Seminar: Aleksandra Gregoric, Department of International Economics and Management, CBS.

Title: Exploring barriers to Coase: blockholder identity and path-dependency as determinants of ownership dynamics in the post-privatization period.

Abstract:

The paper provides new, confirming evidence to the generally observed trend of increasing ownership concentration in transition countries. We particularly explore the differences in the ownership dynamics between listed and non-listed firms. We show how in the latter, the interactions among different owners and their desire to over-win the competition of other owners and preserve their rents affect the evolution of ownership in the post-privatization period. In doing this, we provide empirical evidence to the theoretical predictions on the formation of shareholder coalitions and the structure driven path-dependency.