DUAL CLASS SHARES: ARE THERE RETURNS DIFFERENCES?
研究股息和清算待遇相同但投票权不同的双重类别股票，发现投票权差异虽影响价格，但不影响平均回报行为。
We examine dual classes of shares with identical dividends and liquidation treatment, but with different voting rights. We extend previous dud class studies by examining bid‐ask adjusted prices and by examining returns after controlling for bid‐ask spread and market value differences between voting classes. We establish that voting right differences, although related to price differences between superior and restricted voting shares, do not impact on average returns behavior. These findings are consistent with previously forwarded voting premium hypotheses.