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A Law and Finance Analysis of Initial Public Offerings
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- Holmén, Martin (author)
- Gothenburg University,Göteborgs universitet,Uppsala universitet,Nationalekonomiska institutionen,Centrum för finans,Centre for Finance
- Högfeldt, Peter (author)
- (creator_code:org_t)
- Elsevier BV, 2004
- 2004
- English.
- In: Journal of Financial Intermediation. - : Elsevier BV. ; 13:3, s. 324-358
- Journal article (peer-reviewed)
Abstract
Subject headings
Close
- Do families keep control of their firms because they, operating in an environment with weak protection of minority shareholders, fear being exploited by management after the IPO? Or is ownership concentration due to the value families attach to control? We find a positive relation between use of security designs that separate votes from capital and frequency of family-controlled firms in Sweden and other countries. It is not caused by differences in legal regimes or in minority protection. Since control blocks are never sold piecemeal to preserve control value, ownership remains highly concentrated. Family-controlled firms trade at a discount because of the misallocation of control rights to heirs who make inefficient decisions, not because of extraction of pecuniary benefits.
Subject headings
- SAMHÄLLSVETENSKAP -- Ekonomi och näringsliv -- Nationalekonomi (hsv//swe)
- SOCIAL SCIENCES -- Economics and Business -- Economics (hsv//eng)
Keyword
- Law and Finance
- Initial Public Offerings
- Security design
- Dual-Class shares
- Family control
- Seasoned Equity Offerings
- Ownership dynamics
- Economics
- Nationalekonomi
- Law and finance; Initial public offerings; Security design; Dual-class shares; Family control
Publication and Content Type
- ref (subject category)
- art (subject category)
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