Faccio, Mara; Marchica, Maria-Teresa; Mura, Roberto - In: Review of Financial Studies 24, 11, pp. 3601-3641
Using new data for the universe of firms covered in Amadeus, we reconstruct the portfolios of shareholders who hold equity stakes in private- and publicly traded European firms. We find great heterogeneity in the degree of portfolio diversification across large shareholders. Exploiting this...