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Estimating the Effects of Large Shareholders Using a Geographic Instrument

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  • Bo Becker
  • Henrik Cronqvist
  • Rüdiger Fahlenbrach

Abstract

Large shareholders may play an important role for firm performance and policies, but identifying this empirically presents a challenge due to the endogeneity of ownership structures. We develop and test an empirical framework which allows us to separate selection from treatment effects of large shareholders. Individual blockholders tend to hold blocks in public firms located close to where they reside. Using this empirical observation, we develop an instrument - the density of wealthy individuals near a firm's headquarters - for the presence of a large, non-managerial individual shareholder in a firm. These shareholders have a large impact on firms, controlling for selection effects.

Suggested Citation

  • Bo Becker & Henrik Cronqvist & Rüdiger Fahlenbrach, 2011. "Estimating the Effects of Large Shareholders Using a Geographic Instrument," NBER Working Papers 17393, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:17393
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    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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