The separation of ownership and control in East Asian Corporations* 1
[PDF] from ccfr.org.cn…, S Djankov, LHP Lang - Journal of financial Economics, 2000 - Elsevier
We examine the separation of ownership and control for 2,980 corporations in nine East Asian
countries. In all countries, voting rights frequently exceed cash-flow rights via pyramid structures
and cross-holdings. The separation of ownership and control is most pronounced among ...
Cited by 2059 - Related articles - All 42 versions
Tobin's q, corporate diversification and firm performance
[PDF] from ohio-state.eduLHP Lang… - 1993 - nber.org
Respectively, Associate Professor, New York University, and Riklis Chair in Business, The Ohio
State University, and NBER. We are grateful to Mike Brennan, Robert Comment, Harry
DeAngelo, Gene Fama, Mark Grinblatt, David Hirshleifer, Glenn Hubbard, Gregg Jarrell, ...
Cited by 1628 - Related articles - Library Search - BL Direct - All 21 versions
The ultimate ownership of Western European corporations* 1
[PDF] from dauphinefinance.com…, LHP Lang - Journal of Financial Economics, 2002 - Elsevier
We analyze the ultimate ownership and control of 5,232 corporations in 13 Western European
countries. Typically firms are widely held (36.93%) or family controlled (44.29%). Widely held
firms are more important in the UK and Ireland, family controlled firms in continental ...
Cited by 1305 - Related articles - All 18 versions
Disentangling the incentive and entrenchment effects of large shareholdings
[PDF] from quanq.com…, S Djankov, JPH Fan, LHP Lang - Journal of finance, 2002 - JSTOR
ABSTRACT This article disentangles the incentive and entrenchment effects of large owner-
ship. Using data for 1,301 publicly traded corporations in eight East Asian econ- omies, we find
that firm value increases with the cash-flow ownership of the largest shareholder, ...
Cited by 1294 - Related articles - BL Direct - All 27 versions
A test of the free cash flow hypothesis:: The case of bidder returns
[PDF] from ohio-state.eduLHP Lang, RM Stulz… - Journal of Financial Economics, 1991 - Elsevier
We develop a measure of free cash flow using Tobin's q to distinguish between firms that have
good investment opportunities and those that do not. In a sample of successful tender offers,
bidder returns are significantly negatively related to cash flow for low q bidders but not for ...
Cited by 639 - Related articles - Library Search - All 6 versions
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