Having excessive numbers of shares outstanding is either common or prevalent among listed companies in emerging markets and especially in Central/Eastern European, African and Asian stock markets (i.e. where such companies usually have between two-times and twelve-times the average numbers of outstanding shares of listed companies in developed countries like the US, UK and Japan, on an un-diluted basis)—and this condition can cause behavioral anomalies and sometimes contravenes established finance theories.
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Nwogugu, M.I.C. (2019). Complexity and Some Numerical Algorithmic Turning-Point Problems Inherent in Excessive Outstanding Shares. In: Complex Systems, Multi-Sided Incentives and Risk Perception in Companies. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-137-44704-3_15
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