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By Jeremy S. S. Edwards and Alfons J. WeichenriederJeremy S. S. Edwards and Alfons J. Weichenrieder


* We are very grateful to Marcus Nibler for providing us with most of the data used in this paper, and for answering our many questions about it. We have also received helpful comments from Kai Konrad, Peter Mülbert, and Sheilagh Ogilvie. Work on this paper began while the first author was visiting the Center for Economic Studies at the University of Munich, and he gratefully acknowledges the facilities and hospitality provided during his visit. Ownership Concentration and Share Valuation: Evidence from Germany Concentrated ownership of large listed companies is widespread throughout the world, and Germany is typical in this respect. This paper proposes a method of distinguishing empirically between the beneficial and harmful effects of ownership concentration, and applies it to German data. The results show that, for most types of largest shareholder, the beneficial effects on minority shareholders of increased ownership (greater monitoring of management, and reduced incentives to exploit minority shareholders due to greater cash-flow rights) outweigh the harmful Large public companies in the USA and UK are typically regarded as having many owners, each of which holds only a tiny fraction of the company’s equity capital. Such dispersio

Year: 1999
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