We find that ownership changes much less over time in private firms than in public firms. The average largest shareholder in private (public) Norwegian firms keeps the same stake in 82% (14%) of two consecutive years. In private firms past ownership dominates ownership determinants proposed in...

We examine how negative liquidity shocks to households propagate to firms. We show that higher taxes on the personal home of private firms' controlling shareholders are associated with higher dividend and salary payments from firms to shareholders and with lower cash holdings, investments,...

We find that the difference between the mean return on assets of all Norwegian family firms and nonfamily firms is 1.4 percentage points and positive every year over twenty years. This family firm premium increases when the family as a whole owns a higher equity stake, has fewer owning members,...