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Vital in preserving managerial accountability, the firmly established one share, one vote rule provides shareholders … Exchange (NYSE) embraced the one share, one vote model, and its leadership continues to emphasize the rule as good for … share, one vote rule is dependent upon the will of Congress. This article, after reviewing the rule's controversial …
Persistent link: https://www.econbiz.de/10013133457
sunset after a fixed period of time (such as ten or fifteen years) unless their extension is approved by shareholders …
Persistent link: https://www.econbiz.de/10011674094
'One-share, one-vote,' a bedrock principle of Anglo-Saxon corporate governance, is back in the spotlight. Except this …-termism in the financial markets, prominent commentators have advocated bolstering the voting rights of long-term shareholders or … preparing a proposal to give 'loyal' shareholders extra voting influence.This commentary discusses the case for departing from …
Persistent link: https://www.econbiz.de/10012857117
Persistent link: https://www.econbiz.de/10011892387
This paper reviews the theoretical and empirical literature on the role of blockholders (large shareholders) in …
Persistent link: https://www.econbiz.de/10014023374
This paper presents a simple model for dual-class stock shares, in which common shareholders receive both public and … private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive … rights. We find a negative relation between the value of the voting right and the preferred shareholders' wealth for …
Persistent link: https://www.econbiz.de/10011523988
A battle is brewing for control of America's most dynamic companies. Entrepreneurs are increasingly seeking protection from interference or dismissal by public investors through the adoption of dual-class stock structures in initial public offerings. Institutional investors are pushing back,...
Persistent link: https://www.econbiz.de/10011721539
This is the first comprehensive study of the distribution of voting rights to shareholders. Only those owning stock on …
Persistent link: https://www.econbiz.de/10013234725
We consider securities markets in which economic interests in firms and shareholder voting rights are traded independently; such markets allow for "empty voters" who hold voting rights in a firm that exceed their economic interests. We demonstrate that, in such settings, competitive equilibria...
Persistent link: https://www.econbiz.de/10013052870
in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense …, the subprime crisis induced these governments to behave as active large shareholders. This paper uses a sample of public … firms in Brazil to show that government activism lowers the value of minority shareholders' voting rights. While the …
Persistent link: https://www.econbiz.de/10011405286