Demsetz and Lehn (1985), Morck, Shleifer, and Vishny (1988), and McConnell and Servaes (1990) report different empirical findings regarding ownership structure and corporate profitability. In this paper, we re-estimate the relation between management ownership and firm's value after controlling for the history of management ownership as well as inter-firm differences using panel data. Further, ...

Papai’s 2000 hierarchical exchange mechanisms for house allocation problems determine matchings as the outcome of multiple rounds of trading cycles. Any hierarchical exchange mechanism can be defined through a structure of ownership, which determines the ownership of houses after any round of trading cycles. Given a permutation of agents, a “permuted” hierarchical exchange mechanism can be cons...

the corporate income tax rate plays a worthwhile role in developing fiscal and tax policies for companies, lawmakers and analysts. so, one of the most important issues in tax field, is to determine effective tax rates. the study and scientific calculations of the effective tax rates provide an enhanced tax justice and a careful study of tax pressure on taxpayers would be possible. the objective...

This paper examines the relationship between ownership structures and IPO long-run performance of nonSOEs in China. Although non-SOEs underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Non-SOEs with one share one vote structure outperform those with control-ownership wedge by 30% for three years post-IPO performance i...

We report on several experiments on the optimal allocation of ownership rights. The experiments confirm the property rights approach by showing that the ownership structure affects relationshipspecific investments and that subjects attain the most efficient ownership allocation despite starting from different initial conditions. However, in contrast to the property rights approach, the most eff...

We document a significant decrease in the ownership structure of a large number of companies in the UK over the last decade. We find that the increase in firm's size and risk and the decrease in performance explain a large proportion of this change. We also find that the dilution of ownership through new issues rather than sales of stakes to be the main reason for the decrease in management own...

In this research, we scrutinize the affect of ownership structure on company performance. The relationship between ownership structure and performance has always been the area under discussion in the literature of corporate finance. The discussion on this area was started with the thesis of Berle and Means (1932). They argued that defuse ownership is inversely correlated with performance of a c...