A Theory of Pyramidal Ownership and Family Business Groups资料.pdf

American Finance Association A Theory of Pyramidal Ownership and Family Business Groups Author(s): Heitor V. Almeida and Daniel Wolfenzon Source: The Journal of Finance, Vol. 61, No. 6 (Dec., 2006), pp. 2637-2680 Published by: Blackwell Publishing for the American Finance Association Stable URL: /stable/4123441 . Accessed: 26/12/2010 21:33 Your use of the JSTOR archive indicates your acceptance of JSTORs Terms and Conditions of Use, available at . /page/info/about/policies/terms.jsp. JSTORs Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at . /action/showPublisher?publisherCode=black. . Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@. Blackwell Publishing and American Finance Association are collaborating with JSTOR to digitize, preserve and extend access to The Journal of Finance. THE JOURNAL OF FINANCE * VOL. LXI, NO. 6 * DECEMBER 2006 A Theory of Pyramidal Ownership and Family Business Groups HEITORV.ALMEIDAand DANIELWOLFENZON* ABSTRACT We provide a new rationale for pyramidal ownership in