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This paper takes as its foundation four central facts. First, control blocks in corporations with public shareholders are pervasive. Only a handful of countries have capital markets that are dominated by companies whose control is in the public float (the evidence is summarized in Gilson, 2006). Second, control blocks do not exist, as the Law and Finance literature (La Porta et al., 1998) would have it, only in consequence of weak corporate governance law.
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