Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/175034 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Schumpeter Discussion Papers No. 2016-008
Verlag: 
University of Wuppertal, Schumpeter School of Business and Economics, Wuppertal
Zusammenfassung: 
A change in the index selection rules of Deutsche Börse provides a unique opportunity to investigate the drivers behind the decision to a bolish dual-class shares. As of June 2002, selection is based on the market capitalization of the free-float of the more liquid share class rather than the overall market capitalization. Hence, firms have had to reassess the benefits from their dual-class shares by weighing them against the cost from foregone index weight associated with having two share classes. Our findings suggest that index membership significantly affects the controlling shareholder's motivation to unify preferred and common stock.
Schlagwörter: 
private benefits of control
dual-class stock
ownership structure
corporate governance
JEL: 
G30
G32
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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