Group affiliation and North American firms' value
Why this work is in the frame
A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.
Bibliographic record
Abstract
Purpose This paper aims to assess the impact of group affiliation and anticipated expropriation on North American firms' value. Design/methodology/approach The net impact of firms' affiliation to groups is generally far from evident. While group affiliation can be perceived as positive news because of the benefits of internal capital markets, the fear of expropriation of minority interests by large shareholders can mitigate such benefits. This commands some empirical investigations, which are done in this paper through statistical analyses. Findings The results indicate that group affiliation has a positive and significant impact on North American firms' value and, more specifically, on US firms' value. The negative impact of the anticipated expropriation of minority shareholders mainly comes from divergence in ownership and voting rights between the first and second ultimate owners. Group affiliation, then, is valuable, even in countries with well‐organized capital markets. The results may explain the current wave toward mergers and acquisitions. Originality/value The paper provides useful information on the impact of group affiliation and anticipated expropriation on North American firms' value.
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.001 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it