| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7361 |
| DP7361 Life Expectancy and Economic Growth: The Role of the Demographic Transition | |
| Uwe Sunde; Matteo Cervellati | |
| 发表日期 | 2009-07-12 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | We study the determinants of private benefits of control in negotiated block transactions. We estimate the block pricing model in Burkart, Gromb, and Panunzi (2000) explicitly accounting for both block premia and block discounts in the data. The evidence suggests that the occurrence of a block premium or discount depends on the controlling block holder's ability to fight a potential tender offer for the target's stock. We find evidence of large private benefits of control and of associated deadweight losses, but also of value creation by controlling shareholders. Finally, we provide evidence consistent with Jensen's free cash flow hypothesis. |
| 主题 | Financial Economics ; Industrial Organization |
| 关键词 | Block pricing Block trades Control transactions Deadweight loss Private benefits of control Structural estimation |
| URL | https://cepr.org/publications/dp7361 |
| 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/536198 |
| 推荐引用方式 GB/T 7714 | Uwe Sunde,Matteo Cervellati. DP7361 Life Expectancy and Economic Growth: The Role of the Demographic Transition. 2009. |
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