Pre‐Going Private Ownership Around the World

We examine ownership structure prior to going private transactions in 39 countries around the world from 2002 to 2014. The data indicate strong and consistent evidence that pre-going-private ownership is characterized by higher institutional and corporate ownership. Family ownership lowers the probability of a public to private transaction. Concentrated ownership facilitates public to private transactions. In addition, the data indicate that antidirector (shareholder) rights across countries affect going private transactions in ways consistent with potential wealth expropriation of minority shareholders.