Large Shareholdings and Corporate Control: An Analysis of Stake Purchases by French Holding Companies

• Published in: European financial management : the journal of the European Financial Management Association Vol. 3; no. 1; pp. 23 - 43
• Main Authors: Banerjee, Saugata, Leleux, Benoit, Vermaelen, Theo
• Format: Journal Article
• Language: English
• Published: Oxford, UK and Boston, USA Blackwell Publishers Ltd 01.03.1997
• Subjects: Holding companies; large shareholders; stake purchases

The paper analyses the value creation benefits of the holding form of organisation in France by empirically examining the effects of non‐controlling stake purchases on target shareholder wealth, operational performance and bidder shareholder returns for a sample of 122 stake purchases in French list...