أعرض تسجيلة المادة بشكل مبسط

dc.creator Parigi, Bruno Maria
dc.creator Pelizzon, Loriana
dc.date 2005
dc.date.accessioned 2013-10-16T07:02:37Z
dc.date.available 2013-10-16T07:02:37Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/19054
dc.identifier ppn:503743887
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/19054
dc.description We consider a mean-variance general equilibrium economy where the expected returns for controlling and non-controlling shareholders are different because the former are able to divert a fraction of the profits. We find that when investor protection is poor, asset return correlation affects ownership structure in a positive way. Higher return correlation lowers the benefits of diversification which causes a higher investment by the controlling shareholder in his asset and a lower investment by the non-controlling shareholders. The empirical analysis supports the predictions of the model. In particular, controlling for measures of the quality of the investor protection, the legal origin of the countries, and other structural variables as in a previous study by La Porta et al. (1998) we find that equity ownership is significantly more concentrated in countries where stock return correlation is higher, and that the magnitude of this effect is larger in countries where investor protection is poorer.
dc.language eng
dc.publisher
dc.relation CESifo working papers 1590
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject G2
dc.subject D8
dc.subject G3
dc.subject ddc:330
dc.subject corporate governance
dc.subject investor protection
dc.subject private benefits
dc.subject diversification opportunities
dc.subject Corporate Governance
dc.subject Eigentümerstruktur
dc.subject Anlegerschutz
dc.subject Kapitalertrag
dc.subject Korrelation
dc.subject Portfolio-Management
dc.subject Schätzung
dc.subject Welt
dc.title Diversification and ownership concentration
dc.type doc-type:workingPaper
dc.coverage 1998-2000


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أعرض تسجيلة المادة بشكل مبسط