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Estimating the private benefits of control from partial control transfers: methodology and evidence

Author

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  • Ronen Barak
  • Beni Lauterbach

Abstract

We elaborate the Barclay and Holderness (1989) methodology commonly used for estimating the private benefits of control from block trades. Despite the recent methodological advance in the area, i.e., Albuquerque and Schroth (2010), the Barclay and Holderness methodology remains the only applicable methodology in many if not most of the cases. The empirical work identifies a large impact of our revised methodology in cases of partial control transfers; in many cases our methodological improvement appears crucial.

Suggested Citation

  • Ronen Barak & Beni Lauterbach, 2011. "Estimating the private benefits of control from partial control transfers: methodology and evidence," International Journal of Corporate Governance, Inderscience Enterprises Ltd, vol. 2(3/4), pages 183-200.
    • Handle: RePEc:ids:ijcgov:v:2:y:2011:i:3/4:p:183-200
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    Citations

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    Cited by:

    1. Pérez-Soba, Inés & Martínez-Cañete, Ana R. & Márquez–de-la-Cruz, Elena, 2021. "Private benefits from control block trades in the Spanish stock exchange," The North American Journal of Economics and Finance, Elsevier, vol. 56(C).
    2. Ofir Moran, 2019. "Efficient and Inefficient Sales of Corporate Control: The Case of Going Private," Review of Law & Economics, De Gruyter, vol. 15(1), pages 1-17, March.
    3. Oded Cohen, 2020. "Firm-level and Country-level Corporate Governance: Does One Substitute or Complement the Other?," Bank of Israel Working Papers 2020.08, Bank of Israel.
    4. Oded Cohen, 2020. "Measuring Corporate Governance Quality in Concentrated-Ownership Firms," Bank of Israel Working Papers 2020.06, Bank of Israel.
    5. Mehmet Ekmekci & Nenad Kos, 2014. "Value of Information and Fairness Opinions in Takeovers," Working Papers 510, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
    6. Oded Cohen, 2020. "Does Investor Protection Regulation Induce Poorly Governed Firms to Go Private?," Bank of Israel Working Papers 2020.07, Bank of Israel.
    7. Mehmet Ekmekci & Nenad Kos & Rakesh Vohra, 2016. "Just Enough or All: Selling a Firm," American Economic Journal: Microeconomics, American Economic Association, vol. 8(3), pages 223-256, August.
    8. Malenko, Nadya & Levit, Doron & Maug, Ernst, 2021. "The voting premium," CEPR Discussion Papers 15718, C.E.P.R. Discussion Papers.

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