Journal of Law and Economics
Выпуск N за 1992 год
The Law and Large Block Trades [статья]
Опубликовано на портале: 02-10-2003Michael J. Barclay, Clifford G. Holderness Journal of Law and Economics. 1992. Vol. 35. P. 265-294.
Although these issues have been analyzed by legal scholars since Andrew Berle and Gardiner Means in 1932, no systematic empirical evidence has been collected. We investigate the validity of this belief, as well as broader implications of the law on large-block trades, by analyzing 106 trades of at least 5% of common stock of exchange-listed firms between 1978 and 1982. We find that, when block sellers receive premium, stock prices typically increase but not to the price per share received by the blockholders. We argue that this tension is resolved by assigning a different set of rights and obligations to large-block shareholders when they act as managers.