database and its ownership structure information, we show that, in most economies, domestic firms tend to employ more workers …. The analysis of the switchers (ownership changes from domestic to foreign or vice versa) suggests that ownership changes … per asset seem to come from technological differences rather than from different ownership structures …

, particularly for industries that are more dependent on bank financing. Furthermore, valuations declined and financial conditions … tightened following announcements related to easier bank capital regulation while equity valuation rose and financial conditions …