The value of voting rights to majority shareholders: Evidence from dual-class stock unifications

• 成果类型: Article
• 署名作者: Hauser, S; Lauterbach, B
• 署名单位: Bar Ilan University; Ben-Gurion University of the Negev; Rutgers University System; Rutgers University New Brunswick
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhg061
• 发表日期: 2004
• 页码: 1167
• 关键词: PUBLIC CORPORATIONS; OWNERSHIP; MARKET

摘要

We study 84 dual-class. stock unifications, where superior vote shareholders gave up their superior voting status (all firm stocks became one share one vote) and received (in most cases) compensation in the form of additional shares. Unifications are essentially intrafirm transactions of voting rights, and afford observation of the intrafirm-assessed price of vote. The price of vote in unifications (1) increases with the percentage vote lost by the majority shareholders, (2) is higher in family-controlled firms, (3) decreases with institutional investor holdings, and (4) is similar to the outside price of vote implicit in the market prices of stocks.