| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9619 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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