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Takeover Bids and the Relative Prices of Shares that Differ in their Voting Rights

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  • Kristian Rydqvist
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    Abstract

    The paper models the relative prices of shares that differ only in their voting rights. The voting premium is derived as a function of the probability of takeover. We analyse how the voting premium is determined by the relative efficiency of the rival, the share structure, and by ownership concentration. The optimal share and ownership structures are derived.

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    Bibliographic Info

    Paper provided by European Science Foundation Network in Financial Markets, c/o C.E.P.R, 77 Bastwick Street, London EC1V 3PZ in its series CEPR Financial Markets Paper with number 0017.

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    Date of creation: Sep 1992
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    Availability: in print
    Handle: RePEc:cpr:ceprfm:0017

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    Related research

    Keywords: Takeovers; Voting Rights; Shares; Ownership Structure;

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    Cited by:
    1. Gardiol, Lucien & Gibson-Asner, Rajna & Tuchschmid, Nils S., 1997. "Are liquidity and corporate control priced by shareholders? Empirical evidence from Swiss dual class shares," Journal of Corporate Finance, Elsevier, vol. 3(4), pages 299-323, December.
    2. Hamon, Jacques, 2001. "La répartition des droits de vote, leur exercice et l’efficacité économique," Economics Papers from University Paris Dauphine 123456789/9321, Paris Dauphine University.

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