Why Votes Have a Value

@inproceedings{Dittmann2007WhyVH,
  title={Why Votes Have a Value},
  author={Ingolf Dittmann and Dorothea K{\"u}bler and Ernst Maug and Lydia Mechtenberg},
  year={2007}
}
We perform an experiment where subjects pay for the right to vote in a firm when they can also buy non-voting shares with the same dividend rights. Voting on the replacement of the manager changes the expected value of future dividends. We observe a significant premium for the voting shares. We formulate three versions of the instrumental voting hypothesis and find that none can explain our experimental results. We also formulate three versions of the expressive voting hypothesis and find that… CONTINUE READING

From This Paper

Figures, tables, and topics from this paper.

Citations

Publications citing this paper.

References

Publications referenced by this paper.
Showing 1-10 of 42 references

Hedge Funds, Insiders, and the Decoupling of Economic and Voting Ownership: Empty Voting and Hidden (Morphable) Ownership

  • Hu, C HenryT., Bernard Black
  • 2007

The Paradox of Voter Participation? A Laboratory Study

  • Levine, K David, Thomas R. Palfrey
  • American Political Science Review,
  • 2007

A Theory of Participation in Elections

  • Feddersen, J Timothy, Alvaro Sandroni
  • American Economic Review,
  • 2006

Rational Choice Theory and the Paradox of Not Voting

  • Feddersen, J Timothy
  • 2004

Kursunterschiede und Renditen Deutscher Stamm- und Vorzugsaktien

  • Daske, Stefan, Olaf Ehrhardt
  • Financial Markets and Portfolio Management,
  • 2002

Similar Papers

Loading similar papers…