Corporate Finance 2最新文献

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Board Independence, Ownership Concentration and Corporate Performance - Chinese Evidence 董事会独立性、股权集中度与公司绩效——中国证据

Corporate Finance 2 Pub Date : 2014-01-01 DOI: 10.2139/ssrn.1919277

Ke Li, Lei Lu, Usha R. Mittoo, Zhou Zhang

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引用次数: 100

The Value of Blockholder Liquidity and the Decision to Unify Share Classes 大股东流动性价值与股票类别统一决策

Corporate Finance 2 Pub Date : 2011-09-15 DOI: 10.2139/ssrn.1571760

Jason W. Howell

{"title":"The Value of Blockholder Liquidity and the Decision to Unify Share Classes","authors":"Jason W. Howell","doi":"10.2139/ssrn.1571760","DOIUrl":"https://doi.org/10.2139/ssrn.1571760","url":null,"abstract":"From 1988 to 2007, over 1,100 publicly traded firms used the dual class structure. Despite the structure's effectiveness at maintaining control, approximately one fourth of these firms eliminated the dual class structure. In 95 firms, superior shareholders voluntarily eliminated the dual class structure by means of a share conversion or shareholder proposal. On average, blockholders lost half of their voting power during the year of the unification (from 51.4% to 26.0%). In this study, I examine the firms who voluntarily unify their share classes in order to determine why blockholders willingly give up such large stakes in voting power. I find 70% of unifying firms specifically state \"increase liquidity\" as a primary reason for unifying their share classes. Also, I find blockholders maintain or slightly increase their voting power prior to the uni cation, but then dramatically decrease their voting power in the three years after the unification. I find two-thirds of the drop in voting power is attributable to reductions in blockholder holdings rather than share dilutions. In addition, I find over 40% of blockholders completely exit the firm within three years. Based on the empirical evidence, I conclude blockholders are willing to lose signi cant portions of voting power in order to increase their own personal liquidity.","PeriodicalId":329558,"journal":{"name":"Corporate Finance 2","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122482477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3