Changing the Paradigm of Stock Ownership from Concentrated towards Dispersed Ownership: Evidence from Brazil and Consequences for Emerging Countries

This paper analyzes micro-level dynamics of changes in ownership structures. It investigates a unique event: changes in ownership patterns currently taking place in Brazil. It builds upon empiricalevidence to advance the theoretical understanding of how and why concentrated ownership structurescanchangetowardsdispersedownership. Commentators argue that the Brazilian capital markets are finally taking off