Herfindahl index of shareholdings of the second to tenth largest shareholders (Liang et al, 2013)
The concentration of shares held by the second to the tenth largest shareholders (Share- Oth), which captures the likelihood that other large shareholders will challenge the largest shareholder. The ShareOth is the Herfindahl index
defined as index
defined as P10
n¼2
Sn
S
2, where Sn is the number of shared held by
the nth largest shareholder and S is the number of total outstanding
shares. All ownership variables are measured at the bank-year level.