France

Working Paper

Dual Class Shares

Loyalty Shares with Tenure Voting - Does the Default Rule Matter? Evidence from the Loi Florange Experiment

The contractual theory of the firm predicts that companies adopt charters that maximise firm value, regardless of the default rule. We test this proposition empirically around a major legal reform. French companies going public used to give...Read more

Marco Becht
Anete Pajuste
16 April 2018

Code

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