One Share/One Vote and the Market for Corporate Control

@article{Grossman1987OneSV,
  title={One Share/One Vote and the Market for Corporate Control},
  author={Sanford J. Grossman and Oliver Hart},
  journal={CGN: Other Corporate Governance: Acquisitions},
  year={1987}
}
Corporate governance : the case the limitation of the voting rights in a listed company
This study develops a new trade-off view of corporate governance from an examination of rules that limit voting rights as a defensive measure against a hostile takeover attempt. The theoretical
Buying Shares and/or Votes for Corporate Control
We explore how allowing votes to be traded separately of shares may affect the efficiency of corporate control contests. Our basic set-up and the nature of the questions continue the work of Grossman
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This paper attempts to provide a framework for the formal analysis of the institution of voting in a corporation. I assume that there is a market for control, and examine whether corporate democracy
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This paper incorporates a model of corporate control into a general equilibrium framework for production economies with incomplete markets. The classical objective of value maximization is extended,
The Structure of Corporate Control and Ownership in a Regulatory Environment Unbiased toward One-Share-One-Vote
This paper seeks to identify the determinants of corporate ownership and control that emerge in regulatory environments which do not inhibit the issue of shares with differential voting rights and/or
Empty Voting and the Efficiency of Corporate Governance
We model corporate voting outcomes when an informed trader, such as a hedge fund, can establish separate positions in a firm's shares and votes (empty voting). The positions are separated by
Corporate groups, dual-class shares and the value of voting rights
Abstract It is known that deviating from the one-share–one-vote principle through the issue of non-voting stock increases the value of outsiders' voting rights. We argue that the creation of a
Agency Costs of Controlling Minority Shareholders
Abstract This paper estimates the agency costs of controlling minority shareholders (CMSs), who have control of a firm's votes, while owning only a minority of the cash flow rights. Analyzing a panel
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References

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ONE of the themes of The Modern Corporation and Private Property is that managers use the machinery of voting to seize control of corporations. Managers name the slates of candidates and control the
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This paper presents an economic evaluation of common stock voting rights. An index of relative voting rights inequality for different classes of stock of the same corporation is constructed and the
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Entrepreneurs of firms who decide to raise funds from capital markets have considerable discretion in choosing an appropriate capital structure. They must decide, for example, whether to sell common
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Recent advances in the theory of the firm suggest an important role for the market for corporate control. Along with competition in the managerial labor market, various monitoring and bonding
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