transform the levered return on equity into a unlevered return and empirically test on some 30 thousand high growth European …

, we find that (iv) efficiency increases when a majority owner must deal with minority shareholders and that (v) domestic … majority owners improve efficiency more than foreign majority owners when no minority shareholders are present, but (vi) the … opposite is true when minority shareholders hold a substantial fraction of the firm´s equity. In the analysis, we distinguish …

types of political risk, like expropriation, corruption and confiscatory taxation, and In our theoretical analysis we find …