Voting

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

Investor Ideology

We estimate institutional investor preferences from proxy voting records. The W-NOMINATE method maps investors onto a left-right dimension based on votes for fiscal year 2012. Public pension funds and other investors on the left support a more...Read more

Patrick Bolton
Enrichetta Ravina
Howard Rosenthal
04 April 2018

Hedge Funds, Insiders, and the Decoupling of Economic and Voting Ownership: Empty Voting and Hidden (Morphable) Ownership

Most U.S. public companies have a single class of voting common shares: voting power is proportional to economic ownership. Linking votes to shares is often thought to be desirable, because, as residual claimants, shareholders have an incentive...Read more

Bernard Black
01 March 2006

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