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The choice of the voting structure for privatizing a company

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  • At, Christian
  • Morand, Pierre-Henri

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.
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  • At, Christian & Morand, Pierre-Henri, 2000. "The choice of the voting structure for privatizing a company," Economics Letters, Elsevier, vol. 68(3), pages 287-292, September.
    • Handle: RePEc:eee:ecolet:v:68:y:2000:i:3:p:287-292
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    1. Francesca Cornelli & David D. Li, 1997. "Large Shareholders, Private Benefits of Control, and Optimal Schemes of Privatization," CESifo Working Paper Series 133, CESifo.
    2. Francesca Cornelli & David D. Li, 1997. "Large Shareholders, Private Benefits of Control, and Optimal Schemes of Privatization," RAND Journal of Economics, The RAND Corporation, vol. 28(4), pages 585-604, Winter.
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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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