Complex Ownership Structures and Corporate Valuations
NBER Working Paper No. 12675
---- Acknowledgments ----
We thank Robert McDonald, an anonymous referee, Mike Burkart, Stijn Claessens, Armando Gomes, Luc Renneboog, Karl Lins, Ivo Welch, Daniel Wolfenzon, and seminar participants at the University of Minnesota and Tilburg University for helpful comments. Ying Lin provided expert research assistance. This research was initiated while Laeven was at the World Bank. This paper's findings, interpretations, and conclusions are entirely those of the authors and do not represent the views of the International Monetary Fund, the World Bank, their Executive Directors, or the countries they represent. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.