RELATIVE PRICES OF DUAL CLASS SHARES

被引：36

作者：

SMITH, BF

AMOAKOADU, B

机构：

[1] Mutual Group Financial Services Research Centre, School of Business and Economics, Wilfrid Laurier University, Waterloo, Ontario

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 1995年 / 30卷 / 02期

关键词：

D O I：

10.2307/2331118

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Empirical studies of dual class shares indicate that superior voting shares (SVS) sell at a premium relative to their counterpart restricted shares (RVS). This paper uses Toronto Stock Exchange data to show that SVS price premium over RVS reflects the expected takeover premium paid to shareholders outside the control block. Thus, marginal shareholders pay a higher SVS price in anticipation of receiving a differential takeover bid as suggested by the extra merger hypothesis. Further analysis indicates that voting power increases the price premium while ownership, size, and the higher trading liquidity of RVS are inversely related to the premium.

引用

页码：223 / 239

页数：17

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