Silvia Rossetto

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Lei Zhang and especially to Klaus Ritzberger for very useful comments. We also acknowledge helpful suggestions from Abstract Many firms have more than one blockholder, but finance theory suggests that one blockholder should be sufficient to bestow all benefits on a firm that arise from concentrated ownership. This paper identifies a reason why more(More)
for very useful comments. We also acknowledge helpful suggestions from seminar Abstract Recent evidence on financial structures within firms suggests that concentrated ownership in the form of several large shareholders, rather than dispersed ownership, is the norm. This is puzzling given that often the stakes are too big for optimal diversification and too(More)
the audience at the Finance Research workshop at the Saïd Business School, and in particular the advisory editor and an anonymous referee for very helpful comments. We also gratefully acknowledge Daniel Rexhausen's contribution to this paper in its early stages. Guembel would like to thank the Wharton School, where part of this research was carried out, for(More)
Equity carve-outs, the listing of a stake in a subsidiary on the stock market, are empirically transitory arrangements. This paper studies decisions aimed to gaining access to the choice over a " second stage " event, namely either a sell-off or a buy-back decision. Hence, an equity carve out can be seen as a compound option. The decision is driven by(More)
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