Estimating the Effects of Large Shareholders Using aGeographic Instrument

Large shareholders may play an important role for firm performance and policies, butidentifying this empirically presents a challenge due to the endogeneity of ownershipstructures. We develop and test an empirical framework which allows us to separateselection from treatment effects of large shareholders. Individual blockholders tend tohold blocks in public firms located close to where they reside.[...]

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Year of publication:	2010-02-18
Authors:	Becker, Bo ; Cronqvist, Henrik ; Fahlenbrach, Rüdiger
Institutions:	Swiss National Centre of Competence in Research North South <Bern>
Subject:	Empirie \| empiricism \| Wertorientiertes Management \| Instrument \| Kapitakstruktur \| business taxation

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Extent:	770048 bytes 59 p. application/pdf
Series:	FINRISK Working Paper Series Working Paper ; No. 602
Type of publication:	Book / Working Paper
Language:	English
Classification:	Strategic management ; Capital budgeting, budgetary planning and budgetary control ; Procurement of capital ; Operations Research. General ; Management of financial services: stock exchange and bank management science (including saving banks) ; Individual Working Papers, Preprints ; No country specification
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10009305119