Activities per year
Abstract
We study 121 voluntary dual class share unification in Europe during 1996-2009, and
uncover a mixed tale of governance improvements and shareholder expropriation.
Corporate governance improvement is attained by abolishing the wedge between
ownership and voting rights and by significantly decreasing controlling shareholders'
voting power. Shareholder expropriation occurs when some controlling shareholders
exploit the unification hype to sell part or all of their holdings at inflated prices. On
average, the corporate governance positive valuation effects prevail, and voluntary
unifications are accompanied by a statistically and economically significant increase
of Q.
Original language | American English |
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State | Published - 2014 |
Event | European Financial Management Association - Rome, Italy Duration: 25 Jun 2014 → 28 Jun 2014 |
Conference
Conference | European Financial Management Association |
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Country/Territory | Italy |
City | Rome |
Period | 25/06/14 → 28/06/14 |
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Dive into the research topics of 'Voluntary Dual Class Share Unifications-a Mixed Bag of Governance Improvements and Shareholder Expropriation'. Together they form a unique fingerprint.Activities
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European Financial Management Association
Lauterbach, B. (Participation - Conference participant)
25 Jun 2014 → 28 Jun 2014Activity: Participating in or organizing an event › Organizing a conference, workshop, ...