Is There Shareholder Expropriation in the United States? An Analysis of Publicly Traded Subsidiaries
研究美国公开交易子公司的业绩和估值与母公司持股比例的关系，发现母公司持有大量少数股权时子公司业绩差且估值折价23%，表明存在机会主义行为。
Abstract This paper examines the relation between the performance and valuations of publicly traded subsidiaries in the United States and the ownership stake of their parent companies. Cross-sectional and time-series tests demonstrate that subsidiaries of parents that own a substantial minority stake exhibit negative peer-adjusted operating performance and are valued at a 23% median discount relative to peers. In contrast, majority-owned and fully divested subsidiaries show no abnormal performance or valuations. The results of our study indicate that the association between parent ownership and subsidiary performance is nonlinear and that some parents behave opportunistically toward their publicly traded subsidiaries.