ECGI Working Paper Series in Finance
Working Paper N°.132/2006June 2006
Morten BennedsenKasper Meisner Nielsen
Francisco Pérez-GonzálezDaniel Wolfenzon
Inside the Family Firm: the Role of Families inSuccession Decisions and Performance
We thank three anonymous referees and Edward Glaeser and Lawrence Katz (the editors) for valuablecomments. We also thank Renee Adams, Marianne Bertrand, Douglas Diamond, Mariassunta Giannetti, DenisGromb, Maria Guadalupe, Atif Mian, Thomas Rønde, Jonah Rockoff, Amir Suﬁ, Annette Vissing-Jørgensen,David Yermack, and seminar participants at the Aarhus School of Business, BI Norwegian School of Management, Brown University (economics), the University of Chicago (GSB), Columbia University (GSB),Copenhagen Business School, Duke University (Fuqua), Harvard Business School, Harvard Law School, MIT(Sloan), Northwestern University (Kellogg), the University of Illinois at Urbana-Champaign (Business), theUniversity of Maryland (Smith), SUNY (Binghamton), the University of Texas at Austin (McCombs), StanfordUniversity (GSB), the ﬁnance lunch at the University of Chicago GSB, the CEPR annual meeting in Gerzensee,the Corporate Governance of Closely Held Firms Conference in Copenhagen, the CEBR conference onEntrepreneurship: Occupational Choice and Financing, and the Berkley Center for Entrepreneurial studies atStern for comments. Pérez-González thanks Chicago-GSB for providing a stimulating research environmentwhile writing this paper. We are grateful to the Berkley Center for Entrepreneurial Studies, CEBR and theDanish Social Science Research Foundation (project GOCOW) for ﬁnancial support. We are also grateful tothe Danish Commerce and Companies Agency and the Research Ofﬁce in Statistics Denmark for providing uswith data. We thank Frederik Vinten for excellent research assistance. All errors are our own.
© Morten Bennedsen, Kasper Meisner Nielsen, Francisco Pérez-González and Daniel Wolfenzon2006. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quotedwithout explicit permission provided that full credit, including © notice, is given to the source.