Data: Block Ownership

I have collected the data on blockholder (large shareholders) in US public companies from Schedule 13D and Schedule 13G filings. These forms are filed by shareholders that hold more than five percent of shares in a company. I describe and use this data in the paper "Blockholder Diversity and Company Value". My github page provides R-scripts I've used to collect and parse this data.

In total, these scripts processed different 579,249 filings and extracted the details for 399,045 blockholder-year positions between 1998 and 2013. Resulting dataset 51,708 firm-year observation for 6,316 unique firms.

Interactive charts below present selected summary statistics of the collected data.

Block Ownership in 2013

This scatter plot presents a shows how the number of blocks in a company is related to percent of shares outstanding controlled by these blocks in 2013. The data is winsorized at 1%, and thus if number of blocks valuable is capped at 10 (i.e. 11 blocks would appear as 10 on this graph).

Red line shows the linear trend between the variables. Correlation between these variables is 0.71.

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This chart presents the distribution of the number of blocks in companies in 2013. Only 5.65% of companies did not have any blocks in that year, and 7.89% companies had just one block.

The last column of the chart includes companies with 10 or more blocks.

In total, this chart is based on the information for 3.042 public companies.

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This chart shows the distribution of the percent of shares outstanding in blocks in 2013. The first column shows that in 2013 only in 7.33% companies blockholders controlled less than 10% of shares. Blockholders controlled between 10% and 20% of shares in 11.93% of companies (column 2). Blockholders controlled more than half of all company shares in 24.1% of all companies (sum of values in column 5-10).

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This chart shows the distribution of the number of blocks in 20 quantiles by the market capitalization. The total sample for 2013 includes 3,042 companies and each size quantile has 152 or 153 companies. According to the first column, companies in the smallest quantile have 1.65 blocks on average. The largest companies have 2.75 blocks on average (column 20). Average number of block has an inverse U-shape relation with the size and medium-size companies have the highest average number of blocks.

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This chart show the percent of shares outstanding controlled by blockholders in 20 groups based on the quantiles of market capitalization in 2013. The total sample in 2013 includes 3,042 companies. And each size quantiles has 152-153 companies. Similar to the number of blocks, blocks ownership has an inverse U-shape relation with the size of the company. In the smallest size quantile (column 1), blockholders control 17.69% on average, and in the largest quantiles (column 20) 21.99% of shares are in blocks. Medium-size companies have block ownership above 35%.

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This chart shows the distribution of block size based on the information about 9,492 blocks positions in 2013. 12.97% of all blocks are between 5% and 6% (column 1), and 26.93% of blocks are between 6% and 7% (column2). 74.49% of blockholders have a position below 10% (sum of column 1- 5).

Section 13 and Section 16 of SEA 1934 have a set of additional regulation regarding position > 10% and thus only a quarter of blocks exceed this threshold. And less than 5% of all blockholders in 2013 hold more than 20% of the company (sum of 6 right columns)

Statistics by Year

Portion of companies without any blocks has dropped from 14.8% in 1998 to 5.7% in 2013 (dark blue columns on the graph). Portion of companies with four or more blocks, on the other hand, has risen from 31.8% to 59.3% (light blue columns).

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On average, blockholders control around one third of shares in US public companies.

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On average U.S. public company has four blockholders. This number is steadily rises over the last fifteen years.

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On average, the size of the largest block in a company is around 13% in all years in my sample.

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