Welcome to my website. At my ssrn website you can download final versions of my papers. My Scholar Google profile is here, and my Ideas Repec profile here. Since January 2019 I'm a Reader in Finance at the Faculty of Finance, Bayes Business School, City University of London. Previously, I was an assistant professor at RSM - Erasmus University (2013-2018). I graduated from PUC Chile (BA 2006), LSE (MSc 2009) and Tilburg (PhD 2014).

Publications

• • • • Board Independence, Firm Performance and Ownership Concentration: Evidence from Chile. Journal of Business Research 2008;61; 615–622 (with Fernando Lefort)

      • Too few Dividends? Groups’ Tunneling through Chair and Board Compensation. Journal of Corporate Finance 2009;15; 245–256

      • Ownership Dynamics with Large Shareholders: an Empirical Analysis. Journal of Financial and Quantitative Analysis 2013; 48; 579–609 (with Marcelo Donelli and Borja Larrain). Featured in Harvard Law School Forum on Corporate Governance and Financial Regulation, February 2012

      • Controlling Shareholders and Market Timing in Share Issuance.  Journal of Financial Economics 2013;109; 661–681 (with Borja Larrain)

      • The Internal Capital Markets of Business Groups: Evidence from Intra-Group Loans. Journal of Financial Economics 2014; 112; 190-212 (with David Buchuk, Borja Larrain and Francisco Munoz

      • Do Business Groups Change with Market Development? Journal of Economics and Management Strategy 2016; 25; 750-784 (with Borja Larrain)

      • Investor Protection and Corporate Control Journal of Corporate Finance 2017; 47; 174-190 (with Borja Larrain and Matias Tapia)

      • The Effects of Losing Business Group Affiliation Review of Financial Studies 2019; 32; 3036-3074 (with Borja Larrain and Giorgo Sertsios)

      • How Do Internal Capital Markets Work? Evidence from the Great Recession (with David Buchuk, Borja Larrain and Mounu Prem) Review of Finance 2020; 24; 847–889 

      • The Privatization Origins of Political Corporations (with Felipe González and Mounu Prem) Journal of Economic History 2020; 80; 417-456 Winner of the Arthur Cole prize for best JEH paper 

      • Privatization and Business Groups: Evidence from the Chicago Boys in Chile (with Felipe Aldunate, Felipe González and Mounu Prem) Explorations in Economic History 2020; 78; 101355 

      • The Going Public Decision of Business Group Firms (with Borja Larrain and Giorgo Sertsios) Journal of Corporate Finance 2021; 66; 101819

      • Mental health consequences of long-term stays in refugee camps: Preliminary evidence from Moria (with Willemine van de Wiel, Carla Castillo-Laborde, Michelle Fish  and Willem F. Scholte) BMC Public Health 2021; 21; 1290

      • Owner Exposure Through Firm Disclosure (with Max Muller and Caspar Peter) The Accounting Review 2023; 98; 381–405 

      • Mandatory Financial Disclosure and M&A Activity (with Marcelo Ortiz, Caspar Peter and Paolo Vopin) Review of Financial Studies 2023; 36; 4788-4823.

      • Ownership Concentration and Firm Value: New Evidence from Owner Stakes in IPOs (with Borja Larrain, Peter Roosenboom and Giorgo Sertsios) Forthcoming Management Science

      • Funding Contagion through Common Owners (with Borja Larrain and Giorgo Sertsios) Forthcoming RCFS

Working Papers

• International Evidence on the Benefits of IPOs  (with Borja Larrain, Gordon Phillips and Giorgo Sertsios) R&R

• Financial Disclosure Environment and the Cash Policy of Private Firms (with Marcelo Ortiz) R&R

• Revisiting the Real Effects of Mutual Fund Fire Sales  (with Giovanni Cespa and Aneel Keswani) 

• Undervaluation induced LBOs (with Dyaran Bansraj, Aneel Keswani and Per Stromberg)

• Employment protection and organizational structure (with Giacinta Cestone and Jiajun Tao)

Work in Progress

• Top Executive Turnover and Informational Frictions (with Marcelo Ortiz, and Paolo Vopin)

• Family Firms and M&As (with Laura Godschalx, Giuseppe Criaco and Hans van Oosterhout)

• Innovation Spillovers from Trade Shocks

• Groups and Competition (with Loek Visschers)

• Blocks and Contractual Incompleteness Problems

Contact information:

Francisco Urzúa I.

Faculty of Finance, Bayes Business School, City University of London

106 Bunhill Row, London, EC1Y 8TZ, United Kingdom

E-mail: francisco.urzua@city.ac.uk

Mobile: +447392992399