The present study investigates the sources of shareholder wealth gains – as measured by cumulative abnormal returns and premiums – from going private transactions (GPTs). Using data for 314 GPTs from 18 Western European countries, we find that the announcements of GPTs generate a cumulative...

The present study investigates the sources of shareholder wealth gains –as measured by cumulative abnormal returns and premiums– from going private transactions (GPTs). Using data for 314 GPTs from 18 Western European countries, we find that the announcements of GPTs generate a cumulative...

We investigate the role of multiple large shareholders (MLS) in corporate risk-taking. Using a sample of publicly listed French family firms over the period 2003-2012, we show that the presence, number, and voting power of MLS are associated with higher risk-taking. Our results suggest that MLS...