The Determinants of the Voting Premium in Italy: The Evidence from 1974 to 2003

2007 ◽  
Author(s):  
Ettore Croci ◽  
Lorenzo Caprio
Keyword(s):  
Voting Premium

The Impact of the Sarbanes-Oxley Act on the Dual-Class Voting Premium

2019 ◽  
Vol 62 (1) ◽  
pp. 181-214
Author(s):  
Feng Gao ◽  
Ivy Xiying Zhang
Keyword(s):  
Sarbanes Oxley ◽  
Class Voting ◽  
Voting Premium ◽  
Dual Class ◽  
The Impact

The determinants of the voting premium in Italy: The evidence from 1974 to 2003

2008 ◽  
Vol 32 (11) ◽  
pp. 2433-2443 ◽  
Author(s):  
Lorenzo Caprio ◽  
Ettore Croci
Keyword(s):  
Voting Premium

The Voting Premium

2020 ◽  
Author(s):  
Doron Levit ◽  
Nadya Malenko ◽  
Ernst G. Maug
Keyword(s):  
Voting Premium

The Diminishing Benefits of U.S. Cross-Listing: Economic Consequences of SEC Rule 12h-6

2017 ◽  
Vol 52 (3) ◽  
pp. 1143-1181 ◽  
Author(s):  
Chinmoy Ghosh ◽  
Fan He
Keyword(s):  
Investor Protection ◽  
Regulatory System ◽  
Securities And Exchange Commission ◽  
Economic Consequences ◽  
Difference In Difference ◽  
Listed Firms ◽  
Average Rule ◽  
Cross Listing ◽  
Voting Premium ◽  
The U.S

On Mar. 21, 2007, the U.S. Securities and Exchange Commission (SEC) passed Exchange Act Rule 12h-6 to make it easier for cross-listed firms to deregister from the U.S. market and escape its regulatory costs. Using difference-in-difference (DD) tests, we find that, on average, Rule 12h-6’s passage induced an increase in voting premium, a decline in equity raising, and a decline in cross-listing premium. These effects are observed for exchange-listed firms and for firms from countries with weak investor protection. We conclude that although cross-listed firms are still valued at a significant premium over non-cross-listed firms, the rule decreased the value of commitment to the U.S. regulatory system.

scholarly journals Voting Premium in Italy: An Analysis over a 30-Year Period

2018 ◽  
Vol 14 (1) ◽  
pp. 206
Author(s):  
Antonio Salvi ◽  
Emanuele Teti ◽  
Anastasia Giakoumelou ◽  
Felice Petruzzella
Keyword(s):  
Stock Market ◽  
Empirical Analysis ◽  
Tax Rate ◽  
Control Premium ◽  
Voting Premium ◽  
The Impact

We investigate the different aspects affecting the control premium by carrying out an empirical analysis on the respective in the Italian stock market since 1987 employing the Voting Premium methodology. We demonstrate how the introduction of new regulations in this field in 2012 has contributed to a substantial premium reduction. The impact of the aforementioned regulations needs to be examined within the macroeconomic setting that has distinguished the period of reference, particularly the last decade, within which the decision to raise the tax rate on financial yields needs to be contextualized.

scholarly journals What Accounts for the Union Member Advantage in Voter Turnout? Evidence from the European Union, 2002-2008

2015 ◽  
Vol 69 (4) ◽  
pp. 732-765 ◽  
Author(s):  
Alex Bryson ◽  
Rafael Gomez ◽  
Tobias Kretschmer ◽  
Paul Willman
Keyword(s):  
Voter Turnout ◽  
Union Member ◽  
Peer Pressure ◽  
The European Union ◽  
Social Custom ◽  
Voting Premium ◽  
Highly Correlated ◽  
Final Channel ◽  
The Voice ◽  
Positive Determinant

Across countries, union membership and voter turnout are highly correlated. In unadjusted terms, union members maintain a roughly 0.10 to 0.12 point gap in voting propensity over non-members. We motivate empirically and propose a model—with three causal channels—that explains this correlation and then empirically tests for the contribution of each channel to the overall union voting gap. The first channel by which union members are more likely to vote is through the so-called "monopoly-face" of unionism (i.e., unionization increases wages for members and higher incomes are a significant positive determinant of voting). The second is the so-called "social custom" model of unionism, which argues that union co-worker peer pressure creates incentives to vote amongst members for the purpose of having cast a ballot or being seen at the voting poll. The third and final channel is based on the "voice-face" of unionism whereby employees who are (or have been) exposed to the formalities of collective bargaining and union representation at the workplace are also more likely to increase their attachment to structures of democratic governance in society as well. We test to see how much of the raw "union voting premium" is accounted for by these three competing channels, using contemporary data from 29 European countries. We find that all three channels are at work, with voice the dominant effect (half of the overall gap attributed to this channel) and the other two (monopoly and social custom), each accounting for approximately one-fourth of the overall union voting gap.

scholarly journals Positive or negative voting premium: What happened to private benefits in Italy?

2018 ◽  
Vol 15 (3) ◽  
pp. 92-100 ◽  
Author(s):  
Giuseppe Sancetta ◽  
Nicola Cucari ◽  
Salvatore Esposito De Falco
Keyword(s):  
Corporate Governance ◽  
Large Body ◽  
Voting Rights ◽  
Current Status ◽  
Private Benefits ◽  
Private Benefit ◽  
Private Benefits Of Control ◽  
The Future ◽  
Voting Premium ◽  
Almost All

A large body of research deals with voting premium as a proxy of private benefit of control. Almost all of them find positive voting premium, in particular in Italy. Therefore appears interesting to ask what is the current status of private benefits of control in Italy in the last decade (2007-2017). Surprisingly, we show three major findings: i) reduction of non-voting share in the Italian scenario; ii) prevalence of negative voting rights premium more than positive ones, thus conflicting with the assumption and the observations by other researchers; iii) limits of the voting premium method. Our aim is that this study, despite its limitations, may encourage further researches focused on the analysis of the improvement and the change in the Italian corporate governance. The article points out that interesting evidence already exists, although still much remains to do in the future.

The Effect of Controlling Shareholders’ Ownership on Voting Premium

2019 ◽  
Vol 48 (6) ◽  
pp. 1515-1544
Author(s):  
Byungkwon Lim ◽  
Pyung Sig Yoon ◽  
Hyangmi Choi
Keyword(s):  
Controlling Shareholders ◽  
Voting Premium
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