CHRISTOFFERSEN, SUSAN E.K.; GECZY, CHRISTOPHER C.; … - In: Journal of Finance 62 (2007) 6, pp. 2897-2929
The standard analysis of corporate governance assumes that shareholders vote in ratios that firms choose, such as one share-one vote. However, if the cost of unbundling and trading votes is sufficiently low, then shareholders choose the ratios. We document an active market for votes within the...