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2010 | OriginalPaper | Chapter

Equity Ownership, Agency Problems and Shareholder Wealth: Understanding the Unique Role of Corporate Block Owners

Author : Friedel Drees

Published in: Motives for and Consequences of Minority Equity Purchases

Publisher: Gabler

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Although nonfinancial corporations frequently purchase and own equity blocks in other nonfinancial corporations in both Europe (Dherment-Ferere et al. (2004), Kirchmaier and Grant (2005)) and the U.S. (Cronqvist and Fahlenbrach (2007)), remarkably little is known about the specific motives and consequences of corporate block purchases. Relative to other types of blockholders such as banks, individual investors or pension funds, corporations have several unique characteristics that give reason to a specific analysis of the motives and consequences of corporate block purchases.

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previous chapter New Outside Blockholders, Performance, and Governance in Germany
next chapter Minority Equity Ownership and Value Creation: The Role of Corporate Relatedness
Metadata
Title
Equity Ownership, Agency Problems and Shareholder Wealth: Understanding the Unique Role of Corporate Block Owners
Author
Friedel Drees
Copyright Year
2010
Publisher
Gabler
Book
Motives for and Consequences of Minority Equity Purchases

Print ISBN: 978-3-8349-2164-2

Electronic ISBN: 978-3-8349-8886-7

Copyright Year: 2010

DOI
https://doi.org/10.1007/978-3-8349-8886-7_3