The Yale Law Journal

John C. Coffee Jr.


The Rise of Dispersed Ownership The Roles of Law and the State in the Separation of Ownership and Control

John C. Coffee Jr.

111 Yale L.J. 1 (2001)

Deep and liquid securities markets appear to be an exception to a worldwide pattern in which concentrated ownership dominates dispersed ownership. Recent commentary has argued that a dispersed shareholder base is unlikely to develop in civil-law countries and transitional econo…