calendar_month Publicación: 01/01/2007
Autor: Lefort F., Eduardo Walker
Profesor Relacionado: Eduardo Walker
Using a sample of Chilean listed firms with widespread presence of economic conglomerates that use pyramid structures to control affiliated companies, we find that firms where controlling shareholders have higher coincidence between cash and control rights are persistently more valued by the market. We carefully check that our results are not driven by omitted variable biases and control for reverse causation using a feature of Chilean Corporations Law that provides an exogenous instrument for ownership concentration.
Fuente: Developing Economies
volumen: 45, número: 3, páginas: 283-314
IF: 0,375, AI: 0,133