Fiesenig, Bruno ; Schiereck, Dirk (2024)
More is less? Wealth effects of Italian stocks to the increase in allowed voting rights.
In: Finance Research Letters, 62 (Part B)
doi: 10.1016/j.frl.2024.105166
Artikel, Bibliographie
Kurzbeschreibung (Abstract)
To address the steadily declining numbers of listed companies, several European countries are going to allow the issuance of dual class shares. However, there is skepticism among corporate governance experts whether this is an attractive option to increase the number of IPOs. To evaluate this new rule, the Italian stock market offers a unique natural experiment. We investigate the wealth effect for Italian shareholders to the announcement of this increase in allowed voting rights. Our results show significant negative abnormal returns for firms with dual class shares, thus indicating an aversion of investors towards an asymmetrical distribution of voting rights.
| Typ des Eintrags: | Artikel |
|---|---|
| Erschienen: | 2024 |
| Autor(en): | Fiesenig, Bruno ; Schiereck, Dirk |
| Art des Eintrags: | Bibliographie |
| Titel: | More is less? Wealth effects of Italian stocks to the increase in allowed voting rights |
| Sprache: | Englisch |
| Publikationsjahr: | 2024 |
| Titel der Zeitschrift, Zeitung oder Schriftenreihe: | Finance Research Letters |
| Jahrgang/Volume einer Zeitschrift: | 62 |
| (Heft-)Nummer: | Part B |
| DOI: | 10.1016/j.frl.2024.105166 |
| URL / URN: | https://www.sciencedirect.com/science/article/pii/S154461232... |
| Kurzbeschreibung (Abstract): | To address the steadily declining numbers of listed companies, several European countries are going to allow the issuance of dual class shares. However, there is skepticism among corporate governance experts whether this is an attractive option to increase the number of IPOs. To evaluate this new rule, the Italian stock market offers a unique natural experiment. We investigate the wealth effect for Italian shareholders to the announcement of this increase in allowed voting rights. Our results show significant negative abnormal returns for firms with dual class shares, thus indicating an aversion of investors towards an asymmetrical distribution of voting rights. |
| Fachbereich(e)/-gebiet(e): | 01 Fachbereich Rechts- und Wirtschaftswissenschaften 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete 01 Fachbereich Rechts- und Wirtschaftswissenschaften > Betriebswirtschaftliche Fachgebiete > Fachgebiet Unternehmensfinanzierung |
| Hinterlegungsdatum: | 18 Apr 2024 11:22 |
| Letzte Änderung: | 18 Apr 2024 11:22 |
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