On the Relation between Ownership Dispersion and the ASE Firm's Market Value

Abstract

The fluctuating growth of the Greek capital market has strengthened all motives for an investigation of probable relations between share prices and ownership dispersion. Because the issue has only theoretically been examined in the literature, empirical evidence is almost apparent but controversial. Results indicate that there is not a systematic pattern of a relationship between share prices and ownership dispersion. This is not unexpected provided that even the main accounting moments are not capable of explaining share prices in the ASE listed companies.