NW1 4SA, London
Institutional Affiliation: London Business School
NBER Working Papers and Publications
|December 2016||Corporate Control around the World|
with Elias Papaioannou: w23010
We provide an autopsy of the patterns of corporate control and ownership concentration in a dataset covering more than 40,000 listed firms from 127 countries over 2004−2012. Employing a plethora of original and secondary sources, big data techniques, and applying the Shapley-Shubik algorithm to quantify shareholder’s voting power we trace ultimate controlling shareholders from the complex, pyramidal, and often obscure corporate structures. First, we show that there are large differences in the type of corporate control (widely held firms with and without significant equity blocks, firms controlled by families, governments, and other public-private firms) across and within continents. Corporate structures appear persistent as the recent global financial crisis did not affect them much. Seco...