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SUMMARY:Competition and Voting Premium - Oğuzhan Karakaş University Seni
 or Lecturer in Finance\, Cambridge Judge Business School\, CERF Fellow.
DTSTART:20181108T123000Z
DTEND:20181108T133000Z
UID:TALK109129@talks.cam.ac.uk
CONTACT:CERF/CF Admin
DESCRIPTION:We examine the impact of product market competition on the mar
 ket value of shareholder voting rights (i.e.\, voting premium) for the US 
 public firms. Voting premium reflects private benefits consumption and ass
 ociated managerial inefficiencies. Exploiting exogenous shocks to competit
 ion from three quasi-natural experiments\, we find that competition decrea
 ses the voting premium. Overall\, our results suggest that product market 
 competition can help in curbing private benefits of control and managerial
  slack.
LOCATION:North 10 (lower ground)\, Trumpington Street
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