With the growth of capital market, the shareholding structure of companies has become more complex. Direct ownership is easily recognizable through companies’ shareholders information, however with the formation of cross shareholding among companies, a kind of indirect and complex shareholding has emerged which is not observable. The primary owners (original owners) can take over other companie...

We provide the first estimates of extent common ownership competing firms in Australia. Combining data on market shares and substantial shareholdings, we calculate impact effective concentration. Among where can identify at least one owner, 31 percent share a owner with rival company. Analysing 443 industries, 49 that exhibit ownership, including commercial banking, explosives manufacturing, fu...

Group. We thank Dun and Bradstreet for providing us with data. The views expressed are the authors' own and do not necessarily reflect those of the World Bank, its Board of Directors or the countries they represent. 2 Abstract This paper uses a new dataset to examine the issue of how the design of privatization affects outcomes. Prior studies of Czech privatization have focused largely on how t...

I study the large premium (82 percent) attributed to voting shares on the Milan Stock Exchange. The premium varies according to the ownership structare and the concentration of the voting rights, and it can be rationalized in the presence of enormous private benefits of control. A case study seems to indicate that in Italy private benefits of control can easily be worth more than 60 percent of ...

We consider a mean-variance general equilibrium economy where the expected returns for controlling and non-controlling shareholders are different because the former are able to divert a fraction of the profits. We find that when investor protection is poor, asset return correlation affects ownership structure in a positive way. Higher return correlation lowers the benefits of diversification wh...

The purpose of this paper is examining the impact of financial leverage as a mediation variable on the relationship between ownership concentration and financial corporate performance. To test the hypotheses, multiple regression analysis is used. The statistical population of this research is all listed companies in Tehran Stock Exchange. However, data were available only for 60 companies durin...