The mean local ownership over our sample period is 3.8%, with a standard deviation of 6.6%, while the mean nonlocal ownership during the same period is 34.7%, with a standard deviation of 26.5%. We also find that the mean local ownership over our sample period is much larger than the median local ownership (3.8% versus 0.8%), suggesting that the distribution of local ownership is highly skewed to certain firms.9 The time-series average of the Pearson correlation coefficients between local and nonlocal ownership from 1995 to 2007 is 0.11 with a p-value of 0.01 (not reported).