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dc.contributor.advisorTanyeri, Ayşe Başak
dc.contributor.authorArslan, Ezgi
dc.date.accessioned2016-09-05T08:54:02Z
dc.date.available2016-09-05T08:54:02Z
dc.date.copyright2016-07
dc.date.issued2016-09
dc.date.submitted2016-09-01
dc.identifier.urihttp://hdl.handle.net/11693/32193
dc.descriptionCataloged from PDF version of article.en_US
dc.descriptionThesis (M.S.): Bilkent University, Department of Management, İhsan Doğramacı Bilkent University, 2016.en_US
dc.descriptionIncludes bibliographical references (leaves 51-55).en_US
dc.description.abstractThis thesis empirically investigates how markets react to uncertainty regarding the separation of control and ownership in family firms. I examine the market reaction to deaths of founders or non-founding executive family members. Deaths of executive family members (including founders) create uncertainty regarding the future distribution of control rights and the sale of block-holds. My sample spans 88 death notices of founder or non-founding family members from 69 firms across 16 countries. Average abnormal return on the day of the death notice of executive family members is statistically significant and positive at 0.75 percent. The positive and significant market reaction to executive family member deaths indicates that the expected dilution in family control is perceived as positive news. Furthermore, cross-country market reaction to deaths of executive family members is more pronounced (but the difference proves insignificant) as the protection of shareholder rights decrease. Markets reaction to news about future dilution of family control in firms headquartered in countries, where minority shareholder rights are less protected, is more positive.en_US
dc.description.statementofresponsibilityby Ezgi Arslan.en_US
dc.format.extentix, 58 leaves : charts.en_US
dc.language.isoEnglishen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectAgency Theoryen_US
dc.subjectEvent Studyen_US
dc.subjectManagement Entrenchment Theoryen_US
dc.titleMarket reaction to deaths of founders and non-founding executive family members in family firmsen_US
dc.title.alternativePiyasanin aile şirketlerinde gerçekleşen kurucu ve aile üyesi ölümlerine tepkisinin analizien_US
dc.typeThesisen_US
dc.departmentDepartment of Managementen_US
dc.publisherBilkent Universityen_US
dc.description.degreeM.S.en_US
dc.identifier.itemidB154009
dc.embargo.release2018-06-01


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