Franks, Julian R; Mayer, Colin; Rossi, Stefano - C.E.P.R. Discussion Papers - 2003
corporations. We investigate this question by tracing the ownership and board composition of firms incorporated in around 1900 over … the subsequent 100 years, and comparing the pattern of ownership and control with a sample incorporated around 1960. We … outside equity finance, and there was rapid dispersion of ownership even in the absence of investor protection. The …