Dual Class Shares

Working Paper

Loyalty Shares with Tenure Voting - a Coasian bargain? Evidence from the Loi Florange Experiment

French listed companies can issue shares that confer two votes per share after a holding period of at least two years (loyalty shares with tenure voting rights). In 2014 the default rule changed from one-share-one-vote to loyalty shares. The...Read more

Marco Becht
Yuliya Kamisarenka
Anete Pajuste
16 April 2018

Changing Corporate Governance Norms: Evidence from Dual Class Shares in the U.K.

In the U.K., between 1955 and 1970, dual class shares quickly lost popularity without any regulatory intervention. The decline in the use of dual class shares was positively correlated with the relative valuations of one-share-one-vote and dual...Read more

Fabio Braggion
Mariassunta Giannetti
01 July 2013

Pension Reform, Ownership Structure, and Corporate Governance: Evidence from a Natural Experiment

Sweden offers a unique natural experiment to analyze the microeconomic effects of institutionalized saving on ownership structure, corporate governance and performance of listed companies. First, the Swedish pension reform increased the...Read more

Mariassunta Giannetti
Luc Laeven
01 June 2007

The Principle of Proportional Ownership, Investor Protection and Firm Value in Western Europe

Previous research initiated by Claessens et al. (2002) has established a value discount of disproportional ownership structures. Due to omitted variables problems it is difficult to provide a causal interpretation of these findings. We provide a...Read more

Morten Bennedsen
01 October 2006