By Herman P. Daems
1. study topic and pursuits This examine specializes in an fiscal establishment, the big commercial conserving corporation, which keeps to carry a renowned if now not a strategic place within the source allocation approach in lots of industrialised marketplace economies. strong multicompany combines just like the well-known eastern zaibatsu and the fewer normal yet both robust eu commercial teams depend upon the establishment of the retaining corporation to tie their intermarket keep an eye on community jointly. basic questions come up from this example: first, what components account for the viability and development inside a industry environment of these associations which internalise allocation judgements and, moment, what influence do such associations have on source allocation? those questions give you the framework within which the correct study topic should be so much correctly brought. sooner than doing so, it is necessary to indicate that the retaining corporation establishment, as analyzed in next chapters, shouldn't be confounded with the felony constructs, bearing a similar widespread identify and flourishing in economic paradises, whose sole functionality is to organise tax evasion throughout nationwide obstacles. The establishment, as studied right here, is the big protecting corporation during which business teams deal with multicompany platforms. Such multicompany platforms, working an intermarket community via conserving businesses, stay extra ordinary for Europe and Japan than for the U.S. the place, for criminal purposes, but in addition due to managerial potency, the multicompany procedure outfitted round the retaining corporation establishment was once quite short-lived and 1 the enormous built-in multiunit firm rose to dominance instead.
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Extra resources for The holding company and corporate control
Finally, we provide a first and rather rough empirical test of capital-asset pricing and market efficiency in the Brussels stock market. 2. The statistical methodology2 It was argued above that the welfare efficiency of security substitution in the long- term financial market by holding companies depends on the efficiency and perfection of the capital market. An efficient capital market is a market where all available information about a security is reflected in its price. Consequently in an efficient market the prices of stocks behave randomly.
A test is nevertheless possible when assumptions are made about the stochastic processes generating the rates of return. Several hypotheses can be formulated about the stochastic return-generating process. The process can follow a one-factor or a two-factor model. Black, Jensen and Scholes 4 in a pioneering paper showed that two-factor-models explain the rates of return on American stock exchanges better than one-factor-models. Elsewhere, however, it was demonstrated that for the Brussels stock exchange a one-factor model appears to capture the return-generating process fairly well.
Diversification Although some of the holding companies on the list of Banking Commission are industrial holding companies which have concentrated their holdings in a specific industrial sector, other holding companies have taken controlling interests in several sectors of the Belgian economy. Table 9, using data contained in the Receuil Financier of 1972, represents an attempt to shed some light on the degree of portfolio diversification. The evidence presented in Table 9 is not perfect and only indicates whether the holding company held shares of a particular sector; it gives no indication of the relative importance of that investment in the portfolio ofthe particular holding company.