| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17393 |
| 来源ID | Working Paper 17393 |
| Estimating the Effects of Large Shareholders Using a Geographic Instrument | |
| Bo Becker; Henrik Cronqvist; Rüdiger Fahlenbrach | |
| 发表日期 | 2011-09-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | Large shareholders may play an important role for firm performance and policies, but identifying this empirically presents a challenge due to the endogeneity of ownership structures. We develop and test an empirical framework which allows us to separate selection from treatment effects of large shareholders. Individual blockholders tend to hold blocks in public firms located close to where they reside. Using this empirical observation, we develop an instrument - the density of wealthy individuals near a firm's headquarters - for the presence of a large, non-managerial individual shareholder in a firm. These shareholders have a large impact on firms, controlling for selection effects. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w17393 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575067 |
| 推荐引用方式 GB/T 7714 | Bo Becker,Henrik Cronqvist,Rüdiger Fahlenbrach. Estimating the Effects of Large Shareholders Using a Geographic Instrument. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17393.pdf（349KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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