Abstract
I take advantage of a government announcement that non-tradable shares would become free to trade, but requiring that non-tradable shareholders pay compensation to tradable shareholders. Motivated by the finding that fund ownership negatively affects the compensation received by tradable shareholders in the negotiation over compensation, I present systematic evidence showing that this is likely the result of agency problems among fund managers taking side payments (bribes) from non-tradable shareholders in exchange for poor bargaining outcomes.
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