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 moreExtending Dual Class Stock: A Proposal
The increasing use of dual class voting structures in public companies, and the frequency with which such structures contain sunset provisions, raises...
Read moreDual-Class IPOs: A Solution to Unicorn Governance Failure
The conventional view of dual-class structures assumes that the alternative to a dual-class IPO is a single-class IPO, where shareholders' voting...
Read moreThe Principle of Proportional Ownership, Investor Protection and Firm Value in Western Europe
Previous research initiated by Claessens et al. (2002) has established a value discount of disproportional ownership structures. Due to omitted...
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 moreChanging Corporate Governance Norms: Evidence from Dual Class Shares in the U.K.
In the U.K., between 1955 and 1970, dual class shares quickly lost popularity without any regulatory intervention. The decline in the use of dual class...
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...
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