Determinants of ownership concentration in the Chilean stock market

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cepal.articleNo9
cepal.bibLevelSección o Parte de un Documento
cepal.callNumberLC/G.2572-P
cepal.docTypeRevistas
cepal.idSade51566
cepal.jelCodeG32
cepal.jelCodeG34
cepal.jelCodeG23
cepal.physicalDescriptiongráficos., tablas.
cepal.topicEngMICROECONOMICS
cepal.topicSpaMICROECONOMÍA
cepal.workareaEngECONOMIC DEVELOPMENT
cepal.workareaSpaDESARROLLO ECONÓMICO
dc.contributor.authorMorales, Marco
dc.contributor.authorMeléndez, María José
dc.contributor.authorRamírez, Vanessa
dc.coverage.spatialEngCHILE
dc.coverage.spatialSpaCHILE
dc.date.accessioned2014-09-05T14:38:11Z
dc.date.available2014-09-05T14:38:11Z
dc.date.issued2013-08
dc.descriptionIncludes bibliography.
dc.description.abstractThis 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.
dc.formatTexto
dc.format.extentpáginas. 175-18
dc.format.mimetypeapplication/pdf
dc.identifier.unSymbolLC/G.2572-P
dc.identifier.urihttps://hdl.handle.net/11362/36989
dc.language.isoeng
dc.physicalDescriptionp. 175-188; grafs., tabls.
dc.relation.isPartOfCepal Review
dc.relation.isPartOfNo110
dc.relation.translationLanguagespa
dc.relation.translationRecordDeterminantes de la concentración de la propiedad en el mercado de valores chileno
dc.relation.translationUrihttps://hdl.handle.net/11362/11621
dc.rights.coarDisponible
dc.subject.unbisEngSTOCKS
dc.subject.unbisEngMARKETS
dc.subject.unbisEngECONOMIC CONCENTRATION
dc.subject.unbisEngLAWS AND REGULATIONS
dc.subject.unbisEngECONOMETRIC MODELS
dc.subject.unbisSpaACCIONES
dc.subject.unbisSpaMERCADOS
dc.subject.unbisSpaCONCENTRACION ECONOMICA
dc.subject.unbisSpaLEYES Y REGLAMENTOS
dc.subject.unbisSpaMODELOS ECONOMETRICOS
dc.titleDeterminants of ownership concentration in the Chilean stock market
dc.type.coarrevista
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