127
Views
1
CrossRef citations to date
0
Altmetric
Original Articles

Further empirical evidence on block transactions below the MBR: the Spanish market

, &
Pages 1224-1251 | Received 03 Dec 2014, Accepted 14 Jul 2017, Published online: 04 Aug 2017

References

  • Agresti, A. 1990. Categorical Data Analysis. Wiley Series in Probability and Mathematical Statistics. Hoboken, NJ: John Wiley & Sons.
  • Baixauli, J. S. 2004. “La información privada en las operaciones de compra-venta de acciones entre empresas.” Información Comercial Española: Revista de economía 814: 239–256.
  • Barca, F., and M. Becht. 2001. The Control of Corporate Europe. Oxford: Oxford University Press.
  • Barclay, M. J., and C. G. Holderness. 1989. “Private Benefits from Control of Public Corporation.” Journal of Financial Economics 25 (2): 371–395. doi: 10.1016/0304-405X(89)90088-3
  • Barclay, M. J., and C. G. Holderness. 1991. “Negotiated Block Trades and Corporate Control.” The Journal of Finance 46 (3): 861–878. doi: 10.1111/j.1540-6261.1991.tb03769.x
  • Becketti, S. 1986. “Corporate Mergers and the Business Cycle.” Economic Review 71 (5): 13–26.
  • Berle, A. A. Jr. 1958. “‘Control’ in Corporate law.” Columbia Law Review 58 (8): 1212–1225.
  • Bethel, J. E., J. P. Liebeskind, and T. Opler. 1998. “Block Share Purchases and Corporate Performance.” The Journal of Finance 53 (2): 605–634. doi: 10.1111/0022-1082.244195
  • Boone, A. L., L. Casares Field, J. M. Karpoff, and Ch. G. Raheja. 2007. “The Determinants of Corporate Board Size and the Independence: An Empirical Analysis.” Journal of Financial Economics 85 (1): 66–101. doi: 10.1016/j.jfineco.2006.05.004
  • Brav, A., W. Jiang, F. Partnoy, and R. Thomas. 2008. “Hedge Fund Activism, Corporate Governance, and Firm Performance.” The Journal of Finance 63 (4): 1729–1775. doi: 10.1111/j.1540-6261.2008.01373.x
  • Cheffins, B. R., and J. Armour. 2011. “Past, Present, and Future of Shareholder Activism by Hedge Funds.” The Journal of Corporation Law 37: 51–67.
  • Clifford, C. P. 2008. “Value Creation or Destruction? Hedge Funds as Shareholder Activists.” Journal of Corporate Finance 14 (4): 323–336. doi: 10.1016/j.jcorpfin.2008.04.007
  • Crespı', R., M. A. Garcı'a-Cestona, and V. Salas. 2004. “Governance Mechanisms in Spanish Banks. Does Ownership Matter?” Journal of Banking & Finance 28 (10): 2311–2330. doi: 10.1016/j.jbankfin.2003.09.005
  • Crespí-Cladera, R., and C. Gispert. 2002. “Causes and Consequences of Block Share Purchases. Evidence from Spanish Non-Financial Firms.” Journal of Management and Governance 6: 235–254. doi: 10.1023/A:1019628408689
  • Croci, E. 2004. The Market for Partial Corporate Control in Europe: The Evidence about Corporate Raiders. Lugano: University of Lugano.
  • Demarchi, M., and T. Foucault. 1998. “Equity Trading Systems in Europe.” Annnales d'Economie et de Statistiques 60: 73–115.
  • Dyck, A., and L. Zingales. 2004. “Private Benefits of Control: An International Comparison.” The Journal of Finance 59 (2): 537–600. doi: 10.1111/j.1540-6261.2004.00642.x
  • Enriques, L., and M. Gatti. 2015. “Creeping Acquisitions in Europe: Enabling Companies to Be Better Safe than Sorry.” Journal of Corporate Law Studies 15 (1): 55–101.
  • Fernández, M. O., and J. S. Baixauli. 2003. “Motives for Partial Acquisitions Between Firms in the Spanish Stock Market.” The European Journal of Finance 9 (6): 581–601. doi: 10.1080/1351847032000051956
  • Fernández-Blanco, M., and C. J. García. 2000. “La compra de volúmenes significativos de acciones en el mercado español.” Investigaciones Económicas 24 (1): 237–267.
  • Franks, J., and C. Mayer. 1997. “Corporate Ownership and Control in the UK, Germany, and France.” Journal of Applied Corporate Finance 9 (4): 30–45. doi: 10.1111/j.1745-6622.1997.tb00622.x
  • Franks, J., and C. Mayer. 2001. “Ownership and Control of German Corporations.” Review of Financial Studies 14 (4): 943–977. doi: 10.1093/rfs/14.4.943
  • Franks, J., C. Mayer, and L. Renneboog. 2001. “Who Disciplines Management in Poorly Performing Companies?” Journal of Financial Intermediation 10: 209–248. doi: 10.1006/jfin.2001.0317
  • Gillan, S., and L. Starks. 2007. “The Evolution of Shareholder Activism in the United States.” Journal of Applied Corporate Finance 19: 55–73. doi: 10.1111/j.1745-6622.2007.00125.x
  • Gispert, C. 1998. “Board Turnover and Firm Performance in Spanish Companies.” Investigaciones Económicas 22 (3): 517–536.
  • Grant, J., T. Kirchmaier, and J. Kirshner. 2009. “Financial Tunneling and the Mandatory Bid Rule.” European Business Organization Law Review 10: 233–253. doi: 10.1017/S156675290900233X
  • Guest, P. M. 2009. “The Impact of Board Size on Firm Performance: Evidence from the UK.” The European Journal of Finance 15 (4): 385–404. doi: 10.1080/13518470802466121
  • Hardin, J. W., and J. M. Hilbe. 2007. Generalized Linear Models and Extensions, 2nd ed. College Station, TX: Stata Press.
  • Harris, M., and A. Raviv. 1988. “Corporate Governance: Voting Rights and Majority Rules.” Journal of Financial Economics 20: 203–235. doi: 10.1016/0304-405X(88)90045-1
  • Hilbe, J. H. 2014. Modeling Count Data. Cambridge: Cambridge University Press.
  • Hoffmeister, J. R., and E. A. Dyl. 1981. “Predicting Outcomes of Cash Tender Offers.” Financial and Management 10: 50–58. doi: 10.2307/3664856
  • Huber, P. J. 1967. “The Behavior of Maximum Likelihood Estimates Under Nonstandard Conditions.” In Proceedings of the Fifth Berkeley Symposium on Mathematical Statistics and Probability, 221–233. Berkeley: University of California Press.
  • Kahan, M., and E. B. Rock. 2007. “Hedge Funds in Corporate Governance and Corporate Control.” University of Pennsylvania Law Review 155: 1021–1093.
  • Manne, H. G. 1965. “Mergers and the Market for Corporate Control.” Journal of Political Economy 73 (2): 110–120. doi: 10.1086/259000
  • Mikkelson, W. H., and M. M. Partch. 1985. “Stock Price Effect and Costs of Secondary Distributions.” Journal of Financial Economics 14: 165–194. doi: 10.1016/0304-405X(85)90013-3
  • Mikkelson, W. H., and H. Regassa. 1991. “Premiums Paid in Block Transactions.” Managerial and Decision Economics 12 (6): 511–517. doi: 10.1002/mde.4090120612
  • Mikkelson, W. H., and R. S. Ruback. 1985. “An Empirical Analysis of the Interfirm Equity Investment Process.” Journal of Financial Economics 14: 523–553. doi: 10.1016/0304-405X(85)90025-X
  • Morck, R., A. Shleifer, and R. W. Vishny. 1989. Do Managerial Objectives Drive Bad Acquisitions? Working Paper National Bureau of Economic Research, w3000.
  • OECD. 2009. “Antitrust Issues Involving Minority Shareholding and Interlocking Directorates.” Directorate for Financial and Enterprise Affairs, Competition Committee DAF/COMP(2008)30.
  • Park, Y. W., Z. Selvili, and M. H. Song. 2008. “Large Outside Blockholders as Monitors: Evidence from Partial Acquisitions.” International Review of Economics & Finance 17 (4): 529–545. doi: 10.1016/j.iref.2007.05.006
  • Renneboog, L. 2000. “Ownership, Managerial Control and the Governance of Companies Listed on the Brussels Stock Exchange.” Journal of Banking and Finance 24: 1959–1995. doi: 10.1016/S0378-4266(99)00128-4
  • Rose, P. 2014. “Shareholder Proposals in the Market for Corporate Influence.” Florida Law Review 66: 2179–2228.
  • Rose, P., and B. S. Sharfman. 2014. “Shareholder Activism as a Corrective Mechanism in Corporate Governance.” Brigham Young University Law Review 5: 1015–1051.
  • Salop, S. C., and D. P. O’Brien. 2000. “Competitive Effects of Partial Ownership: Financial Interest and Corporate Control.” Antitrust Law Journal 67: 559–614.
  • Schuster, E. P. 2010. “Efficiency in Private Control Sales – The Case for Mandatory Bids.” LSE Law, Society and Economy Working Papers 08/2010.
  • Stulz, R. M. 1988. “Managerial Control of Voting Rights: Financing Policies and the Market for Corporate Control.” The Journal of Financial Economics 20: 25–54. doi: 10.1016/0304-405X(88)90039-6
  • Walkling, R. A. 1985. “Predicting Tender Offer Success: A Logistic Analysis.” The Journal of Financial and Quantitative Analysis 20 (4): 461–478. doi: 10.2307/2330762
  • Wedderburn, R. W. M. 1974. “Quasi-Likelihood Functions, Generalized Linear Models, and the Gauss-Newton Method.” Biometrika 61 (3): 439–447.
  • White, H. 1980. “A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity.” Econometrica 48 (4): 817–838. doi: 10.2307/1912934

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.