G2TT
来源类型Discussion paper
规范类型论文
来源IDDP3280
DP3280 Equity Block Transfers in Transition Economies: Evidence from Poland
Grzegorz Trojanowski
发表日期2002-03-04
出版年2002
语种英语
摘要This Paper investigates valuation effects of share block transfers and employs agency theory to explain the determinants of block premia. A sample of transactions from Poland is used to measure benefits and costs of ownership concentration. Block premia are found to be substantially lower than in well-developed markets, in spite of the insufficient minority shareholders? protection in transitional economies. Shareholder?s opportunities to extract private benefits of control turn out to depend not only on the size of equity stake, but also on the relative power of other block holders. The expropriation threat appears to be most severe in the companies where the free float constitutes a substantial fraction of the shares outstanding. Moreover, the analysis reveals that liquidity costs considerably influence the level of block premia in Poland. Finally, the results document a positive role of the state as an institutional investor in listed companies.
主题Financial Economics
关键词Agency problems Corporate governance Ownership structure Block trades
URLhttps://cepr.org/publications/dp3280
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/532266
推荐引用方式
GB/T 7714
Grzegorz Trojanowski. DP3280 Equity Block Transfers in Transition Economies: Evidence from Poland. 2002.
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