Université de Fribourg

Founding family ownership, stock market returns, and agency problems

Eugster, Nicolas ; Isakov, Dušan

(Working Papers SES ; 490, revised)

This paper explores the relationship between founding family ownership and stock market returns. Using the entire population of non-financial firms listed on the Swiss stock market for 2003–2013, we find that the stock returns of family firms are significantly higher than those of non-family firms after adjusting the returns for different firm characteristics and risk factors. Family firms...

Université de Fribourg

Family firms and financial analyst activity

Eugster, Nicolas

(Working Papers SES ; 491)

This paper examines the relationship between ownership structure, analyst coverage, and forecast error for the entire population of non-financial companies listed on the Swiss Exchange for the period 2003-2013. The results show a negative association between concentrated ownership and analyst coverage for both family firms and firms held by a nonfamily blockholder. Furthermore, forecasts of...

Université de Fribourg

Founding family ownership, stock market returns, and agency problems

Eugster, Nicolas ; Isakov, Dušan

(Working Papers SES ; 490)

This paper explores the relationship between founding family ownership and stock market returns. Using the entire population of non-financial firms listed on the Swiss stock market for 2003–2013, we find that the stock returns of family firms are significantly higher than those of non-family firms after adjusting the returns for different risk factors and firm characteristics. Family firms...