Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments 2001 erstellt
Beschreibung:
Existing literature shows that the market values control because controlling shareholder can generate private benefits and improve the efficiency of the corporation. In this study, we provide a measure of the value of control for a set of domestic and foreign transactions. Our measure of the value of control is the difference between the offer premium for minority and comparable majority transactions. We find that the median control premiums in the United States are around 30%. The control premium in 'market-oriented' countries are higher than that for the quot;bank-orientedquot; countries. Also, we find that the premiums are lower in quot;cross-borderquot; transactions relative to quot;domestic transactions.quot