Determinants of Intercorporate Shareholdings

  title={Determinants of Intercorporate Shareholdings},
  author={{\O}yvind B{\o}hren and Oyvind Norli},
This paper examines why firms choose to spend resources on acquiring ownership rights in other firms. Based on a unique data base of every individual intercorporate shareholding on the Oslo Stock Exchange during the period 1980–1994, we find that such investments serve at least three functions. First, they play a role incorporate governance, as managers in firms with low insider holdings, diffuse ownership structure and high free cash flow tend to mutually acquire equity stakes in each other… Expand
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