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Competition and Voting Premium

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We examine the impact of product market competition on the market value of shareholder voting rights (i.e., voting premium) for the US public firms. Voting premium reflects private benefits consumption and associated managerial inefficiencies. Exploiting exogenous shocks to competition from three quasi-natural experiments, we find that competition decreases the voting premium. Overall, our results suggest that product market competition can help in curbing private benefits of control and managerial slack.

This talk is part of the Cambridge Finance Workshop Series series.

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