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dc.contributor.authorRavid, S. Abraham
dc.contributor.authorSekerci, Naciye
dc.date.accessioned2020-12-09T15:50:54Z
dc.date.available2020-12-09T15:50:54Z
dc.date.issued2020-04
dc.identifier.citationS. Abraham Ravid, Naciye Sekerci, Large investors’ portfolio composition and firms value, Journal of Corporate Finance, Volume 61, 2020, 101404,en_US
dc.identifier.issnISSN 0929-1199,
dc.identifier.urihttps://doi.org/10.1016/j.jcorpfin.2018.08.015en_US
dc.identifier.urihttps://hdl.handle.net/20.500.12202/6504
dc.descriptionResearch article / open-accessen_US
dc.description.abstractWe analyze new Swedish data on the portfolio holdings of large blockholders and find that firm value increases with the weight of a stock in a large blockholder's portfolio. In our sample, this weight may be greater than 50%. We are the first to show that this value premium is correlated with portfolio weights for any large blockholders, not just institutions. We find some evidence that indicates that “stock importance” (high portfolio weight) can mitigate the negative effects of a dual-class structure on firm value. Further, it does not seem that a large blockholder's tenure as a CEO or as a board chairman affects this value premium. We conduct a variety of tests to rule out endogeneity and reverse causality.en_US
dc.language.isoen_USen_US
dc.relation.ispartofseriesJournal of Corporate Finance;61
dc.rightsAttribution-NonCommercial-NoDerivs 3.0 United States*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/us/*
dc.subjectStock importanceen_US
dc.subjectPortfolio compositionen_US
dc.subjectBlockholdersen_US
dc.subjectDual-class sharesen_US
dc.titleLarge investors’ portfolio composition and firms value.en_US
dc.typeArticleen_US
dc.contributor.orcid0000-0002-5557-789X
local.yu.facultypagehttps://www.yu.edu/faculty/pages/ravid-s-abraham


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