Dual Class Shares

The Value of Voting Rights to Majority Shareholders: Evidence from Dual Class Stock Unifications

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...

The 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...

Silence Is Golden: The European Company Statute as a Catalyst for Company Law Arbitrage

Corporate 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...

Am I right or am I right? Dividend privileges and the value of voting rights

The 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...

Ownership, 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...

London 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...

Pension 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...

Sticking 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...

Bucking 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...