This paper presents a study of the private benefits of control (PBC) across 39 countries based on 412 control transactions between 1990 and 2000. The authors find that the average PBC is 14% of the firm's equity value, ranging from -4% in Japan to +65% in Brazil. They argue that PBC is influenced by institutional factors, including the protection of minority shareholders, law enforcement, press freedom, tax compliance, and competition in product markets. The study also finds that non-traditional mechanisms, such as press circulation and tax compliance, have as much explanatory power as legal ones. The authors conclude that PBC is a significant factor in financial market development and that legal reforms may not be the only solution to curbing PBC. The study also highlights the importance of considering non-legal factors in understanding PBC and its impact on financial markets. The authors provide evidence that PBC is a real phenomenon and can be consistently estimated. The study also expands on existing research by providing a broader cross-section of countries and a more detailed analysis of the factors influencing PBC. The authors find that PBC is positively related to the size of the controlling block and negatively related to the presence of other large shareholders. They also find that foreign buyers pay a higher premium for control. The study concludes that PBC is an important factor in financial market development and that institutional factors play a crucial role in curbing PBC. The authors suggest that improving corporate taxation systems may be an effective way to curb PBC and foster financial markets. The study also highlights the importance of considering non-legal factors in understanding PBC and its impact on financial markets. The authors provide evidence that PBC is a real phenomenon and can be consistently estimated. The study also expands on existing research by providing a broader cross-section of countries and a more detailed analysis of the factors influencing PBC. The authors find that PBC is positively related to the size of the controlling block and negatively related to the presence of other large shareholders. They also find that foreign buyers pay a higher premium for control. The study concludes that PBC is an important factor in financial market development and that institutional factors play a crucial role in curbing PBC. The authors suggest that improving corporate taxation systems may be an effective way to curb PBC and foster financial markets.This paper presents a study of the private benefits of control (PBC) across 39 countries based on 412 control transactions between 1990 and 2000. The authors find that the average PBC is 14% of the firm's equity value, ranging from -4% in Japan to +65% in Brazil. They argue that PBC is influenced by institutional factors, including the protection of minority shareholders, law enforcement, press freedom, tax compliance, and competition in product markets. The study also finds that non-traditional mechanisms, such as press circulation and tax compliance, have as much explanatory power as legal ones. The authors conclude that PBC is a significant factor in financial market development and that legal reforms may not be the only solution to curbing PBC. The study also highlights the importance of considering non-legal factors in understanding PBC and its impact on financial markets. The authors provide evidence that PBC is a real phenomenon and can be consistently estimated. The study also expands on existing research by providing a broader cross-section of countries and a more detailed analysis of the factors influencing PBC. The authors find that PBC is positively related to the size of the controlling block and negatively related to the presence of other large shareholders. They also find that foreign buyers pay a higher premium for control. The study concludes that PBC is an important factor in financial market development and that institutional factors play a crucial role in curbing PBC. The authors suggest that improving corporate taxation systems may be an effective way to curb PBC and foster financial markets. The study also highlights the importance of considering non-legal factors in understanding PBC and its impact on financial markets. The authors provide evidence that PBC is a real phenomenon and can be consistently estimated. The study also expands on existing research by providing a broader cross-section of countries and a more detailed analysis of the factors influencing PBC. The authors find that PBC is positively related to the size of the controlling block and negatively related to the presence of other large shareholders. They also find that foreign buyers pay a higher premium for control. The study concludes that PBC is an important factor in financial market development and that institutional factors play a crucial role in curbing PBC. The authors suggest that improving corporate taxation systems may be an effective way to curb PBC and foster financial markets.