haku: @author Kunz, R. M. / yhteensä: 3
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Tekijä: | Kunz, R. M. Angel, J. J. |
Otsikko: | Factors affecting the value of the stock voting right : evidence from the Swiss equity market |
Lehti: | Financial Management
1996 : AUTUMN, VOL. 25:3, p. 7-20 |
Asiasana: | VOTING STOCK MARKETS SWITZERLAND |
Kieli: | eng |
Tiivistelmä: | Switzerland offers a natural setting for investigating factors that affect the value of voting rights, because many Swiss firms have multiple classes of shares with different voting rights. Relatively poor shareholder protection in Switzerland leads to high private benefits for the controlling shareholder of a compny. The value of a voting right as a monitoring device is therefore higher than in the United States. Shares that are more liquid, have superior voting rights, or lack restrictions on transferability trade at significantly higher prices. Conversely, voting rights of companies that are controlled by one single entity show a significat discount. |
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