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Concentrated Corporate Ownership : National Bureau of Economic Research Conference Report - Randall Morck

Concentrated Corporate Ownership

National Bureau of Economic Research Conference Report

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Standard economic models assume that many small investors own firms. This is so in most large U.S. firms, but wealthy individuals or families generally hold controlling blocks in smaller U.S. firms and in all firms in most other countries. Given this, the lack of theoretical and empirical work on tightly held firms is surprising.
What corporate governance problems arise in tightly held firms? How do these differ from corporate governance problems in widely held firms? How do control blocks arise and how are they maintained? How does concentrated ownership affect economic growth? How should we regulate tightly held firms?
Drawing together leading scholars from law, economics, and finance, this volume examines the economic and legal issues of concentrated ownership and their impact on a shifting global economy.

Forewordp. ix
Acknowledgmentsp. xi
Introductionp. 1
The Origins of Ownership Structure
The Determinants of Corporate Venture Capital Success: Organizational Structure, Incentives, and Complementaritiesp. 17
Ownership Structures and the Decision to Go Public: Private versus Social Optimalityp. 55
Some of the Causes and Consequences of Corporate Ownership Concentration in Canadap. 81
Corporations and Taxation: A Largely Private Matter?p. 105
The Law and Concentrated Corporate Ownership
Constraints on Large-Block Shareholdersp. 139
Trust and Opportunism in Close Corporationsp. 177
Waiting for the Omelette to Set: Match-Specific Assets and Minority Oppressionp. 201
Adverse Selection and Gains to Controllers in Corporate Freezeoutsp. 247
Economic Effects of Concentrated Corporate Ownership
Emerging Market Business Groups, Foreign Intermediaries, and Corporate Governancep. 265
Stock Pyramids, Cross-Ownership, and Dual Class Equity: The Mechanisms and Agency Costs of Separating Control from Cash-Flow Rightsp. 295
Inherited Wealth, Corporate Control, and Economic Growth: The Canadian Disease?p. 319
Contributorsp. 373
Name Indexp. 375
Subject Indexp. 381
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780226536781
ISBN-10: 0226536785
Series: National Bureau of Economic Research Conference Report
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 392
Published: 1st August 2000
Publisher: The University of Chicago Press
Country of Publication: US
Dimensions (cm): 23.8 x 16.4  x 2.8
Weight (kg): 0.68