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T HE UNBUNDLING OF CASH FLOW AND VOTING RIGHTS HASBEEN SEVERELY CRITICIZED WORLDWIDE AND YET , THE DUALCLASS STRUCTURE PERSISTS AS AN ALTERNATIVE WIDELYADOPTED BY FIRMS . T HIS PAPER AIMS TO PROVIDE SOMEEXPLANATIONS AS TO WHY THIS HAPPENS , PARTICULARLY FROMA COMPARATIVE PERSPECTIVE THAT ANALYZES THE CONTEXTSOF B RAZIL AND THE U NITED S TATES , TWO COUNTRIES THATTAKE A RATHER DIFFERENT APPROACH REGARDING CORPORATEOWNERSHIP STRUCTURES . I N ORDER TO DO SO , IT REVIEWSTHE PANORAMA OF DUAL CLASS STRUCTURES , THEIR MAINCHARACTERISTICS AND THE UNIFICATION PROCESS THAT BOTHCOUNTRIES UNDERWENT . O N TOP OF THESE DISCUSSIONS , THISPAPER PRESENTS SOME ARGUMENTS TO EXPLAIN WHY THE DUALCLASS STRUCTURE STILL PERSISTS BOTH IN B RAZIL AND INTHE U.S. ( ALTHOUGH WITH VARIABLE INTENSITY ), DESPITEALL THE CRITICISM AIMED AT THE SEGREGATION OF CASH FLOWAND VOTING RIGHTS .KEYWORDSD UAL CLASS STRUCTURES ; UNIFICATION ; CORPORATEOWNERSHIP ; ONE SHARE ONE VOTE . I NTRODUCTION Dual class structure is a controversial corporate ownership strategy. The unbundlingof cash flow and voting rights has been severely criticized worldwide and yet, thedual class structure persists as an alternative widely adopted by Brazilian firms

Why they persist? An analysis of dual class structures and the unification process in the U.S. and Brazil