Érica Gorga
Yale Law School, Fundação Getulio Vargas São Paulo Law School

I am thankful to Yael Braudo, Hannah L. Buxbaum, Aaron Dhir, Luca Enriques, Noam Gilon, Assaf Hamdani, Karen Mijelshon, John Morley, Marian Moszoro, Shai Oksenberg, Roberta Romano, Etia Rottman-Frand, Natalya Shnitser, Hila Spies, Marco Ventoruzzo, Barak Yarkoni, and to participants of the international conference on Financial Regulation and Comparative Corporate Governance, held at Tel Aviv University Buchmann Faculty of Law in January of 2014, of the Yale Law School Center for the Study of Corporate Law Occasional Lectures in February of 2014, and of the Fall 2014 Law & Finance Workshop and Lecture Series of the Swiss Federal Institute of Technology, ETH Zurich for comments received on an earlier version. I also would like to thank the excellent research support of Matheus Lopes Ferreira de Sousa and the editorial assistance of Laura Femino. I am grateful to FAPESP (São Paulo Research Foundation) and to the Yale Law School Center for the Study of Corporate Law for financial support of this research.