Morten Bennedsen (), Thea Dam (), Jonas Herby () and Kasper Nielsen ()
Morten Bennedsen: Institut for Nationaløkonomi, Handelshøjskolen i København, og Centre for Economic and Business Research
Thea Dam: Centre for Economic and Business Research
Jonas Herby: Centre for Economic and Business Research
Kasper Nielsen: Centre for Economic and Business Research og Centre for Applied Microeconometrics, Københavns Universitet
Abstract: We discuss the impact of the recent proposals for harmonization of European company laws on Danish firms with dual class shares. First we estimate that between 11 and 23 of the 70 Danish firms which had dual class shares in 2001 are likely to incur a loss of control after the introduction of a Break-Through rule. Second, we show that firms with a disproportional ownership structure have lower marketto-book value than firms with a more proportional ownership structure. Finally, we discuss the policy implications of our findings.
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