mitigate information problems in corporate business relationships.

http://DOI 10.1007/s11846-012-0080-2

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