Using a novel data base for three emerging markets we study large shareholders and their relationship with professional managers. This is important to understand wage inequality and returns to high-level human capital since concentrated ownership is prevalent in developing countries. We find a...

This paper shows that pyramidal ownership can be used to control downside risk. The research setting is Thailand before and after the 1997 Asian crisis. The focus is on family business groups that owned banks. The results show that the controlling family pursues different investment strategies...