n Investment Analysts Journal - An estimate of the control premium in South Africa

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Extracted from text ... Number 52 - Part 3 S Davidson* An estimate of the control premium in South Africa School of Economics and Finance, Royal Melbourne Institute of Technology, GPO Box 2476V, Melbourne, 3000, Vic., Australia. I would like to thank two anonymous reviewers, Robert Brooks and Robert Faff for comments on an earlier version of this paper. The usual disclaimer applies. Email: Sinclair.davidson@rmit.edu.au 1. Introduction In a Modigliani-Miller (1958) type world, shares with identical cashflows should trade in the market at the same price. There is a large and evolving literature (see Shleifer and Vishny 1997 for a survey) that suggests, however, ..


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