Schramade, W.L.J.

issue tender shareholder market value keiretsu control ownership table ratio number sample model asset journal result right cash flow ownership price effect premium ipo firm value offer maturity finance change owner owner –manager benefit amount return equity dividend company regression level cash flow percentage bondholder difference cash flow right owner-manager period bond ipo structure share issue frequency keiretsu firms issuer underwriter –manager firm value tender premiums stock non-affiliated voting paper panel stock price reactions variable non-affiliated firms hypothesis bond tender ipo firms cash flow rights point power consent shareholder agreements agency frequency observation window country interest z-index management agreement bond issues japanese