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CREATED:20260123T213616Z
LAST-MODIFIED:20260123T214209Z
UID:10000607-1769781600-1769785200@uwm.edu
SUMMARY:Does the Control–Cash Flow Rights Wedge Capture Private Benefits of Control? Evidence from a Mandatory Bid Rule Reform
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker:  Carlos Acuna\, Lubar College of Business\, University of Wisconsin – Milwaukee\n \nCarlos examines whether the control–cash flow rights wedge captures private benefits of control (PBC) by exploiting Chile’s adoption of the Mandatory Bid Rule (MBR)\, which requires equal-price offers to all shareholders in control transactions. Firms could opt out for three years through early notification\, with opting out reflecting higher PBC. He finds an inverted U-shaped relationship between opting out and the wedge\, consistent with outsider monitoring limiting expropriation beyond the turning point. The inverted-U implies that the wedge is an imperfect proxy for PBC\, calling for measures that capture both insider expropriation incentives and outsider monitoring intensity.
URL:/business/event/mandatory-bid-rule-reform/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
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