A copy of this work was available on the public web and has been preserved in the Wayback Machine. The capture dates from 2017; you can also visit the original URL.
The file type is
This paper presents an analytical framework from which it can be inferred whether sellers or buyers in corporate control transactions value private bene...ts highest. I am thus able to suggest an answer to the question: Are blocks of shares traded because the buyer is a more e¢ cient monitor with high security bene...ts, or because the buyer has high private bene...ts from the control rights that come with the shares? Using voting rights as the vehicle for private bene...ts, I ...nd that thedoi:10.2139/ssrn.1007415 fatcat:hryzh3flendjzjef4gohzkhwny