IRIS - Institutional Research Information System
IRIS è il sistema di gestione integrata dei dati della ricerca adottato dalla Luiss Guido Carli. Il Catalogo dei prodotti della ricerca della Luiss raccoglie e rende disponibile, dove possibile nel rispetto del diritto d'autore, la produzione scientifica dei docenti e ricercatori dell'Ateneo. Il Catalogo alimenta inoltre i siti docenti del MIUR.
EnglishAbstract: Combining agency theory and information asymmetry literature this paper examines the controversial relationship between family ownership and the stock market reaction to a divestiture event. We employ a unique dataset of 265 divestiture transactions in West European countries. We reveal that in presence of high information asymmetries the stock market’s positive reaction will be lowered by a higher perception of the risk of opportunistic behaviours that controlling owners may carry out to the detriment of minority shareholders.
| Titolo: | INFORMATION ASYMMETRIES, FAMILY OWNERSHIP AND DIVESTITURE FINANCIAL PERFORMANCE: EVIDENCE FROM WESTERN EUROPEAN COUNTRIES |
| Autori: | |
| Data di pubblicazione: | 2011 |
| Abstract: | Abstract: Combining agency theory and information asymmetry literature this paper examines the controversial relationship between family ownership and the stock market reaction to a divestiture event. We employ a unique dataset of 265 divestiture transactions in West European countries. We reveal that in presence of high information asymmetries the stock market’s positive reaction will be lowered by a higher perception of the risk of opportunistic behaviours that controlling owners may carry out to the detriment of minority shareholders. |
| Handle: | http://hdl.handle.net/11385/8685 |
| Appare nelle tipologie: | 05.1 - Working Paper |
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