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From market to state: wealth transfers in the Portuguese nationalisations of the 1970s1

In the second half of the 1970s, following the so-called ‘Carnation Revolution’ and when a global wave of privatisations started, the Portuguese government nationalised most of the companies listed on the Lisbon Exchange. A few years later the shareholders of nationalised companies were paid indemnities. The nationalisations radically changed the Portuguese corporate scene and led to very important wealth transfers. Contrary to what is usually assumed, we conclude that this transfer was detrimental to holders of large shareholdings, but favourable to small shareholders and, on average, akin to fair compensation based on market exchange.