Ownership Dynamics with Large Shareholders: An Empirical Analysis
利用智利公司20年手工收集数据，研究大股东持股变化的决定因素，发现控制权与现金流权分离会降低股权稀释概率，稀释前股票回报高，通过增发稀释后回报低。
Abstract We study the empirical determinants of corporate ownership dynamics using a unique, hand-collected 20-year data set on the ownership structure of Chilean companies. Controllers’ blockholdings are on average high and stable over time. Controllers still make changes to their holdings through issuance and block trades. In a typical year controllers’ blockholdings decrease (increase) by 5 percentage points or more in approximately 6% (7%) of firms. We find that the separation between controllers’ voting and cash-flow rights reduces the likelihood of ownership dilution. Dilution is preceded by high stock returns and predicts low stock returns in the future when done through issuance.