This paper proposes a new method using option prices to estimate the market value of the voting right associated with a stock. The method consists of synthesizing a non-voting share using put-call parity, and comparing its price to that of the underlying stock. Empirically, we find this measure...

We show that distribution of stock dividends is costly to stockholders of levered firms. In addition, it is associated with reductions in future profits. Yet consistent with past studies, we document positive and significant announcement returns for the 1954-2017 period, perhaps responding to...