Large Shareholders and Firm Value: An International Analysis

Stock liquidity and second blockholder as drivers of corporate value: Evidence from Latin America

“…This perspective has evolved in line with the reality that blockholders have come to represent the dominant ownership structure in corporate finance. Moshirian et al (2014) summarize evidence that shows how ownership by large shareholders is also a prevalent corporate structure in developed countries. Under this new reality, whereby widespread ownership has come to be used as a mechanism for increasing corporate governance and ultimately corporate value in developing countries, public policy is at a crossroads.…”

The governance transfer of blockholders: Evidence from block acquisitions and earnings management around the world

“…More than 90% of firms worldwide have blockholders who own more than 40% of the common stock in aggregate (Holderness, 2009;Moshirian et al, 2014). The prevalence of blockholder ownership raises a fundamental question regarding their role in monitoring firms.…”