Publicação
The value of control and the costs of illiquidity
| dc.contributor.author | Albuquerque, Rui | |
| dc.contributor.author | Schroth, Enrique | |
| dc.date.accessioned | 2023-09-01T08:47:51Z | |
| dc.date.available | 2023-09-01T08:47:51Z | |
| dc.date.issued | 2015-08-01 | |
| dc.description.abstract | We develop a search model of block trades that values the illiquidity of controlling stakes. The model considers several dimensions of illiquidity. First, following a liquidity shock, the controlling blockholder is forced to sell, possibly to a less efficient acquirer. Second, this sale may occur at a fire sale price. Third, absent a liquidity shock, a trade occurs only if a potential buyer arrives. Using a structural estimation approach and U.S. data on trades of controlling blocks of public corporations, we estimate the value of control, blockholders' marketability discount, and dispersed shareholders' illiquidity-spillover discount. | pt_PT |
| dc.description.version | info:eu-repo/semantics/acceptedVersion | pt_PT |
| dc.identifier.doi | 10.1111/jofi.12207 | pt_PT |
| dc.identifier.eid | 84937698990 | |
| dc.identifier.issn | 0022-1082 | |
| dc.identifier.uri | http://hdl.handle.net/10400.14/42095 | |
| dc.identifier.wos | 000358502300003 | |
| dc.language.iso | eng | pt_PT |
| dc.peerreviewed | yes | pt_PT |
| dc.title | The value of control and the costs of illiquidity | pt_PT |
| dc.type | journal article | |
| dspace.entity.type | Publication | |
| oaire.citation.endPage | 1455 | pt_PT |
| oaire.citation.issue | 4 | pt_PT |
| oaire.citation.startPage | 1405 | pt_PT |
| oaire.citation.title | Journal of Finance | pt_PT |
| oaire.citation.volume | 70 | pt_PT |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | article | pt_PT |