G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9619
DP9619 Public Debate and Stock Prices: Evidence from the Voting Premium
Mariassunta Giannetti; Fabio Braggion
发表日期2013-09-01
出版年2013
语种英语
摘要An intense debate on the use of limited-voting shares developed in the UK during the 1950s. Using a unique hand-collected dataset, we show that negative news coverage of limited-voting shares is associated with an increase in the relative price of voting and limited-voting shares (the voting premium), even if no new material information has been revealed. The effects are stronger for firms that are difficult to arbitrage. Furthermore, a higher voting premium and negative news for dual class firms are followed by lower returns for voting shares than for limited-voting shares suggesting a reversion to fundamentals. Taken together, our results indicate that during this period investors? views may have limited firms? ability to use limited-voting shares and have broader implications on the effects of investors? views for stock prices and corporate governance.
主题Financial Economics
关键词Category Public opinion Corporate governance Dual class shares
URLhttps://cepr.org/publications/dp9619
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/538454
推荐引用方式
GB/T 7714
Mariassunta Giannetti,Fabio Braggion. DP9619 Public Debate and Stock Prices: Evidence from the Voting Premium. 2013.
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