Corporate Governance and Ownership: Evidence from a Non-Mandatory Regulation

We thank John Armour (editor) for his insightful suggestions, and two anonymous referees for their constructive comments. We appreciate comments on an earlier version (circulated under the title “One size does not fit all, after all: Evidence from Corporate Governance”) from Ron Anderson, Stijn Claessens, Phil English, Mara Faccio, Antoine Faure-Grimaud, Jose-Miguel Gaspar, Yaniv Grinstein, Denis Gromb, Sudip Gupta, Robert Hauswald, Henry Hu, Luc Laeven, N.R. Prabhala, Michel Robe, Michela Verardo, and participants at various seminars and conferences (World Bank, Bank of England, London School of Economics, SEC, American University, ESSEC, Universita’ Cattolica, Bocconi University, the International Conference on Corporate Governance in Birmingham, CAF Summer Research Conference, Annual Conference on Empirical Legal Studies at Austin). We thank Dragana Cvijanovic, Terence Teo and Zhigang Qiu for excellent research assistance. Sridhar Arcot acknowledges support from the FMG and LSE. Valentina Bruno acknowledges financial support from Ente Luigi Einaudi. All errors are of course our own.