Agenda

23 Jan 2019 12:30

Raffaele Corvino - Dynamic Ownership, Private Benefits, and Stock Prices

Meeting Room 1, Campus San Giobbe, Venezia

Raffaele Corvino, Cass Business School, City University of London

ABSTRACT
I quantify private benefits of control, and their impact on stock prices, by estimating a structural model of optimal shareholding using data on the ownership dynamics of Italian public companies. The results show that controlling shareholders (i) extract private benefits on average around 2% of equity value, and (ii) generally have positive and persistent impact on stock prices. The results imply that controlling shareholders extract private benefits without cost for the rest of the company shareholders. I also provide evidence of a synergistic effect when the largest shareholder is a corporation.

Language

The event will be held in Italian

Organized by

Dipartimento di Economia (JMSeminars)

Link

https://www.cass.city.ac.uk/faculties-and-research/students/raffaele-corvino

Downloads

Dynamic Ownership, Private Benefits, and Stock Prices 768 KB

Search in the agenda