Publicação
Modeling horizontal shareholding with ownership dispersion
| dc.contributor.author | Brito, Duarte | |
| dc.contributor.author | Elhauge, Einer | |
| dc.contributor.author | Ribeiro, Ricardo | |
| dc.contributor.author | Vasconcelos, Helder | |
| dc.date.accessioned | 2018-12-07T17:59:07Z | |
| dc.date.available | 2018-12-07T17:59:07Z | |
| dc.date.issued | 2018 | |
| dc.description.abstract | The dominantformulationformodelingtheobjectivefunctionofmanagersofcompeting rms withhorizontalshareholdinghasbeencritiquedforproducingtheresultthat,ifnon-horizontal shareholdersarehighlydispersed,managerswouldmimictheinterestsofhorizontalsharehold- ers eveniftheyownashareofthe rmthatdoesnotinducefullcontrol.Weshowthatthis issuecanbeavoided(whilemaintainingtheremainingfeaturesofthedominantapproach) withanalternativeformulationthatisderivedfromaprobabilisticvotingmodelthatassumes shareholderswithhigher nancialstakeswilltakegreaterinterestinthemanagerialactions, whichyieldstheresultthatmanagersmaximizeacontrol-weightedsumoftheshareholders relativereturns. | pt_PT |
| dc.description.version | info:eu-repo/semantics/publishedVersion | pt_PT |
| dc.identifier.citation | Brito, D., Elhauge, E., Ribeiro, R., Vasconcelos, H. (2018). Modeling horizontal shareholding with ownership dispersion. Working papers: Economics. N.º 1, 17 p. | pt_PT |
| dc.identifier.uri | http://hdl.handle.net/10400.14/26282 | |
| dc.language.iso | eng | pt_PT |
| dc.peerreviewed | no | pt_PT |
| dc.relation.publisherversion | https://ideas.repec.org/p/cap/wpaper/012018.html | pt_PT |
| dc.rights.uri | http://creativecommons.org/licenses/by/4.0/ | pt_PT |
| dc.subject | Horizontal Shareholding | pt_PT |
| dc.subject | Ownership Dispersion | pt_PT |
| dc.subject | Manager Objective Function | pt_PT |
| dc.subject | Proportional Control | pt_PT |
| dc.subject | Banzhaf Control | pt_PT |
| dc.title | Modeling horizontal shareholding with ownership dispersion | pt_PT |
| dc.type | working paper | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess | pt_PT |
| rcaap.type | workingPaper | pt_PT |