-  תקציר מפירסומי מרכז מחקר orif לשוק ההון  -

 The Value of Voting Rights to Majority Shareholders: Evidence from Dual Class Stock Unifications

We study 84 dual class stock unifi cations, where superior vote shareholders gave up their superior voting status (all fi rm stocks became “one share one vote”) and received (in most cases) compensation in the form of additional shares. Unifi cations are essentially intra-fi rm transactions of voting rights, and afford observation of the intra-fi rm assessed price of vote.The price of vote in unifi cations: 1) increases with the percentage vote lost by the majority shareholders, 2) is higher in family-controlled fi rms, 3) decreases with institutional investor holdings, and 4) is similar to the “outside” price of vote implicit in the market prices of stocks.