conglomerates, emphasizing the implications of these structures for corporate governance. We avoid double counting investments made … way of separating control from cash-flow rights in Chilean conglomerates is through pyramid schemes. These schemes have … proven to be successful in raising external funding. Controllers of Chilean conglomerates rely in a relatively small number …

observation shows that large and diversified conglomerates still exist in developed economies and probably are the dominant type … diversified conglomerates in emerging markets are the creation and development of «internal capital markets» and the «market power …

smaller conglomerates. However, there is a positive correlation between the size of the groups and their level of …