Ownership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs

The authors appreciate comments and suggestions from Victoria Ivashina (the editor), two anonymous referees, Felipe Aldunate, Joan Farre-Mensa, Francisco Gallego, Federico Huneeus, Pablo Moran, Carlos Parra, Andrei Shleifer, Jerome Taillard, Jose Tessada, and Alminas Zaldokas as well as seminar participants at the American Economic Association meetings, Calgary, Chicago Fed, Florida International University, Pontificia Universidad Catolica Chile, Texas A&M University, Universidad Andres Bello, University of Illinois Chicago, the Uandes Corporate Finance Conference, the Virtual Finance Seminar Brazil, Warwick, and Wisconsin-Milwaukee. The authors also thank Alexandra Dresco, Malvina Fouridi, Augusto Orellana, and Mark Straver for excellent research assistance.