瑞士双重股权结构的价值

H. VON DER CRONE, Evgeny Plaksen
{"title":"瑞士双重股权结构的价值","authors":"H. VON DER CRONE, Evgeny Plaksen","doi":"10.2139/ssrn.1542780","DOIUrl":null,"url":null,"abstract":"We analyze the effect of dual-class structures on shareholder value of Swiss companies. Switzerland presents an ideal setting for studying the deviations from the one share-one vote rule due to the traditional popularity of multiple share classes. After accounting for self-selection into dual or single share category, we find strong positive effect of dual-class shares on firm value. Analysis of acquisition activities reveals that dual-class firms do not perform worse in acquisitions; contrary to that, in the recent years or among firms with low and moderate market-to-book values the returns to acquisitions are improved due to the dual-class structure.","PeriodicalId":269711,"journal":{"name":"CGN: Firms Separating Cash Flow & Voting Rights: Dual Class & Pyramids (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2010-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"5","resultStr":"{\"title\":\"The Value of Dual-Class Shares in Switzerland\",\"authors\":\"H. VON DER CRONE, Evgeny Plaksen\",\"doi\":\"10.2139/ssrn.1542780\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We analyze the effect of dual-class structures on shareholder value of Swiss companies. Switzerland presents an ideal setting for studying the deviations from the one share-one vote rule due to the traditional popularity of multiple share classes. After accounting for self-selection into dual or single share category, we find strong positive effect of dual-class shares on firm value. Analysis of acquisition activities reveals that dual-class firms do not perform worse in acquisitions; contrary to that, in the recent years or among firms with low and moderate market-to-book values the returns to acquisitions are improved due to the dual-class structure.\",\"PeriodicalId\":269711,\"journal\":{\"name\":\"CGN: Firms Separating Cash Flow & Voting Rights: Dual Class & Pyramids (Topic)\",\"volume\":\"2 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2010-03-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"5\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"CGN: Firms Separating Cash Flow & Voting Rights: Dual Class & Pyramids (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.1542780\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"CGN: Firms Separating Cash Flow & Voting Rights: Dual Class & Pyramids (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.1542780","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 5

摘要

本文分析了双层股权结构对瑞士公司股东价值的影响。瑞士提供了一个理想的环境来研究一股一票规则的偏差,因为传统上流行多种股票类别。在将自我选择纳入双股或单股类别后,我们发现双股对公司价值有很强的正向影响。对收购活动的分析表明,双重股权结构的公司在收购中的表现并不差;与此相反,近年来,在市场账面价值较低和中等的公司中,由于双重股权结构,收购回报有所提高。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The Value of Dual-Class Shares in Switzerland
We analyze the effect of dual-class structures on shareholder value of Swiss companies. Switzerland presents an ideal setting for studying the deviations from the one share-one vote rule due to the traditional popularity of multiple share classes. After accounting for self-selection into dual or single share category, we find strong positive effect of dual-class shares on firm value. Analysis of acquisition activities reveals that dual-class firms do not perform worse in acquisitions; contrary to that, in the recent years or among firms with low and moderate market-to-book values the returns to acquisitions are improved due to the dual-class structure.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
自引率
0.00%
发文量
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信