Private Firms

Working Paper

26 March 2020

The Persistent Ownership Structure of Private Firms

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...

Øyvind Bøhren | Diana Iancu | Georgiana Radulescu | R. Øystein Strøm
02 January 2020

Shareholder Illiquidity and Firm Behavior: Financial and Real Effects of the Personal Wealth Tax in Private Firms

We examine how negative liquidity shocks to households propagate to firms. We show that higher taxes on the home of private firms’ controlling shareholders are associated with higher dividend and salary payments from firms to...

Janis Berzins | Øyvind Bøhren | Bogdan Stacescu
04 December 2019

Paid Leave Pays Off: The Effects of Paid Family Leave on Firm Performance

We explore how lowering labor market frictions for female workers affects corporate performance. Using the staggered adoption of state-level Paid Family Leave acts, we provide causal evidence on the value created by relieving...

Benjamin Bennett | Isil Erel | Léa H. Stern | Zexi Wang
22 November 2018

Is it Worthwhile to Augment the Legal Protection of Public Debt Placed by Privately Held Companies?

We examine the effects of a law amendment in Israel in 2011 that imposes a set of minimum corporate governance standards on privately held firms that issue publicly traded bonds. Two main results emerge. First, consistent with US...

Keren Bar-Hava | Roi Katz | Beni Lauterbach