IDEAS home Printed from https://ideas.repec.org/a/eee/corfin/v5y1999i3p209-225.html
   My bibliography  Save this article

A theoretical analysis of the liquidity risk premium embedded in the prices of voting and non-voting stocks

Author

Listed:
  • Beiner, Nicole
  • Gibson, Rajna

Abstract

No abstract is available for this item.

Suggested Citation

  • Beiner, Nicole & Gibson, Rajna, 1999. "A theoretical analysis of the liquidity risk premium embedded in the prices of voting and non-voting stocks," Journal of Corporate Finance, Elsevier, vol. 5(3), pages 209-225, September.
    • Handle: RePEc:eee:corfin:v:5:y:1999:i:3:p:209-225
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0929-1199(99)00006-1
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Bergstrom, Clas & Rydqvist, Kristian, 1992. "Differentiated bids for voting and restricted voting shares in public tender offers," Journal of Banking & Finance, Elsevier, vol. 16(1), pages 97-114, February.
    2. Horner, Melchior R., 1988. "The value of the corporate voting right : Evidence from Switzerland," Journal of Banking & Finance, Elsevier, vol. 12(1), pages 69-83, March.
    3. Gardiol, Lucien & Gibson-Asner, Rajna & Tuchschmid, Nils S., 1997. "Are liquidity and corporate control priced by shareholders? Empirical evidence from Swiss dual class shares," Journal of Corporate Finance, Elsevier, vol. 3(4), pages 299-323, December.
    4. Denis, David J. & Denis, Diane K., 1994. "Majority owner-managers and organizational efficiency," Journal of Corporate Finance, Elsevier, vol. 1(1), pages 91-118, March.
    5. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    6. Smith, Brian F. & Amoako-Adu, Ben, 1995. "Relative Prices of Dual Class Shares," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 30(2), pages 223-239, June.
    7. Bhide, Amar, 1993. "The hidden costs of stock market liquidity," Journal of Financial Economics, Elsevier, vol. 34(1), pages 31-51, August.
    8. DeAngelo, Harry & DeAngelo, Linda, 1985. "Managerial ownership of voting rights : A study of public corporations with dual classes of common stock," Journal of Financial Economics, Elsevier, vol. 14(1), pages 33-69, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Carvalhal da Silva, Andre & Subrahmanyam, Avanidhar, 2007. "Dual-class premium, corporate governance, and the mandatory bid rule: Evidence from the Brazilian stock market," Journal of Corporate Finance, Elsevier, vol. 13(1), pages 1-24, March.
    2. Dittmann, Ingolf, 2004. "Block Trading, Ownership Structure, and the Value of Corporate Votes," Papers 2004,13, Humboldt University of Berlin, Center for Applied Statistics and Economics (CASE).
    3. Renée Adams & Daniel Ferreira, 2008. "One Share-One Vote: The Empirical Evidence," Review of Finance, European Finance Association, vol. 12(1), pages 51-91.
    4. Julien Le Maux, 2003. "Les bénéfices privés:une rupture de l'égalité entre actionnaires," Revue Finance Contrôle Stratégie, revues.org, vol. 6(1), pages 63-92, March.
    5. David Hillier & Patrick McColgan, 2008. "An analysis of majority owner‐managed companies in the UK," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 48(4), pages 603-623, December.
    6. Nenova, Tatiana, 2003. "The value of corporate voting rights and control: A cross-country analysis," Journal of Financial Economics, Elsevier, vol. 68(3), pages 325-351, June.
    7. Smith, Brian F. & Amoako-Adu, Ben, 1999. "Management succession and financial performance of family controlled firms," Journal of Corporate Finance, Elsevier, vol. 5(4), pages 341-368, December.
    8. Ehrhardt, Olaf & Nowak, Eric, 2001. "Private benefits and minority shareholder expropriation: Empirical evidence from IPOs of German family-owned firms," CFS Working Paper Series 2001/10, Center for Financial Studies (CFS).
    9. Michael R. King & Dan Segal, 2009. "The Long-Term Effects of Cross-Listing, Investor Recognition, and Ownership Structure on Valuation," The Review of Financial Studies, Society for Financial Studies, vol. 22(6), pages 2393-2421, June.
    10. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934, Elsevier.
    11. Armando Gomes, "undated". "Going Public with Asymmetric Information, Agency Costs, and Dynamic Trading," Rodney L. White Center for Financial Research Working Papers 04-99, Wharton School Rodney L. White Center for Financial Research.
    12. Berezinets, Irina & Ilina, Yulia & Muravyev, Alexander, 2011. "CEO and Board Characteristics as Determinants of Private Benefits of Control: Evidence from the Russian Stock Exchange," IZA Discussion Papers 6256, Institute of Labor Economics (IZA).
    13. Jean-Jacques Hamon, 2001. "La répartition des droits de vote, leur exercice et l’efficacité économique," Revue d'Économie Financière, Programme National Persée, vol. 63(3), pages 175-209.
    14. Bigelli, Marco & Croci, Ettore, 2013. "Dividend privileges and the value of voting rights: Evidence from Italy," Journal of Empirical Finance, Elsevier, vol. 24(C), pages 94-107.
    15. Malenko, Nadya & Levit, Doron & Maug, Ernst, 2021. "The voting premium," CEPR Discussion Papers 15718, C.E.P.R. Discussion Papers.
    16. Amoako-Adu, Ben & Smith, Brian F., 2001. "Dual class firms: Capitalization, ownership structure and recapitalization back into single class," Journal of Banking & Finance, Elsevier, vol. 25(6), pages 1083-1111, June.
    17. Chourou, Lamia & Hossain, Ashrafee T. & Kryzanowski, Lawrence, 2019. "Dual-class firms, M&As and SOX," The Quarterly Review of Economics and Finance, Elsevier, vol. 71(C), pages 176-187.
    18. Ling T. He & K. Michael Casey, 2011. "On The Pricing Of Dual Class Stocks: Evidence From Berkshire Hathaway," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 5(1), pages 103-112.
    19. repec:dau:papers:123456789/9321 is not listed on IDEAS
    20. Berezinets Irina & Ilina Yulia & Muravyev Alexander, 2011. "Owners, Boards, Managers and the Private Benefits of Control: A Study of Dual Class Stock Firms in an Emerging Market," EERC Working Paper Series 11/12e, EERC Research Network, Russia and CIS.
    21. Odegaard, Bernt Arne, 2007. "Price differences between equity classes. Corporate control, foreign ownership or liquidity?," Journal of Banking & Finance, Elsevier, vol. 31(12), pages 3621-3645, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:corfin:v:5:y:1999:i:3:p:209-225. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jcorpfin .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.