The article examines common arrangement for separating control from cash flow rights: stock pyramids, cross ownership structures, and dual class equity structures. The author describes the ways in which such arrangements enable a controlling shareholder or group to maintain a complete lock on the control of a company while holding less than a majority of the cash flow rights associated with its equity. The author also examines l the solution of modern issues of corporate law on the example of the new market of Novo Mercado in Brazil. In conclusion, the author proposes a theory concerning the consequences and agency cost of these arrangements.
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