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Date: Thu, 20 Jun 2013 08:36:39 +0200

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Quote:

SSRN Author: Ronald J. Gilson
REVISION: Contracting About Private Benefits of Control
http://www.ssrn.com/abstract=2182781

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Text:

The separation of control and ownership – the ability of a small group effectively to control a company though holding a minority of its cash flow rights – is common throughout the world, but also is commonly decried. The control group, it is thought, will use its position to acquire pecuniary private benefits – to take money – and this injures minority shareholders in two ways: there is less money and the controllers are not maximizing firm value. To the contrary, we argue here that pec

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