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Abstract
We examine an extensive matched sample of U.S. dual and single class firms in 1980-2015 from the time of their IPO, and document that the valuation difference between dual and single class firms varies over their life cycle. On average, around the time of the IPO, dual class firms have higher valuations than single-class firms. Over time, this valuation premium tends to dissipate, whereas the difference between voting and equity stakes of the controlling shareholders of dual class firms (the "wedge") tends to increase. Further tests examine firm survival and the desirability of a sunset provision for dual class structures.
Original language | American English |
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State | Published - 2018 |
Event | European Financial Management Association - , Italy Duration: 26 Jun 2018 → 29 Jun 2018 |
Conference
Conference | European Financial Management Association |
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Country/Territory | Italy |
Period | 26/06/18 → 29/06/18 |
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Dive into the research topics of 'The Life Cycle of Dual Class Firms'. Together they form a unique fingerprint.Activities
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European Finance Association
Lauterbach, B. (Participation - Conference participant)
22 Aug 2018 → 25 Aug 2018Activity: Participating in or organizing an event › Organizing a conference, workshop, ...
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European Financial Management Association
Lauterbach, B. (Participation - Conference participant)
26 Jun 2018 → 29 Jun 2018Activity: Participating in or organizing an event › Organizing a conference, workshop, ...