We revisit the relationship between ownership concentration and firm value using hand-collected data on the stakes of owner-managers immediately before and after IPOs. We instrument for the reduction in concentration using market returns on the three months prior to the IPO. Short-run market...

This chapter investigates whether shareholders of firms that enter bond markets for the first time benefit from a reduction in free cash flows or suffer from controlling owners keeping a lock on control. We analyze an international sample of 225 bond initial public offerings (IPOs) from 37...