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Estimating the effects of large shareholders using a geographic instrument

Author: Bo Becker; Henrik Cronqvist; Rüdiger Fahlenbrach; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2011.
Series: Working paper series (National Bureau of Economic Research), no. 17393.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Large shareholders may play an important role for firm performance and policies, but identifying this empirically presents a challenge due to the endogeneity of ownership structures. We develop and test an empirical framework which allows us to separate selection from treatment effects of large shareholders. Individual blockholders tend to hold blocks in public firms located close to where they reside. Using this  Read more...
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Additional Physical Format: Print version:
Becker, Bo.
Estimating the effects of large shareholders using a geographic instrument.
Cambridge, Mass. : National Bureau of Economic Research, ©2011
(DLC) 2011657334
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Bo Becker; Henrik Cronqvist; Rüdiger Fahlenbrach; National Bureau of Economic Research.
OCLC Number: 749888039
Description: 1 online resource (56 pages) : illustrations, map.
Series Title: Working paper series (National Bureau of Economic Research), no. 17393.
Responsibility: Bo Becker, Henrik Cronqvist, Rüdiger Fahlenbrach.

Abstract:

Large shareholders may play an important role for firm performance and policies, but identifying this empirically presents a challenge due to the endogeneity of ownership structures. We develop and test an empirical framework which allows us to separate selection from treatment effects of large shareholders. Individual blockholders tend to hold blocks in public firms located close to where they reside. Using this empirical observation, we develop an instrument -- the density of wealthy individuals near a firm's headquarters -- for the presence of a large, non-managerial individual shareholder in a firm. These shareholders have a large impact on firms, controlling for selection effects.

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