search query: @indexterm voting / total: 181
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| Author: | Hartmann-Wendels, Th. Hinten, P. |
| Title: | Markwert von Vorzugsaktien = Market value of preferred shares |
| Journal: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
1989 : APR, VOL. 41:4, p.263-293 |
| Index terms: | SHARE PRICES VOTING STOCK OWNERSHIP SHAREHOLDERS MERGERS |
| Language: | ger |
| Abstract: | Although preferred shares have a superior dividend claim, their market price is usually lower than the price of common shares. The price discrepancy is often explained by the differing voting rights assigment to both classes of shares. This argument rests upon the hypothesis that voting rights are valuable, presumably because they enable the common stockholders to reap cash or non-cash benefits preferred stockholders are precluded from. Thus it remains to show how common stockholders can use their voiting rights to earn other benefits than cash dividends. It is shown that under certain conditions common stockholders can gain more from a takeover than preferred stockholders. |
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