Economic Evaluation of Voting Power of Common Stock
构建了同一公司不同类别股票投票权不平等指数，并检验了高投票权股票的市场溢价与该指数的实证关系，发现25个案例中仅3个存在套利机会。
This paper presents an economic evaluation of common stock voting rights. An index of relative voting rights inequality for different classes of stock of the same corporation is constructed and the empirical relationship between the market premium on a superior-voting stock and the voting inequality index is examined. In only three out of the 25 cases could investors have arbitraged between the two classes of stock, although in one case the arbitrage opportunity persisted for several months.