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Oğuzhan Karakaş

Oğuzhan Karakaş

 

Title of Research: Competition and the Value of Voting Rights 

We aim to examine the impact of product market competition on the value of shareholder voting rights (i.e., voting premium) for the US public firms. We will estimate the voting premium using option prices following the method introduced in Kalay, Karakaş, and Pant (JF-2014). We conjecture that competition will decrease the voting premium, which is a lower bound for private benefits of control. To establish the causal effect of competition on voting premium, we will exploit exogenous shocks to competition. We also plan to investigate the role of common ownership in the relation between competition and voting premium.

Project Update - August 2019

Project Update - April 2019

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CERF Fellow Dr. Bang Dang Nguyen - paper will be presented at the AFA Annual Meeting 2020 in San Diego

Sep 26, 2019

Political Connections and Firm Value: Evidence from Close Gubernatorial Elections, joint with Q.A. Do (SciencesPo Paris) and Yen-Teik Lee (Curtin University), is accepted and will be presented at the AFA Annual Meeting 2020 in San Diego.

CERF Scholar Shiqi Chen presented her paper at Leeds University Business School

Jun 28, 2019

Shiqi Chen presented her paper entitled “Financial Policies and Internal Governance with Heterogeneous Risk Preferences” (joint with Bart Lambrecht) in the Accounting and Finance seminar at Leeds University Business School, the Finance seminar at Essex Business School, CERF Lunch Seminar at Cambridge Judge Business School, and at the 2019 Annual Real Options Conference in London.

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