A double counting market capitalization bias occurs when listed firms own securities issued by other listed firms. In this paper, we investigate this issue in the Italian Stock Exchange, studying intercorporate shareholding and its effect upon both pyramidal groups and market as a whole. We extend previous models in order to take into right account gearing and voting premium of interlocking securities.
La violazione del principio di additività del valore nei gruppi di imprese
SAPIENZA, ELENA
2006
Abstract
A double counting market capitalization bias occurs when listed firms own securities issued by other listed firms. In this paper, we investigate this issue in the Italian Stock Exchange, studying intercorporate shareholding and its effect upon both pyramidal groups and market as a whole. We extend previous models in order to take into right account gearing and voting premium of interlocking securities.
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