The Evolution of Corporate Ownership After IPO: The Impact of Investor Protection
---- Acknowledgements ----
A previous version of this paper circulated as "The Evolution of Corporate Ownership: Evidence from 34 countries." We are grateful to David Blitzer at Standard and Poors for providing data, and Cliff Holderness, Andrew Metrick, and Karl Lins for sharing their data with us. Evie Spanos and Sonya Lai provided excellent research assistance. We thank Malcolm Baker, Mihir Desai, Cliff Holderness, Paul Gompers, Karl Lins, Randall Morck, Richard Ruback, David Scharfstein, Andrei Shleifer, Matt Spiegel, and seminar participants at the Darden International Finance Conference, Harvard, HKUST Business School, Singapore Management University, the University of Oregon, and the University of Texas at Austin for helpful comments. The Harvard Business School Division of Research provided funding for this study. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.