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...

Corporate loan contracts frequently concentrate control rights with a subset of lenders. In a large fraction of leveraged loans, which typically include a revolving line of credit and a term loan, the revolving lenders have the exclusive right and ability to monitor and renegotiate the financial...

We explore the implications of directors' networks for company valuation in a concentrated ownership environment and in pyramidal control structures. Using common centrality indexes on a sample of 727 directors serving in 105 Israeli listed firms, we show that the effect is very dependent on the...