This academic presentation, based on our joint work on dual-class structures, was delivered by Lucian Bebchuk as his keynote address to the December 2018 ECGI-BIU conference on differential voting structures. The presentation focuses on the lifecycle theory of dual-class structure introduced in...

Dell Technologies Inc. (“Dell”) is planning a “backdoor-IPO” transaction that would bring it back to the public market with a multiclass structure. Dell's return to the public market is expected to make it one of the ten largest multiclass companies with an aggregate capitalization...

The presentation slides in this document provide an overview of our study, For Whom Corporate Leaders Bargain, which is forthcoming in the Southern California Law Review.At the center of a fundamental and heated debate about corporate purpose, an increasingly influential view (which we refer to...

Unlike shareholder value maximization (SV), which merely calls on corporate leaders to maximize shareholder value, enlightened shareholder value (ESV) com-bines this prescription with guidance to consider stakeholder interests in the pursuit of long-term shareholder value maximization. ESV is...

The desirability of a dual-class structure, which enables founders of public companies to retain a lock on control while holding a minority of the company's equity capital, has long been the subject of a heated debate. This debate has focused on whether dual-class stock is an efficient capital...

This Article contributes to the long-standing and heated debate over dual-class companies by placing a spotlight on a significant set of dual-class companies whose structures raise especially severe governance concerns: those with controllers holding a small minority of the company's equity...

This document is an appendix to our article, Stakeholder Capitalism in the Time of COVID, 40 YALE J. REG. (forthcoming, 2022). Although the article reports our overall findings with respect to the full sample of 112 acquisitions, the article provides full details of our analysis of particular...