Working Paper
The Life-Cycle of Dual Class Firm Valuation
We examine U.S. dual and single class firms in 1980-2019 and document their valuation differences over their corporate life cycle. At the IPO, dual class...
Read moreThe Rise of Dual-Class Stock IPOs
We create a novel dataset to examine the recent rise in dual-class IPOs. We document that dual-class firms have different types of controlling...
Read moreCorporate Control, Dual Class, and the Limits of Judicial Review
Companies with a dual-class structure have increasingly been involved in highprofile battles over the reallocation of control rights. Google, for...
Read moreThe Sun Is Rising in the East: Dual-Class Shares and the Competitive Landscape of Technological Industries in Asia
There has recently been a relaxation of listing regulations to accommodate and attract firms going public with dual-class shares (DCS), notably in...
Read moreOwnership, Investment and Governance: The Costs and Benefits of Dual Class Shares
In this paper we show that dual-class shares can be an answer to agency conflicts rather than a result of agency conflicts. When a firm issues voting shares...
Read moreLondon allowing dual class Premium listings: A Swedish commentary
In the UK Listing Review it is suggested that the London Stock Exchange should allow companies with dual class share (DCS) structures with...
Read morePension Reform, Ownership Structure, and Corporate Governance: Evidence from a Natural Experiment
Sweden offers a unique natural experiment to analyze the microeconomic effects of institutionalized saving on ownership structure, corporate...
Read moreSticking around Too Long? Dynamics of the Benefits of Dual-Class Voting
Using a new dataset of corporate voting-rights from 1971 to 2015, we find that young dual-class firms trade at a premium and operate at least as...
Read moreBucking the Trend: Why do IPOs Choose Controversial Governance Structures and Why Do Investors Let Them
While the percentage of mature firms with classified boards or dual class shares has declined by more than 40% since 1990, the percentage of IPO firms with...
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