Is ownership really endogenous?
For a large panel of US firms it is found that managerial ownership is (econometrically) endogenous as Himmelberg et al. (Journal of Financial Economics, 53, 353-384, 1999) found. The largest shareholder, however, affects performance exogenously. This also holds for German firms.
Year of publication: |
2003
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Authors: | Gugler, Klaus ; Weigand, Jurgen |
Published in: |
Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 10.2003, 8, p. 483-486
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Publisher: |
Taylor & Francis Journals |
Saved in:
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