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Cambridge Finance Workshop - Oğuzhan Karakaş

Cambridge Finance Workshop Series are usually held on Thursdays during term time. The workshops are an opportunity for those working in finance to present their latest results or papers.
When Nov 08, 2018
from 12:30 PM to 01:30 PM
Where North 10 Trumpinton St (lower ground)
Contact Name
Contact Phone 01223768129
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Oğuzhan Karakaş University Senior Lecturer in Finance, Cambridge Judge Business School, CERF Fellow.

Title: Competition and Voting Premium

Abstract: 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.

 

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