time-phased votingdual-class sharesone-share-one-voteFrench listed companies can issue shares that confer two votes per share after a holding period of at least two years (loyalty shares with tenure voting rights). In 2014 the default rule changed from one-share-one-vote to loyalty shares. ...
We examine the capital market consequences of a regulatory intervention aimed at generalizing tenure voting in French public companies. The 2014 Florange Act dedoi:10.2139/ssrn.3324237Bourveau, ThomasBrochet, FrancoisGarel, AlexandreSocial Science Electronic Publishing...
The 2014 Florange Act departs from the 'one share one vote' principle by automatically granting double-voting rights (DVR) to shares held for at least two years. However, firms can opt out through an annual meeting vote. We document three main findings. First, firms that adopt DVR by ...
tenure votingtime-phased votingdual-class sharesone-share-one-voteThe contractual theory of the firm predicts that companies adopt charters that maximise firm value, regardless of the default rule. We test this proposition aroBecht, MarcoKamisarenka, Yuliya...
Loyalty sharesone-share-one- votetenure votingtime-phased votingFrench listed companies can issue shares that confer two votes per share after a holding period of at least two years (loyalty shares with tenure voting rights)Becht, MarcoKamisarenka, Yuliya...