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The Choice of voting structure for privatizing a Company

Author

Listed:
  • Christian At

    (CRESE - Centre de REcherches sur les Stratégies Economiques (UR 3190) - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE])

  • Pierre-Henri Morand

Abstract

We study the role of security-voting structure when a government wants to privatize a company. Our results show that the one share–one vote structure is optimal for allocating control rights to the most efficient pretender. However, this structure is not always optimal for maximizing the sale's revenue.

Suggested Citation

  • Christian At & Pierre-Henri Morand, 2000. "The Choice of voting structure for privatizing a Company," Post-Print halshs-01309050, HAL.
    • Handle: RePEc:hal:journl:halshs-01309050
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    Cited by:

    1. Ehrhardt, Olaf & Lahr, Henry, 2008. "Uncertain private benefits and the decision to go public," CEFS Working Paper Series 2008-02, Technische Universität München (TUM), Center for Entrepreneurial and Financial Studies (CEFS).
    2. Christian At & Pierre-Henri Morand, 2003. "The sale of small firms: a multidimensional analysis," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 22(4), pages 927-933, November.

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