Firm value and external blockholdings.

From: Financial Management | Date: December 22, 1995| Author: Shome, Dilip K.; Singh, Sudhir | Copyright information

This paper examines the valuation consequences of external blockholdings. The stock market responses to announcement of block formations are positive, on average. Parental sources of gains to blockholders are identified, and the stock market responses are related cross-sectionally to firm-specific variables proxying for these sources to blockholder-specific characteristics. The announcement period abnormal returns are explained by the potential for wealth transfer from bondholders, block size...

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