Accepted by Ferdinand Gul. We appreciate the comments received from Ferdinand A. Gul (the associate editor), two anonymous reviewers, Stefan Sundgren, Lasse Niemi, Petri Sahlström, Markku Rahiala, Peter Moizer, Henry Jarva, Markku Vieru, Juha Joenväärä, Jukka Perttunen, Kim Ittonen, Risto Tuppurainen, and Anna-Maija Lantto, and from the research workshop participants at Stockholm School of Economics, University of Oulu, and Umeå School of Business. Special thanks go to Sven-Ivan Sundqvist and Daniel Fristedt at SIS Ägarservice AB for providing us with ownership data. We wish to thank Harri Lempola and Marja Kauppinen for their excellent research assistance. For financial support, Mikko Zerni would like to thank the Finnish Foundation for the Advancement of Securities Markets, the Finnish Foundation for Economic Education, the Marcus Wallenberg Foundation, and the North-Ostrobothnia Cultural Foundation. During the last part of the research project Mikko Zerni was also supported by Academy of Finland Grant Number 126630, which he gratefully acknowledges. Henrik Nilsson gratefully acknowledges financial support from MISTRA. All remaining errors are our own.