The Myth of Diffuse Ownership in the United States

Holderness, Clifford G.

doi:10.1093/rfs/hhm069

Cited by 552 publications

(301 citation statements)

References 44 publications

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“…1 Contrary to a long-held belief (e.g., Berle and Means (1932)), Holderness (2009) shows, using a representative sample of U.S. public …rms, that 96% of these …rms have blockholders and that these blockholders own in aggregate an average of 39% of the common stock. Using a sample of large US corporations from 1996-2001, Dlugosz et al (2006) …nd that 75% of all …rm-year observations have blockholders that own at least 10% of the …rms' equity.…”

Section: Notesmentioning

confidence: 88%

The Value of Control and the Costs of Illiquidity

Albuquerque

Schroth

2012

SSRN Journal

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We develop a search model of block trades that values the illiquidity of controlling stakes. The model considers several dimensions of illiquidity. First, following a liquidity shock, the controlling blockholder is forced to sell, possibly to a less e¢ cient acquirer. Second, this sale may occur at a …re sale price. Third, absent a liquidity shock, a trade occurs only if a potential buyer arrives. Using a structural estimation approach and U.S. data on trades of controlling blocks of public corporations, we estimate the value of control, the blockholders' marketability discount and the dispersed shareholders'illiquidity-spillover discount.

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Section: Notesmentioning

confidence: 88%

The Value of Control and the Costs of Illiquidity

Albuquerque

Schroth

2012

SSRN Journal

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“…The importance of family businesses is recognized worldwide (Faccio & Lang, 2002;Holderness, 2009) in terms of job creation, gross national product, and wealth generation (Beckhard & Dyer, 1983;Feltham, Feltham, & Barnett, 2005;Kelly, Athanassiou, & Crittenden, 2000;Shanker & Astrachan, 1996). Family businesses are the main form of management and governance in Europe (Corbetta & Salvato, 2012) and in the US (Astrachan & Shanker, 2003).…”

Section: Introductionmentioning

confidence: 99%

Family entrepreneurship as a field of research: Exploring its contours and contents

Randerson

Bettinelli

Fayolle

et al. 2015

Journal of Family Business Strategy

149

141

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“…This shows the relevance of this topic in the Italian context because minority shareholders are exposed to a high risk of exploitation (Dyck & Zingales, 2004;Nenova, 2003). And, as Holderness (2009) states, minority control is an issue that is widespread and constant the world over, in different forms and modes.…”

Section: Introductionmentioning

confidence: 77%

Disclosure on Related Party Transactions: Evidence from Italian Listed Companies

Bava

Trana

2016

Accounting, Economics and Law: A Convivium

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Recent shortcomings in corporate affairs, related to the bursting of the New Economy Bubble and the global financial crisis, have forced regulators to strengthen current rules introducing new bans and requirements, aimed at guaranteeing the substantial and economic fairness of related party transactions (RPTs). In 2010 rules regarding RPTs were completely reshaped by the Italian Regulatory Body for the Italian Stock Exchange (CONSOB Regulation no. 17221). One of the most important amendments regarded the change in the criteria by which RPTs are mandatorily disclosed to investors. This change replaces a selection process based on a qualitative with a quantitative approach, in order to reduce the subjectivity of this particular evaluation. This study aims to analyze the effectiveness of the disclosure of RPTs after the introduction of the new rules. Our results show that although the new rules contribute to increasing the amount of information disclosed to investors through a higher number of documents reported by companies, their percentage in relation to the overall amount is worryingly low.

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The Myth of Diffuse Ownership in the United States

Cited by 552 publications

References 44 publications

The Value of Control and the Costs of Illiquidity

The Value of Control and the Costs of Illiquidity

Family entrepreneurship as a field of research: Exploring its contours and contents

Disclosure on Related Party Transactions: Evidence from Italian Listed Companies

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