This chapter documents the evolution of ownership and control of firms around the world over a hundred year period from … stock markets and contrasts these with the persistent patterns of ownership that are observed in many countries around the … world. In particular, it documents the growth in dispersion in ownership that took place in many countries from the early …

years. It makes two principal arguments. First, because the separation of ownership and control was one of the rationales … for the introduction of the corporate form, we should not be surprised that corporate ownership has generally been diffuse … ownership. …

keep control if they - irrationally - believe that they can increase the probability of getting their preferred task by … keeping control. We thus document that illusion of control exists in a controlled environment with monetary incentives, and … that illusion of control might affect people's pursuit of authority. …