Download Concentrated Corporate Ownership (National Bureau of by Randall Morck, Lucian Bebchuk, Luigi Zingales, Paul Mahoney, PDF

By Randall Morck, Lucian Bebchuk, Luigi Zingales, Paul Mahoney, Edward Rock, Michael Wachter, Reinier Kraakman, et al

Ordinary fiscal versions think that many small traders personal organisations. this can be so in so much huge U.S. businesses, yet filthy rich contributors or households typically carry controlling blocks in smaller U.S. enterprises and in all companies in so much different nations. Given this, the inability of theoretical and empirical paintings on tightly held corporations is surprising.What company governance difficulties come up in tightly held businesses? How do those vary from company governance difficulties in greatly held organizations? How do keep watch over blocks come up and the way are they maintained? How does focused possession impact monetary development? How may still we control tightly held firms?Drawing jointly major students from legislations, economics, and finance, this quantity examines the commercial and criminal problems with centred possession and their influence on a moving international economic climate.

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Sample text

The arguments regarding the importance of the structure of independent private equity organizations suggest that corporate programs would prove less successful. Either their process of selecting or overseeing investments would be distorted, or else the programs would prove unstable. It may be, however, that corporate programs enjoy benefits that offset some of these costs. A lengthy literature on complementarities in the strategy literature argues that corporations can benefit from closely related activities (for a review and formalization, see Athey and Stern [1997]).

Gompers and Josh Lerner investments where there was a strategic fit with the portfolio firm, firms based in California and Massachusetts, the status of the firm at the time of the investment, the year of the investment, the industry of the firm, and a constant. The results are consistent with the univariate comparisons reported above. Corporate venture investments are significantly more successful than other investments. ) When the dummy variable denoting corporate venture investments with a strategic fit is added to the regressions, the corporate venture dummy variable becomes insignificant (and frequently negative).

These are difficult for us to assess, except possibly through the measure of program longevity discussed below. 20 Paul A. Gompers and Josh Lerner strong strategic focus, we see significantly less success in investments and less stability than among the focused funds. We end with a more general discussion of the implications. It may be that-contrary to the emphasis in the finance literature-the structure of corporate venture funds is not a critical barrier. Rather, the presence of a strong strategic focus may be critical.

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