Detailed examination of insider ownership in some emerging markets are in La Porta, Lopez-de-
Silanes, and Shleifer (1999) and LLSV (1999b). They find, for example, that the median cash flow rights
(in companies where insiders control more than 20% of the votes) are 41% in Argentina, 26% in Korea,
28% in Hong Kong, 34% in Mexico, 20% in Israel, and 31% in Singapore.