in Europe and Latin America, where several governments are large shareholders in a variety of public firms. In a sense …, the subprime crisis induced these governments to behave as active large shareholders. This paper uses a sample of public … firms in Brazil to show that government activism lowers the value of minority shareholders' voting rights. While the …

2000. Our main findings are as follows. First, controlling shareholders offset the dilution of voting rights they incurred … suggests that marginal voting rights are important to controlling shareholders even beyond the 50% threshold. Second, share … unifications were not associated with much change in the identity of controlling shareholders. Third, the proportion of firms …

This paper presents a simple model for dual-class stock shares, in which common shareholders receive both public and … private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive … rights. We find a negative relation between the value of the voting right and the preferred shareholders' wealth for …