Determinants of ownership concentration in the Chilean stock market

This paper analyses econometrically the determinants of ownership concentration. - in the Chilean stock market, paying particular attention to the effects of the Public. - Tender Offer Act (Ley de Ofertas Públicas de Adquisición de Acciones). Although the. - Public Tender Offer Act achieves its cent...

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Bibliographische Detailangaben
Veröffentlicht in:Vereinte Nationen. Economic Commission for Latin America and the Caribbean CEPAL review
1. Verfasser: Morales, Marco (VerfasserIn)
Weitere Verfasser: Meléndez Cubillos, María José (VerfasserIn), Ramírez, Vanessa (VerfasserIn)
Format: UnknownFormat
Sprache:eng
Veröffentlicht: 2013
Schlagworte:
Börse > Wertpapier > Eigentum > Entwicklung > Unterentwicklung > Ursache > Wirtschaftspolitik > Gesetzgebung > Chile > Aufsatz in Zeitschrift
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Zusammenfassung:This paper analyses econometrically the determinants of ownership concentration. - in the Chilean stock market, paying particular attention to the effects of the Public. - Tender Offer Act (Ley de Ofertas Públicas de Adquisición de Acciones). Although the. - Public Tender Offer Act achieves its central purpose, the tender offer mechanism. - increases the concentration of ownership, mainly because of the "residual tender. - offer" obligation for which the Act provides. In addition, the study has found. - significant opposite responses between the controlling shareholder and the next two. - largest shareholders, which should sound a warning for international comparisons. - based on a common measure of ownership concentration that do not take account. - of the ownership structures characterizing Latin American markets. These aspects. - must be considered if the regulatory goals aimed at by minority shareholder. - protection bills are to be achieved. (CEPAL/GIGA)
Beschreibung:graph. Darst.
ISSN:0251-2920