Séminaire axe 2

L’axe 2 « Finance et gouvernance comportementales » organise un séminaire le vendredi 10 juin à 10h (Salle Berty Albrecht – MSH – 16 avenue Berthelot, 1er étage).

Nous accueillerons à cette occasion : François Belot – Pr. Finance  à CY Cergy Paris Université – THEMA (https://thema.u-cergy.fr/membres/enseignants-chercheurs/belot)

Titre de sa présentation : “ Encouraging long-term shareholders: The effects of loyalty shares with double voting rights[” (co-écrit avec Edith Ginglinger et Laura Starcks)

Résumé:   Loyalty shares, mechanisms designed to encourage long-term share ownership through disproportional ownership rights, face questions regarding their benefits and costs. We examine these questions through a natural experiment – the passage of the Florange Act in France – which required firms to adopt loyalty shares unless shareholders opted out. We find differences in market reactions: negative for firms opting out, positive for those newly adopting the shares. Providing comparative evidence across these firms and across the two-thirds of French firms that previously issued loyalty shares, we show how the benefits and costs of loyalty shares vary across firms.