English, Article, Journal or magazine article edition: Corporate Governance Rules and the Value of Control - A Study of German Dual-Class Share Ulrike Hoffmann-Burchardi

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Bookmark: http://trove.nla.gov.au/version/45356
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Corporate Governance Rules and the Value of Control - A Study of German Dual-Class Share
Author
  • Ulrike Hoffmann-Burchardi
Physical Description
  • preprint
Notes
  • The paper uses a dataset of German dual-class shares during 1988-1997 to study the relationship between corporate governance rules and the price differential between voting and non-voting stock. In a first step the paper discusses how mechanisms to separate control from cash-flow rights relate to the value of control. Secondly the paper studies the impact of a new takeover regulation which was adopted in Germany in 1995 and introduced the mandatory bid rule. The paper analyses how minority voting an non-voting shareholders participate in transfers of corporate control under the alternative regulatory structures pre- and post 1995. It is further shown that a mandatory bid requirement reduces the potential control value of voting stock by restricting the ration of control to cash-flow rights.
  • RePEc:fmg:fmgdps:dp315
Language
  • English
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