Research documents Emner "værdiansættelse-virksomheder"
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Pedersen, Torben; Thomsen, Steen (København, 2001)[Flere oplysninger][Færre oplysninger]
Resume: The causal relationship between insider ownership and market valuation is tested by simultaneous estimation of the causes and effect of insider ownership among the largest continental European companies. Controlling for nation and industry effects insider ownership (measured by the fraction of "closely held" shares) is found to have a positive effect on market valuation (market-to-book values). And market valuation is found to have a positive feedback effect on the level of insider ownership. The findings provide empirical support for a theoretical model proposed by La Porta et al (1999). But the results are also found to be sensitive to owner identity: while a higher level of financial and corporate insider ownership is found to increase market valuation, family ownership has no significant effect, and a higher level of government ownership is found to reduce market valuation. URI: http://hdl.handle.net/10398/6535 Filer i denne post: 1
linkwp01-13.pdf (92.70Kb) -
Pedersen, Torben; Thomsen, Steen; Kvist, Hans Kurt (København, 2001)[Flere oplysninger][Færre oplysninger]
Resume: The causal relationship between insider ownership and market valuation is tested on a database of the largest EU and US companies. Using a Granger causality test insider ownership (measured by the fraction of closely held shares) is found to have a negative effect on market valuation (measured as the simple Tobin's Q ratio). And market valuation is found to have a negative effect on insider ownership. Consistent with an overall non-linear relationship as hypothesised by Morck et al. (1988) and Stultz (1988), the negative effect from insider ownership to performance is found to be significant only for companies with high initial levels of insider ownership, but insignificant for companies with low initial concentration levels. Furthermore, the effect on market valuation turns out to depend on system affiliation: it is only significant in continental Europe where average insider ownership is much higher than in the Anglo-American world (UK and US). URI: http://hdl.handle.net/10398/6900 Filer i denne post: 1
linkwp01-18.pdf (66.70Kb)
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