Why is Ownership Endogenous?

13 Pages Posted: 26 Jan 2004

See all articles by Julio Pindado

Julio Pindado

University of Salamanca - Administration and Business Economics

Chabela de la Torre

University of Salamanca - Administration and Business Economics

Date Written: January 8, 2004

Abstract

A recently published paper by Gugler and Weigand (Applied Economics Letters, 10, 483-486, 2003) addresses the problem of the endogeneity of ownership, but an unresolved question remains. Where does this endogeneity come from? We show that the main source of endogeneity is the simultaneity between ownership and value.

Keywords: Firm value, insider ownership, ownership concentration, endogeneity

JEL Classification: G32, G12

Suggested Citation

Pindado, Julio and de la Torre, Chabela, Why is Ownership Endogenous? (January 8, 2004). Available at SSRN: https://ssrn.com/abstract=489742 or http://dx.doi.org/10.2139/ssrn.489742

Julio Pindado

University of Salamanca - Administration and Business Economics ( email )

Campus Miguel de Unamuno
Salamanca, ES-37007
Spain
+34 923 294640 (Phone)
+34 923 294715 (Fax)

Chabela De la Torre (Contact Author)

University of Salamanca - Administration and Business Economics ( email )

Campus Miguel de Unamuno
Salamanca, ES-37007
Spain

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