Nber Working Paper Series a Rent-protection Theory of Corporate Ownership and Control

@inproceedings{Bebchuk1999NberWP,
  title={Nber Working Paper Series a Rent-protection Theory of Corporate Ownership and Control},
  author={Lucian Arye Bebchuk},
  year={1999}
}
  • Lucian Arye Bebchuk
  • Published 1999
This paper develops a rent-protection theory of corporate ownership structure and in particular, of the choice between concentrated and dispersed ownership of corporate shares and votes. The paper analyzes the decision of a company’s initial owner whether to maintain a lock on control when the company goes public. This decision is shown to be very much influenced by the size that private benefits of control are expected to have. Most importantly, when private benefits of control are large and… CONTINUE READING
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