Further empirical evidence on block transactions below the MBR: the spanish market

Simple item page
dc.contributor.authorPérez-Soba Aguilar, Inés
dc.contributor.authorMárquez De La Cruz, Elena
dc.contributor.authorMartínez Cañete, Ana Rosa
dc.date.accessioned2024-07-04T08:27:58Z
dc.date.available2024-07-04T08:27:58Z
dc.date.issued2017-08-04
dc.description.abstractThere is a relatively unknown market for partial control or corporate influence in Spanish listed firms, where the control transaction size is below the legal threshold that triggers a mandatory tender offer, as this kind of deal looks for exercising some degree of control, but not a full control. The goal of this paper is to go further in its empirical analysis by exploring its distinguishing features, using as the criterion to define its transactions obtaining a seat in the board of directors. We find that these deals are mainly located in the segment of the market of large trades where the rules for private negotiations are easier to implement; the size of the block is relatively large and it is negotiated as a whole block. Besides, the most common buyer has no previous stake in the firm. We find no evidence that the buyers pay, in median, for a seat on the board of directors, but the variability of the premiums for those blocks is higher and shows that buyers that had no control position in the target firm pay more for being among largest shareholders (partial control) and less for not being among them (influence).
dc.description.departmentDepto. de Economía Aplicada, Pública y Política
dc.description.facultyFac. de Ciencias Económicas y Empresariales
dc.description.refereedTRUE
dc.description.statuspub
dc.identifier.citationPérez-Soba, I., Márquez-de-la-Cruz, E., & Martínez-Cañete, A. R. (2017). Further empirical evidence on block transactions below the MBR: the Spanish market. The European Journal of Finance, 24(14), 1224–1251. https://doi.org/10.1080/1351847X.2017.1359197
dc.identifier.doi10.1080/1351847X.2017.1359197
dc.identifier.essn1466-4364
dc.identifier.issn1351-847X
dc.identifier.officialurlhttp://dx.doi.org/10.1080/1351847X.2017.1359197
dc.identifier.urihttps://hdl.handle.net/20.500.14352/105602
dc.issue.number14
dc.journal.titleThe European Journal of Finance
dc.language.isoeng
dc.page.final1251
dc.page.initial1224
dc.publisherRoutledge
dc.rights.accessRightsrestricted access
dc.subject.jelG18
dc.subject.jelG34
dc.subject.keywordMarket for partial corporate control
dc.subject.keywordMarket for corporate influence
dc.subject.keywordMarket rule
dc.subject.keywordBlock trades
dc.subject.keywordBlock premium
dc.subject.keywordBoard of directors
dc.subject.ucmEconomía
dc.subject.unesco53 Ciencias Económicas
dc.titleFurther empirical evidence on block transactions below the MBR: the spanish market
dc.typejournal article
dc.type.hasVersionVoR
dc.volume.number24
dspace.entity.typePublication
relation.isAuthorOfPublicationa6b2bbc5-e80b-4881-86f4-04cb470a34c6
relation.isAuthorOfPublicatione8cfb742-969d-4635-9fea-f4c7d42dbec0
relation.isAuthorOfPublication06376186-3ad8-48c5-b151-fc101fdf8843
relation.isAuthorOfPublication.latestForDiscoverya6b2bbc5-e80b-4881-86f4-04cb470a34c6
Download
Original bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
Block transactions below the MBR.pdf
Size:
661.59 KB
Format:
Adobe Portable Document Format
Download
Collections
Artículos