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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Paper provided by European Science Foundation Network in Financial Markets, c/o C.E.P.R, 53--56 Great Sutton Street, London EC1V 0DG in its series CEPR Financial Markets Paper with number
0017.