Abstract
Blockholders presence is a common attribute of modern corporations around the world. This work studies the effect of the presence of multiple blockholder in firm valuation for a sample of Latin American firms. To this effect, several measures of control contestability were constructed. Using OLS techniques, we find weak evidence of a positive or negative impact of the presence of blockholders on firm valuation. This exploratory first results, shows however, that institutional or country-level variables that control for country risks could be important and have to be taken into account in further studies.
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