Estimation of control premium: The case of Romanian listed companies

被引：0
|
作者：
Dragota, Victor [1 ]
Dumitrescu, Dalina [1 ]
Ruxanda, Gheorghe [1 ]
Ciobanu, Anamaria [1 ]
Brasoveanu, Lulian [1 ]
Stoian, Andreea [1 ]
Lipara, Carmen [1 ]
机构：
[1] Acad Econ Studies, Bucharest, Romania
来源：
ECONOMIC COMPUTATION AND ECONOMIC CYBERNETICS STUDIES AND RESEARCH | 2007年 / 41卷 / 3-4期
关键词：
Corporate Governance; control premium; minority shareholders' protection; capital markets; Romania; MASS PRIVATIZATION; CORPORATE; OWNERSHIP;
D O I：
暂无
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Control premium estimation is one of the main issues in Corporate Finance, strongly related to Corporate Governance principles and minority shareholders' protection. Taking into account the fact that the literature mainstream within estimating control premium does not make references to the companies listed on Romanian capital market this study aims to bring more information on this issue. Control premium was estimated as the abnormal return at the moment of tender bid announcements, and the results revealed a mean around 80% and a median around 44%. Such larger control premium could be an evidence for a low minority shareholders' protection.
引用
收藏
页码：55 / 72
页数：18
相关论文
共 50 条
  • [41] PERFORMANCE EVALUATION MODEL OF ROMANIAN MANUFACTURING LISTED COMPANIES BY FUZZY AHP AND TOPSIS
    Ban, Adrian Joan
    Ban, Olimpia Juliana
    Bogdan, Victoria
    Popa, Diana Claudia Sabau
    Tuse, Delia
    TECHNOLOGICAL AND ECONOMIC DEVELOPMENT OF ECONOMY, 2020, 26 (04) : 808 - 836
  • [42] The effects of IFRS on net income and equity: evidence from Romanian listed companies
    Neag, Ramona
    EMERGING MARKETS QUERIES IN FINANCE AND BUSINESS (EMQ 2013), 2014, 15 : 1787 - 1790
  • [43] THE FINANCIAL INDICATORS INFLUENCING THE MARKET VALUE OF THE ROMANIAN LISTED COMPANIES AT THE REGIONAL LEVEL
    Hategan, Camelia-Daniela
    Sirghi, Nicoleta
    Curea-Pitorac, Ruxandra-Ioana
    26TH INTERNATIONAL SCIENTIFIC CONFERENCE ON ECONOMIC AND SOCIAL DEVELOPMENT - BUILDING RESILIENT SOCIETY: ECONOMIC AND SOCIAL DEVELOPMENT: BUILDING RESILIENT SOCIETY, 2017, : 160 - 171
  • [44] Justifications for the modified opinions and for other observations in the audit reports of Romanian listed companies
    Istrate, Costel
    PROCEEDINGS OF THE 12TH INTERNATIONAL CONFERENCE ACCOUNTING AND MANAGEMENT INFORMATION SYSTEMS (AMIS 2017), 2017, : 500 - 514
  • [45] STUDY REGARDING THE DETERMINANTS OF CORPORATE SOCIAL PERFORMANCE FOR A SAMPLE OF ROMANIAN LISTED COMPANIES
    Moscalu, Maricica
    Vintila, Georgeta
    METALURGIA INTERNATIONAL, 2012, 17 (03): : 237 - 245
  • [46] Brand Premium and Carbon Information Disclosure Strategy: Evidence from China Listed Companies
    Ma, Diandian
    Lv, Benfu
    Liu, Ying
    Liu, Shuqin
    Li, Xiuting
    SUSTAINABILITY, 2023, 15 (06)
  • [47] Sustainable development of the Romanian listed companies through the assurance of transparency in financial reporting
    Robu, Ioan Bogdan
    Istrate, Costel
    Herghiligiu, Ionut Viorel
    PROCEEDINGS OF THE 13TH INTERNATIONAL CONFERENCE ACCOUNTING AND MANAGEMENT INFORMATION SYSTEMS (AMIS 2018), 2018, : 184 - 200
  • [48] Research on the Financial Internal Control of Listed Companies
    Fan Xin
    PROCEEDINGS OF THE 2ND (2010) INTERNATIONAL CONFERENCE ON FINANCIAL RISK AND CORPORATE FINANCE MANAGEMENT, 2010, : 276 - 280
  • [49] Evolution of control of cross-listed companies
    Abdallah, Wissam
    Goergen, Marc
    EUROPEAN JOURNAL OF FINANCE, 2016, 22 (15): : 1507 - 1533
  • [50] Ownership patterns and control in Turkish listed companies
    Demirag, I
    Serter, M
    CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2003, 11 (01) : 40 - 51
12345