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ABSTRACT. Ownership concentration varies systematically with respect to certain firm-specific economic variables and country characteristics in ways that are consistent with value maximization and predictions of agency theory. Markets for high-growth stocks offer venture capitalists a valuable exit opportunity for their investments; this allows them to re-invest their money in other start-up companies and may spur the rate of new business creation and technological innovation.

 

DORIN DOBRISAN
 
 
 

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