Utilize este identificador para referenciar este registo: http://hdl.handle.net/10400.21/1428
Título: The impact of family control on firm's return
Autor: Miralles Marcelo, José Luis
Miralles Quirós, Maria del Mar
Lisboa, Inês
Palavras-chave: Family Firms
CEOs identity
Stocks Return
Asset Pricing Models
Data: Jul-2011
Resumo: Family firm is a field of growing interest. The aim of this article is to understand whether CEOs identity impacts family firm’s stock returns. From a sample of Portuguese and Spanish family firms findings show that who manages the firms result in significantly different risk exposure. Moreover, we find that the abnormal return found by Fahlenbrach (2009) to founder-controlled firms disappear when we use valueweighted portfolios and include two new factors: market aggregate illiquidity and debt intensity to the four-factor Carhart model. Finally, our results explain why the majority of family firm is controlled by its founder.
Peer review: yes
URI: http://hdl.handle.net/10400.21/1428
Aparece nas colecções:ISCAL - Comunicações

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