Large blocks of stock
Subtitle: prevalence, size, and measurement
By: Jennifer Dlugosz ... [et al.].
Contributors: Dlugosz, Jennifer.; National Bureau of Economic Research.
Series: NBER working paper series ;; working paper 10671; Working paper series (National Bureau of Economic Research : Online) ;; working paper no. 10671.
Publisher: National Bureau of Economic Research
Published: 2004
Place of publication: Cambridge, MA
Language: eng
Format: Electronic resource
Subjects: Stock ownership.; Corporations -- Valuation.
Description: "Large blocks of stock play an important role in many studies of corporate governance and finance.  Despite this important role, there is no standardized data set for these blocks, and the best available data source, Compact Disclosure, has many mistakes and biases.  In this paper, we document these mistakes and show how to fix them.  The mistakes and bias tend to increase with the level of reported blockholdings: in firms where Compact Disclosure reports that aggregate blockholdings are greater than 50 percent, these aggregate holdings are incorrect more than half the time and average holdings for these incorrect firms are overstated by almost 30 percentage points.  We also demonstrate that our fixes are economically and statistically significant in an analysis of the relationship between firm value and outside blockholders"--National Bureau of Economic Research web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 1/11/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.