Carvalho, Antonio Gledson de; Pennacchi, George G. - In: Journal of Corporate Finance 18 (2012) 4, pp. 883-903
Because Brazil's legal system lacked protection for minority shareholders and trading of Brazilian shares flowed to U.S. exchanges, in 2001 the São Paulo Stock Exchange, Bovespa, created three premium exchange listings that require more stringent shareholder protections. This paper examines the...