Browsing Working Papers (INT) by Author "Thomsen, Steen"
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Pedersen, Torben; Thomsen, Steen (København, 1999)[More information][Less information]
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Pedersen, Torben; Thomsen, Steen (København, 2001)[More information][Less information]
Abstract: 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 Files in this item: 1
linkwp01-13.pdf (92.70Kb) -
Comparing networks and formal institutionsSinani, Evis; Thomsen, Steen; Staffsud, Anna; Randoy, Trond; Edling, Christofer (København, 2007)[More information][Less information]
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US and EU EvidencePedersen, Torben; Thomsen, Steen; Kvist, Hans Kurt (København, 2001)[More information][Less information]
Now showing items 1-4 of 4