Concentrated Corporate Ownership (National Bureau of by Randall Morck, Lucian Bebchuk, Luigi Zingales, Paul Mahoney,

By Randall Morck, Lucian Bebchuk, Luigi Zingales, Paul Mahoney, Edward Rock, Michael Wachter, Reinier Kraakman, et al

Common fiscal types suppose that many small traders personal businesses. this can be so in so much huge U.S. corporations, yet filthy rich members or households typically carry controlling blocks in smaller U.S. organisations and in all organisations in so much different nations. Given this, the shortcoming of theoretical and empirical paintings on tightly held organizations is surprising.What company governance difficulties come up in tightly held corporations? How do those range from company governance difficulties in largely held organizations? How do keep watch over blocks come up and the way are they maintained? How does centred possession have an effect on monetary development? How may still we keep watch over tightly held firms?Drawing jointly major students from legislations, economics, and finance, this quantity examines the industrial and criminal problems with targeted possession and their impression on a transferring international economic system.

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A prominent example is Advent, a Boston-based organization that organizes comingled funds for financial investors and other funds for single corporate limited partners. From the Ventureone database, it is usually difficult to determine whether the private equity group is investing its traditional partnerships or one of its corporate funds. Finally, for the corporate venture capital investments, we characterized the degree of fit between the corporation and the portfolio firm. To do this, we examined the corporate annual reports of the parent firm for the fiscal years 1983, 1989, and 1994.

Separate tabulations are presented for investments by corporate venture firms, corporate funds where there was a strategic fit between the parent and the portfolio firms, and independent venture funds. VC = venture capital. Industry of the Firm. Venture capital investments tend to focus on a few high-technology industries. This is even more true for corporate venture investments with a strategic focus. Maturity of Firm and Investment Characteristics. Corporate venture funds tend to invest in later and larger financing rounds and in slightly older firms than other venture funds.

4). 3 35 Status of Firms in Spring 1998 A. 7 B. p-Value, Tests of Equality of Firm Status in Spring 1998 Corporate VC vs. all others Independent VC vs. all others Corporate VC vs. independent VC Corporate VC and strategic fit vs. ooo Note: The sample consists of 32,364 investments in privately held venture-backed firms between 1983 and 1994. Panel A presents the status of the firms in spring 1998. Separate tabulations are presented for investments by corporate venture firms, corporate funds where there was a strategic fit between the parent and the portfolio firms, and independent venture funds.

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