Modeling horizontal shareholding with ownership dispersion

Detalhes bibliográficos
Autor(a) principal: Brito, Duarte
Data de Publicação: 2018
Outros Autores: Elhauge, Einer, Ribeiro, Ricardo, Vasconcelos, Helder
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.14/26282
Resumo: The dominantformulationformodelingtheobjectivefunctionofmanagersofcompeting rms withhorizontalshareholdinghasbeencritiquedforproducingtheresultthat,ifnon-horizontal shareholdersarehighlydispersed,managerswouldmimictheinterestsofhorizontalsharehold- ers eveniftheyownashareofthe rmthatdoesnotinducefullcontrol.Weshowthatthis issuecanbeavoided(whilemaintainingtheremainingfeaturesofthedominantapproach) withanalternativeformulationthatisderivedfromaprobabilisticvotingmodelthatassumes shareholderswithhigher nancialstakeswilltakegreaterinterestinthemanagerialactions, whichyieldstheresultthatmanagersmaximizeacontrol-weightedsumoftheshareholders relativereturns.
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spelling Modeling horizontal shareholding with ownership dispersionHorizontal ShareholdingOwnership DispersionManager Objective FunctionProportional ControlBanzhaf ControlThe dominantformulationformodelingtheobjectivefunctionofmanagersofcompeting rms withhorizontalshareholdinghasbeencritiquedforproducingtheresultthat,ifnon-horizontal shareholdersarehighlydispersed,managerswouldmimictheinterestsofhorizontalsharehold- ers eveniftheyownashareofthe rmthatdoesnotinducefullcontrol.Weshowthatthis issuecanbeavoided(whilemaintainingtheremainingfeaturesofthedominantapproach) withanalternativeformulationthatisderivedfromaprobabilisticvotingmodelthatassumes shareholderswithhigher nancialstakeswilltakegreaterinterestinthemanagerialactions, whichyieldstheresultthatmanagersmaximizeacontrol-weightedsumoftheshareholders relativereturns.Veritati - Repositório Institucional da Universidade Católica PortuguesaBrito, DuarteElhauge, EinerRibeiro, RicardoVasconcelos, Helder2018-12-07T17:59:07Z20182018-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.14/26282engBrito, D., Elhauge, E., Ribeiro, R., Vasconcelos, H. (2018). Modeling horizontal shareholding with ownership dispersion. Working papers: Economics. N.º 1, 17 p.info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:31:45Zoai:repositorio.ucp.pt:10400.14/26282Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:20:58.459359Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Modeling horizontal shareholding with ownership dispersion
title Modeling horizontal shareholding with ownership dispersion
spellingShingle Modeling horizontal shareholding with ownership dispersion
Brito, Duarte
Horizontal Shareholding
Ownership Dispersion
Manager Objective Function
Proportional Control
Banzhaf Control
title_short Modeling horizontal shareholding with ownership dispersion
title_full Modeling horizontal shareholding with ownership dispersion
title_fullStr Modeling horizontal shareholding with ownership dispersion
title_full_unstemmed Modeling horizontal shareholding with ownership dispersion
title_sort Modeling horizontal shareholding with ownership dispersion
author Brito, Duarte
author_facet Brito, Duarte
Elhauge, Einer
Ribeiro, Ricardo
Vasconcelos, Helder
author_role author
author2 Elhauge, Einer
Ribeiro, Ricardo
Vasconcelos, Helder
author2_role author
author
author
dc.contributor.none.fl_str_mv Veritati - Repositório Institucional da Universidade Católica Portuguesa
dc.contributor.author.fl_str_mv Brito, Duarte
Elhauge, Einer
Ribeiro, Ricardo
Vasconcelos, Helder
dc.subject.por.fl_str_mv Horizontal Shareholding
Ownership Dispersion
Manager Objective Function
Proportional Control
Banzhaf Control
topic Horizontal Shareholding
Ownership Dispersion
Manager Objective Function
Proportional Control
Banzhaf Control
description The dominantformulationformodelingtheobjectivefunctionofmanagersofcompeting rms withhorizontalshareholdinghasbeencritiquedforproducingtheresultthat,ifnon-horizontal shareholdersarehighlydispersed,managerswouldmimictheinterestsofhorizontalsharehold- ers eveniftheyownashareofthe rmthatdoesnotinducefullcontrol.Weshowthatthis issuecanbeavoided(whilemaintainingtheremainingfeaturesofthedominantapproach) withanalternativeformulationthatisderivedfromaprobabilisticvotingmodelthatassumes shareholderswithhigher nancialstakeswilltakegreaterinterestinthemanagerialactions, whichyieldstheresultthatmanagersmaximizeacontrol-weightedsumoftheshareholders relativereturns.
publishDate 2018
dc.date.none.fl_str_mv 2018-12-07T17:59:07Z
2018
2018-01-01T00:00:00Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10400.14/26282
url http://hdl.handle.net/10400.14/26282
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv Brito, D., Elhauge, E., Ribeiro, R., Vasconcelos, H. (2018). Modeling horizontal shareholding with ownership dispersion. Working papers: Economics. N.º 1, 17 p.
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
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