Abstract: “In the literature, it is possible to discern two types of information asymmetry in the capital market: a horizontal type – between controlling and minority shareholders – and a vertical type– between the company and investors. Studying them is very useful because information transparency improves the parity conditions of investors, mitigates conflicts of interest, diminishes the risks of privileged information, and reduces capital costs. In this investigation, the different types of minority shareholders are studied and horizontal asymmetry is further investigated to characterize these investors and to identify the causal relations between these characteristics and the asymmetry evaluated through the spread (bid-ask). In Chile, the characterization of minority shareholders is interesting due to the property concentration, the legal framework that protects minority investors, and the accounting rules applied to companies that issue public securities. Thus, this study is descriptive and”

Keywords: information asymmetry, spread (bid-ask), minority shareholders