Agency Costs, Mispricing, and Ownership Structure
---- Acknowledgements ----
We thank Malcolm Baker, Mihir Desai, Masako Egawa, Alp Ercil, Yasushi Hamao, Sam Hanson, Naoki Kamiyama, David Matsa, David Scharfstein, Andrei Shleifer, Jeremy Stein, Kenji Wada, Lucy White, and seminar participants at Georgetown, Harvard, IESE, the NBER, and Washington University in St. Louis for helpful comments. We also thank Jim Quinn and Sonya Lai for research assistance and Masako Egawa, Alp Ercil, Lydia Petersen, Naoki Kamiyama, Daiwa Institute of Research Ltd., Toyo Keizai Inc., and the Sandra Ann Moreilli Pacific-Basin Capital Markets Research Center for help assembling data. The Division of Research at Harvard Business School provided generous funding. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.