A dual-class ownership structure, accompanied by disproportional control rights, is traditionally considered to be an inferior form of governance. We examine how the capital structure choices made by dual-class firms (i.e., by their controlling shareholders or insiders), as well as the...

This paper examines whether analysts’ decisions to follow or visit a firm are affected by a specific governance structure—multiple large shareholders (MLS). Using a sample of 3,369 Chinese firms listed on the Shanghai and Shenzhen stock markets, we compare analyst activities for MLS firms...