A copy of this work was available on the public web and has been preserved in the Wayback Machine. The capture dates from 2020; you can also visit the original URL.
The file type is
The literature has not reached a consensus on the motivation and implications of pyramidal ownership schemes. For some, such arrangements make it easier for controlling shareholders to expropriate outside investors. More recently, some studies have challenged this view and emphasized that their rationale lies in overcoming financial constraints. This paper focuses on whether firms owned through pyramidal schemes are more likely to be listed on the "Novo Mercado," the Brazilian stock exchange'sdoi:10.12660/rbfin.v16n1.2018.72020 fatcat:r73fw22uvrgr3inv3xb4akopae