Journal articles: 'Dual Class Share'

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McKinnon, Christopher. "Dual-Class Capital Structures: A Legal, Theoretical & Empirical Buy-Side Analysis." Michigan Business & Entrepreneurial Law Review, no. 5.1 (2015): 81. http://dx.doi.org/10.36639/mbelr.5.1.dual-class.

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“The advantage of a dual-class share structure is that it protects entrepreneurial management from the demands of ordinary shareholders. The disadvantage of a dual-class share structure is that it protects entrepreneurial management from the demands of shareholders.” Issuing dual classes of stock has become hotly debated since two major events transpired in 2014: (1) Facebook acquired WhatsApp for $19 billion and (2) Alibaba chose to list its shares on the New York Stock Exchange (NYSE) instead of the Hong Kong Exchange. Because dual-class managers, like those at Facebook and Alibaba, retain a controlling voting block, their decisions are immune from activist investors or others who disagree with corporate actions. This protection allowed Mark Zuckerberg to acquire WhatsApp at an enormous price that stockholders may have resisted, and it is why Alibaba chose to list on the NYSE even though its stockholders may have found the Hong Kong Exchange to be a more natural fit. This Comment seeks to determine whether the one-man decisional structures at Facebook and Alibaba—accomplished through dual classes of stock—allow such managers to undertake, what the market perceives to be, value-destroying transactions more often than their single-class counterparts.

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Lei, Adam Y. C., Huihua Li, and Jin Yu. "Corporate payouts in dual classes." Managerial Finance 45, no. 12 (December 2, 2019): 1542–62. http://dx.doi.org/10.1108/mf-12-2018-0611.

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Purpose The purpose of this paper is to examine the dividend payments and share repurchases of dual-class firms that have both their superior voting shares and inferior voting shares publicly traded. Design/methodology/approach This paper uses matched dual-class and single-class samples from 1994 to 2015 and logit models to evaluate the likelihoods of dividend payment and share repurchase between dual-class firms and single-class firms. Findings The results show that dual-class firms are more likely than the matched sample of single-class firms to pay dividends in both share classes. Dual-class firms, however, are more likely to repurchase their superior shares than single-class firms and their inferior shares. Research limitations/implications The results suggest that dual-class firms do not use corporate payouts to either mitigate agency problems or maintain the private benefits of control. Instead, dual-class firms use dividend payments to mitigate agency problems while using repurchases of superior shares to maintain the private benefits of control, which supports the agency payout hypothesis. Practical implications This paper highlights the differences between dividend payments and share repurchases as forms of corporate payouts and suggests that firms may choose a particular form for a particular purpose. Originality/value This paper provides the first piece of empirical evidence on the corporate payouts of dual-class firms separating their superior voting shares and inferior voting shares.

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Burson, Jonathan J., and Marlin R. H. Jensen. "Institutional ownership of dual-class companies." Journal of Financial Economic Policy 13, no. 2 (February 19, 2021): 206–22. http://dx.doi.org/10.1108/jfep-04-2020-0061.

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Purpose This study aims to examine institutional ownership of companies that go public with dual-class share structures. Design/methodology/approach Several recent studies have discussed the potential advantages and disadvantages of the dual-class structure, which allows founders and insiders to maintain control of the firms they created through superior voting rights. Institutional investors oppose the dual-class structure, arguing that inferior voting rights make it difficult to respond to poor governance or performance. Previous research has shown the early value-added to the dual-class firm declines through time. This study examines institutional ownership of dual-class companies through time and compares institutional investments in initial public offerings with perpetual superior-class structures versus those with provisions to sunset those shares to one-share, one-vote structures. Findings Evidence suggests that institutional investors view perpetual dual-class structures as potentially riskier in terms of poor governance or performance and prefer dual-class companies with sunset provisions. Originality/value This study suggests that founders and insiders should consider either the dual-class structure with a sunset provision or if they choose the perpetual dual-class, it should include some type of event-driven safeguards.

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Ching, Leonard, Alvin Zhuang, and Wayne Chan. "Dual-class share structures—the Singaporean response." Capital Markets Law Journal 14, no. 4 (September 6, 2019): 451–68. http://dx.doi.org/10.1093/cmlj/kmz017.

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Li, Zhi. "Sunset Clause in the Dual Class Share Structure." Journal of Economics, Business and Management 10, no. 2 (2022): 91–96. http://dx.doi.org/10.18178/joebm.2022.10.2.679.

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Dongjuan, Lyu, and Zhu Kailei. "Sustainable development of the dual-class share structure in China." E3S Web of Conferences 253 (2021): 03080. http://dx.doi.org/10.1051/e3sconf/202125303080.

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Sustainable development is a goal shared by all nations across the globe in the 21st century. Companies with a dual-class share structure in China face problems in their pursuit of sustainable development, such as unclear definition of laws and regulations, increased costs of agencies, defective supervision mechanisms, and insufficient information disclosure. Therefore, it is necessary to identify rules, optimize corporate governance, strengthen the supervision mechanism, and improve information disclosure to safeguard the investors’ legitimate rights, maintain market stability, and secure economic sustainability.

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Mun, Jun-Woo. "The dual class share of public company in Singapore." Korea Financial Law Association 14, no. 2 (August 31, 2017): 119–42. http://dx.doi.org/10.15692/kjfl.14.2.4.

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Howell, Jason W. "The survival of the U.S. dual class share structure." Journal of Corporate Finance 44 (June 2017): 440–50. http://dx.doi.org/10.1016/j.jcorpfin.2014.07.006.

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Maury, Benjamin, and Anete Pajuste. "Private Benefits of Control and Dual-Class Share Unifications." Managerial and Decision Economics 32, no. 6 (August 1, 2011): 355–69. http://dx.doi.org/10.1002/mde.1538.

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Sekerci, Naciye, and Don Pagach. "Firm Ownership and Enterprise Risk Management Implementation: Evidence from the Nordic Region." Journal of Risk and Financial Management 13, no. 9 (September 15, 2020): 210. http://dx.doi.org/10.3390/jrfm13090210.

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The purpose of this paper is to investigate whether firm ownership characteristics can explain demand for Enterprise Risk Management (ERM) implementation. Specifically, we examine the relationship between the presence of large shareholders, multiple blockholders and a dual-class share structure, and ERM implementation. To our knowledge we provide the first evidence on the effect of multiple blockholders and dual-class share structures on the implementation of ERM. ERM best practices can be considered as governance tools, used to monitor managerial discretion in risk management, ultimately reducing the agency cost of risk management. Accordingly, we analyze the demand for ERM in certain governance (e.g., ownership) settings. We use quantitative methods in our study: survey and regressions (tobit and logit models). Ownership data is hand-collected while ERM data comes from a survey conducted in the Nordic region. We find that ERM is implemented less frequently in firms where there are multiple blockholders, and where large controlling owners hold dual-class shares. These findings indicate that there is less demand for ERM’s monitoring role in firms that are associated with high agency costs. Given the increasing use of dual-class share structures, we believe further examination of ownership characteristics and corporate risk management is warranted.

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Guo, Lingfeng, Lawrence Kryzanowski, and Yinlin Nie. "Share classes, families and asset purchases: Canadian evidence." Managerial Finance 46, no. 2 (June 13, 2019): 217–36. http://dx.doi.org/10.1108/mf-02-2019-0081.

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Purpose The purpose of this paper is to test if relative asset purchase values (RAPVs) differ between single- and dual-class purchasers (not) differentiated by family ownership for Canadian firms. Design/methodology/approach The paper uses multivariate regressions and 2SLS estimations of simultaneous equations models with both continuous and dichotomous endogenous variables. Data on share structures and family involvements are hand collected. Findings RAPVs for dual-class purchasers are significantly different (larger) than their single-class counterparts only for family-controlled samples. Larger RAPVs for dual-class purchases are associated with higher degrees of dual-class structures, higher family ownerships and with boards with no more than one family member. Research limitations/implications RAPV is important because of its common use as a primary determinant of the wealth effects of M&As, its use as an exchange-rate proxy in two-stage regressions used to determine the amount of abnormal returns attributable to short selling activity around M&A announcements, and its use as a channel for conveying information about deal complexity, seller’s bargaining power, additional monitoring benefits from purchase and/or greater challenges in incorporating a purchase into existing assets. Larger sample size would facilitate more differentiated examinations. Practical implications Findings imply that dual-class share structures assist family shareholders in elevating their control over corporate decisions involving asset purchases. Social implications This paper furthers the authors’ knowledge about the effects of agency issues on corporate decisions. Originality/value It provides an extension and robustness test of the US evidence for asset purchases by providing evidence for Canada given its greater preponderance of families as the ultimate controlling shareholders, restricted or subordinated voting shares issued and pyramidal structures.

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Arugaslan, Onur, Jim DeMello, and Devrim Yaman. "Share Structure And Wealth Effects Of Corporate Takeovers." Journal of Applied Business Research (JABR) 28, no. 4 (June 27, 2012): 633. http://dx.doi.org/10.19030/jabr.v28i4.7046.

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In this study we examine the stock price effects of corporate takeovers by dual class firms and unified firms. Our sample consists of 852 firms that were bidders in takeovers between 1993 and 2009. Our univariate and OLS regression results show that both dual class firms and unified firms obtain insignificant returns for various takeover announcement periods. The average and median returns for these two groups are similar to each other. We also identify several factors that the literature suggests should affect the bidder announcement returns in takeovers. Our results indicate that smaller firms in our sample and firms that pay for the acquisition in cash obtain higher abnormal returns when they announce the takeover. In addition, we find that the factors we identify have different influences on the announcement returns of dual class and unified firms. Specifically, unified firms that engage in tender offers and larger firms obtain more positive announcement returns compared to dual class firms whereas unified firms obtain more negative results when the target firm is a public firm.

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Basu, Nilanjan, and Ming Qiu. "DUAL CLASS FIRMS AND DEBT ISSUANCE." Corporate Ownership and Control 14, no. 1 (2016): 20–29. http://dx.doi.org/10.22495/cocv14i1p2.

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We examine the manner in which debt issuance by dual class firms differs from that issued by comparable single-class firms. Using the comprehensive sample of dual class firms compiled by Gompers, Ishii, and Metrick (2010), we find that dual class firms tend to borrow at lower interest rates and for longer maturities but face more covenants, especially performance based covenants. Our results are robust to corrections for the endogenous choice of dual class share structures. We also find that the returns earned by the stocks of these dual class firms have lower volatility. Our findings are consistent with the conjecture that dual class firms tend to avoid idiosyncratic risk and that with the help of performance based covenants, creditors are able to create safer lending opportunities with dual class firms than with single-class firms.

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Khalil, Samer, Michel L. Magnan, and Jeffrey R. Cohen. "Dual-Class Shares and Audit Pricing: Evidence from the Canadian Markets." AUDITING: A Journal of Practice & Theory 27, no. 2 (November 1, 2008): 199–216. http://dx.doi.org/10.2308/aud.2008.27.2.199.

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SUMMARY: This paper investigates whether audit fees vary with the wedge between cash flow rights and control rights arising from the presence of dual-class share structures. Dual-class shares exist in firms having two or more classes of shares with disproportionate voting rights. They affect audit fees through their effect on the supply for audit services. External auditors conduct wider (narrower) scope audits depending on whether dual-class shares increase (decrease) audit risk and/or auditor business risk. Wider (narrower) scope audits are more (less) costly for the auditors and for their clients. This paper documents a positive association between audit fees and the wedge between cash flow rights and control rights in a sample of Canadian firms during 2004. It extends current research by investigating whether dominant shareholdings affect audit pricing, and by examining audit pricing in Canada over a time period that witnessed significant changes in corporate governance.

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Hu, Jun. ""Review on Introducing Dual Class Share Structure in Korean Market"." Journal of Humanities and Social sciences 21 13, no. 4 (August 30, 2022): 1575–86. http://dx.doi.org/10.22143/hss21.13.4.110.

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Hossain, Ashrafee Tanvir, and Lawrence Kryzanowski. "A review of the literature on dual-class firms." Managerial Finance 45, no. 9 (September 9, 2019): 1199–218. http://dx.doi.org/10.1108/mf-10-2018-0505.

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Purpose The purpose of this paper is to critically review the relevant literature from the perspective of dual-class firms and to provide suggestions for future research on dual-class firms, and on methodological issues that should be addressed in such research. Design/methodology/approach The research design consists of three parts: an introduction to dual-class firms (motivations for; firm life cycle effects) in Part 1; concerns with firms with such share class structures (valuation; governance; accounting and corporate policy issues) in Part 2; and some solutions or ways to accommodate the trade-offs involved with such share class structures (retention arguments; index/exchange exclusions; contractual provisions; external monitoring) in Part 3. Throughout the paper, the authors provide some critiques of existing studies, particularly from a methodological perspective, the authors’ opinion on the state of the literature and suggestions for future areas of research. Findings While motivations for the use of dual-class voting structures include flexibility so that the idiosyncratic vision of their entrepreneurs/founders can be pursued in a less encumbered fashion, greater innovation and long-term managerial orientation, there are many possible costs (e.g. underinvestment and managerial entrenchment) to this ownership structure. Nevertheless, the authors believe that such firms should have provisions in place that facilitate a reversion to a single-class structure longer term when such firms have become more mature, less dependent on the idiosyncratic vision of the entrepreneurs/founders at IPO and have attracted more managerial talent. Originality/value The literature arrives at no consensus on the benefits/drawbacks of this type of share ownership structure which means that many topics of research require further academic examination. The authors provide suggested directions for such future enquiries.

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Lauterbach, Beni, and Anete Pajuste. "The long-term valuation effects of voluntary dual class share unifications." Journal of Corporate Finance 31 (April 2015): 171–85. http://dx.doi.org/10.1016/j.jcorpfin.2015.02.004.

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Jordan, Bradford D., Soohyung Kim, and Mark H. Liu. "Growth opportunities, short-term market pressure, and dual-class share structure." Journal of Corporate Finance 41 (December 2016): 304–28. http://dx.doi.org/10.1016/j.jcorpfin.2016.10.003.

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Omar, Ayishat. "Audit committee gender diversity and audit fees: The role of dual-class share structure." Corporate Ownership and Control 20, no. 2 (2023): 84–92. http://dx.doi.org/10.22495/cocv20i2art7.

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The paper examines the role of dual-class share structure on the nexus between the presence of at least one female member on the audit committee (gender diversity) and audit fees. The study estimates a regression model using 2,519 firm-year observations for 475 public U.S. firms, and in line with the view that gender diversity helps firms to be more attentive and committee members act within their control to ensure a higher level of audit coverage, the study finds that gender diversity is associated with higher audit fees. Further, this study reports that the interaction of dual-class share structure and gender diversity is associated with lower audit fees. This highlights the merits of dual-class share structures which continue to be a subject of much debate. This study also contributes to the literature that provides insight into how context or situational factors moderate the impact of gender diversity on audit fees.

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Choi, Soo Jung. "Dual-Class Share Structures for Start-ups in Korea? The Pros and Cons ?" Yonsei Law Review 31, no. 1 (March 31, 2021): 147–78. http://dx.doi.org/10.21717/ylr.31.1.6.

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Tinaikar, Surjit. "Private Control Benefits and Informative Earnings Smoothing: Evidence from Dual Class Share Firms." Journal of International Accounting Research 16, no. 3 (April 1, 2017): 35–57. http://dx.doi.org/10.2308/jiar-51774.

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ABSTRACT This study explores the relationship between firms' tendencies to smooth earnings and the perception that firms may face of extracting private control benefits. Using a direct estimate of private control benefits that is routinely priced by noncontrolling parties, this study documents that such firms face high capital market costs, which induces them to disclose more private information through earnings smoothing. Furthermore, these results are observed primarily in less developed stock markets where disclosure costs due to information uncertainty are low and therefore the disclosure is more likely to be valued and correctly understood by market participants.

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Lu, Longjie. "The regulation of the dual-class share structure in China: a comparative perspective." Capital Markets Law Journal 15, no. 2 (April 1, 2020): 224–49. http://dx.doi.org/10.1093/cmlj/kmaa004.

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Faniband, Muhammadriyaj, and C. Karthigai Prakasam. "Determinants of Differential Voting Rights Share Prices and Ordinary Share Prices : Evidence from Dual-Class Companies in India." Indian Journal of Research in Capital Markets 6, no. 4 (December 31, 2019): 36. http://dx.doi.org/10.17010/ijrcm/2019/v6/i4/150270.

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Cox, Justin S. "Managerial ability, growth opportunities, and IPO performance." Managerial Finance 43, no. 4 (April 10, 2017): 488–507. http://dx.doi.org/10.1108/mf-07-2016-0218.

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Purpose The purpose of this paper is to explain whether the level of managerial quality and growth opportunities influences the operating and return performance between single and dual class IPOs. Design/methodology/approach The sample includes 281 initial public offerings under a dual class share structure. This paper measures managerial ability using a score method design produced by (Demerjian et al., 2012). This paper follows (Chemmanur et al., 2011) in measuring post-IPO operating performance between dual and single-class firms. This paper follows Lyon et al. (1999) and Chemmanur et al. (2011) in measuring long-term post-IPO buy-and-hold return performance. This paper employs two measures of growth/investment using Tobin’s q and expenditures such as capital, research and development, and selling, general and administrative scaled to total assets (Daniel et al., 2016). Findings Firms with high-quality managers experience more underpricing than low-quality managers. Likewise, dual class firms of all manager and growth types hold less cash and leverage. Using Tobin’s q as a proxy for growth, dual class firms experience higher post-IPO operating performance regardless of managerial quality. Furthermore, the findings indicate minimal evidence that dual class firms underperform single-class IPOs, lending minimal support for the managerial entrenchment hypothesis. Originality/value This paper is the first to partition dual and single-class IPOs based on managerial quality and growth opportunities to test long-term differences in operating and return performance.

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Chan, Raymond Siu Yeung, and John Kong Shan Ho. "Should Listed Companies Be Allowed to Adopt Dual-Class Share Structure in Hong Kong?" Common Law World Review 43, no. 2 (June 2014): 155–82. http://dx.doi.org/10.1350/clwr.2014.43.2.0270.

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Forst, Arno, and Barry R. Hettler. "Disproportionate Insider Control and the Demand for Audit Quality." AUDITING: A Journal of Practice & Theory 38, no. 1 (February 1, 2018): 171–91. http://dx.doi.org/10.2308/ajpt-52038.

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SUMMARY We examine the relationship between disproportionate insider control, enabled through dual-class share structures, and the demand for audit quality. Using a comprehensive hand-collected sample of U.S. dual-class firms, we find that, consistent with outside shareholders' increased demand for external monitoring, as well as self-bonding by entrenched insiders, disproportionate insider control is positively associated with the propensity to hire a Big 4 or industry specialist auditor, auditor independence, and audit fees. Corroborating a self-bonding explanation, additional analyses show that audit quality mitigates the negative association of disproportionate insider control and firm value. In expanded analyses, we also investigate the separate effects of insider voting and cash flow rights on the demand for audit quality in dual-class firms. Consistent with general agency theory, we find a decreased (increased) demand for audit quality from incentive-alignment (entrenchment) effects of ownership.

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Huang, Robin Hui, Wei Zhang, and Kelvin Siu Cheung Lee. "The (re)introduction of dual-class share structures in Hong Kong: a historical and comparative analysis." Journal of Corporate Law Studies 20, no. 1 (July 29, 2019): 121–55. http://dx.doi.org/10.1080/14735970.2019.1638004.

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Kuang, Yi, Fei Wang, and Zuo-Jun Wang. "Social Class and Children’s Prosociality: A Study in the Context of China’s Dual Urban–Rural Structure." Social Psychological and Personality Science 12, no. 1 (April 2, 2020): 63–70. http://dx.doi.org/10.1177/1948550619887698.

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China’s dual urban–rural structure has resulted in rural residents with a lower social rank vis-à-vis urban residents. This research examined prosociality between lower class individuals (rural children) and higher class individuals (urban children), operationalized using the dictator game, which focuses on sharing resources with others. Two studies consistently showed that both rural and urban children were more likely to share more resources with rural partners than with urban partners. This tendency was more pronounced among urban, higher class children. This effect occurred in both within- and between-subject designs, when the allocated resources were money and notebooks, and in situations with and without a short period of social contact. The findings did not provide evidence for the view that lower class is associated with higher prosociality. Rather, the prosociality depended on the social class of both the actor and the target. This has implications for integrating migrant children into city life.

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Lauterbach, Beni, and Anete Pajuste. "The Media and Firm Reputation Roles in Corporate Governance Improvements: Lessons from European Dual Class Share Unifications." Corporate Governance: An International Review 25, no. 1 (February 17, 2016): 4–19. http://dx.doi.org/10.1111/corg.12153.

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O'Mara, Margaret. "Can Firms Act Morally?" Daedalus 152, no. 1 (2023): 217–24. http://dx.doi.org/10.1162/daed_a_01981.

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Abstract The firm is a critical actor in the formation of a new moral political economy, but firm structure, culture, and profits can be an obstacle to change. The case of the American technology industry demonstrates the limits of relying on firms to change from within. The widespread practice of awarding stock ties white-collar compensation to corporate performance and curtails employee activism. The high-tech venture capital model measures success using rapid return on investment and acquisition of market share. Corporate governance practices and dual-class shares give founder-CEOs outsized control and entrench existing business models, even when they have damaging downstream consequences. The trajectory of these purportedly purpose-driven companies indicates that, as in the past, regulation may be the most effective path to meaningful corporate reform.

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Ho, John Kong Shan. "Revisiting the viability to allow dual-class share structure companies to list in the financial market of Hong Kong." Common Law World Review 47, no. 3 (September 2018): 167–95. http://dx.doi.org/10.1177/1473779518791769.

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The request of Alibaba, China’s largest e-commerce company, to allow a self-selected group of its past and present management known as the ‘partners’ the right to nominate a majority of the directors in its negotiation with the Hong Kong Stock Exchange (HKEx) for an initial public offering (IPO) in 2013 reignited a new round of debate over the one share, one vote policy, which has survived for three decades in Hong Kong. Alibaba’s IPO application to list on the HKEx was eventually rejected which ultimately led to the company’s decision to list on the New York Stock Exchange. In late 2017, the debate on whether companies with dual-class share (DCS) structure should be allowed to list in Hong Kong re-emerged as the HKEx has announced that it would amend its listing rules to enable companies with DCS structure to list on its exchange, subject to certain safeguards and restrictions. This article examines what measures Hong Kong could adopt to allow companies with DCS structure to list on its exchange despite legal and institutional shortcomings of its financial market. In doing so, it will also make reference to other major financial markets in the world and examine how other jurisdictions have handled the issue of DCS structure companies.

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Yuki, Kazuhiro. "EDUCATION, INEQUALITY, AND DEVELOPMENT IN A DUAL ECONOMY." Macroeconomic Dynamics 20, no. 1 (September 16, 2014): 27–69. http://dx.doi.org/10.1017/s1365100514000145.

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This paper develops a dynamic dual-economy model and examines how the long-run outcome of an economy depends on the initial distribution of wealth and sectoral productivity. It is shown that, for fast transformation into a developed economy, the initial distribution must be such that extreme poverty is not prevalent so that most people can take education to acquire basic skills and the size of the “middle class” is large enough so that an adequate number of people can access education to acquire advanced skills. Both conditions seem to have held in successful East Asian nations, where, as in the model economy undergoing such transformation, the fraction of workers with advanced skills rose greatly and inequalities between these workers and others fell over time. In contrast, if the former condition holds but the latter does not, which would be the case for many nations falling into the “middle income trap,” consistent with facts, the fraction of workers with basic skills and the share of the modern sector rise, but inequality between workers with advanced skills and with basic skills worsens and the traditional sector persists for long periods. If the former condition does not hold, which would be true for the poorest economies, the dual structure and high inequality between workers without basic skills and others persist for very long periods. Consistently, Hanushek and Woessmann (2012) [Hanushek, Eric A. and Ludger Woessmann (2012) Do better schools lead to more growth? Cognitive skills, economic outcomes, and causation.Journal of Economic Growth17, 267–321] find that the share of students with basic skills and that of top performance have significant effects on economic growth that arecomplementary to each other.

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Hong, Hyun A. "Does Mandatory Adoption of International Financial Reporting Standards Decrease the Voting Premium for Dual-Class Shares?" Accounting Review 88, no. 4 (February 1, 2013): 1289–325. http://dx.doi.org/10.2308/accr-50442.

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ABSTRACT I examine whether voting premiums are reduced following mandatory International Financial Reporting Standards (IFRS) adoption for firms that have a dual-class share structure. I find that mandatory adopters' voting premiums decrease, on average, by 8 percent subsequent to mandatory IFRS adoption. This effect is statistically significant relative to the corresponding effect for non-IFRS adopters. Further, I find that this effect is more pronounced in countries with strong legal enforcement and for mandatory adopters that experience an increase in the transparency and comparability of reported information under the new accounting regime. Taken together, these results support the view that mandatory IFRS adoption benefits minority shareholders by providing an effective mechanism to constrain the private benefits of control. However, one should interpret these results with caution as concurrent efforts to strengthen corporate governance regimes and the enforcement of corporate and securities laws may also contribute to the decrease in voting premiums documented in this paper. Data Availability: Data used in this study are available from the sources listed in the text.

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Zhang, Qingfeng, Changsong Song, and Sangseok Ha. "A Case Study of Dual-Class Share Structure’s Impact on the Corporate Control of the Founders of Xiaomi Group." Journal of Humanities and Social sciences 21 13, no. 1 (February 28, 2022): 697–712. http://dx.doi.org/10.22143/hss21.13.1.49.

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赵, 金龙. "The Protection of Rights and Interests of Investors in Company with Dual-Class Share Structure on SSE Start Market." Dispute Settlement 05, no. 03 (2019): 23–30. http://dx.doi.org/10.12677/ds.2019.53004.

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Li, Yuting. "Analysis on Improvement of Ownership Structure and Dividend—Take Apple as an Example." E3S Web of Conferences 235 (2021): 01024. http://dx.doi.org/10.1051/e3sconf/202123501024.

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Equal equity is not a suitable pathway to control the corporations. For Apple Company, due to Jobs’ equal equity, the most important reason that he quitted his company is that at the first step of the company, he had the same shares as other members of the board, but he did not have the absolute control of his company. Also, after the corporation was listed, the shares have been diluted gradually. Losing the control right, Jobs cannot make wise decisions or seek for strategic chances to make a huge profit, when members of the board held diverse opinions. Therefore dual-class share structure and ownership systems are the better choice for founders and entrepreneurs to operate and control the company. Managers have absolute control of the corporations so that they could make intellectual decisions without disturbance and intervention. Companies, accumulating a large amount of money, could pay dividends to shareholders and buy stocks.

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OSWALD, JANET. "The Spinning House girls: Cambridge University's distinctive policing of prostitution, 1823–1894." Urban History 39, no. 3 (June 13, 2012): 453–70. http://dx.doi.org/10.1017/s0963926812000223.

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ABSTRACT:This article explores the regulation of prostitution in nineteenth-century Cambridge by an appraisal of the committal books of the university prison. Each evening in term-time the university proctors arrested and imprisoned local ‘streetwalkers’ in an attempt to protect the students’ morals. This research offers insight into the ways in which Cambridge's geography and its dual system of governance influenced the policing of prostitution in the town centre. The former compelled students and townspeople to share the same crowded space and the latter enabled the university to enforce traditional patterns of class and gender to control sexuality in the town.

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Boca, Sanda, Cosmin Leordean, Simion Astilean, and Cosmin Farcau. "Chemiresistive/SERS dual sensor based on densely packed gold nanoparticles." Beilstein Journal of Nanotechnology 6 (December 29, 2015): 2498–503. http://dx.doi.org/10.3762/bjnano.6.259.

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Chemiresistors are a class of sensitive electrical devices capable of detecting (bio)chemicals by simply monitoring electrical resistance. Sensing based on surface enhanced Raman scattering (SERS) represents a radically different approach, in which molecules are optically detected according to their vibrational spectroscopic fingerprint. Despite different concepts are involved, one can find in the literature examples from both categories reporting sensors made of gold nanoparticles. The same building blocks appear because both sensor classes share a common principle: nanometric interparticle gaps are needed, for electron tunneling in chemiresistors, and for enhancing electromagnetic fields by plasmon coupling in SERS-based sensors. By exploiting such nano-gaps in self-assembled films of gold nanoparticles, we demonstrate the proof of concept of a dual electrical/optical sensor, with both chemiresistive and SERS capabilities. The proposed device is realized by self-assembling 15 nm gold nanoparticles into few micrometers-wide strips across commercially available interdigitated electrodes. The dual-mode operation of the device is demonstrated by the detection of a biologically relevant model analyte, 4-mercaptophenyl boronic acid.

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Xu, Lijun, Yijia Zhou, and Bo Yu. "Robust Optimization Model with Shared Uncertain Parameters in Multi-Stage Logistics Production and Inventory Process." Mathematics 8, no. 2 (February 7, 2020): 211. http://dx.doi.org/10.3390/math8020211.

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In this paper, we focus on a class of robust optimization problems whose objectives and constraints share the same uncertain parameters. The existing approaches separately address the worst cases of each objective and each constraint, and then reformulate the model by their respective dual forms in their worst cases. These approaches may result in that the value of uncertain parameters in the optimal solution may not be the same one as in the worst case of each constraint, since it is highly improbable to reach their worst cases simultaneously. In terms of being too conservative for this kind of robust model, we propose a new robust optimization model with shared uncertain parameters involving only the worst case of objectives. The proposed model is evaluated for the multi-stage logistics production and inventory process problem. The numerical experiment shows that the proposed robust optimization model can give a valid and reasonable decision in practice.

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GUARINI, GIULIO, and JOSÉ LUIS OREIRO. "An ecological view of New Developmentalism: a proposal of integration." Brazilian Journal of Political Economy 42, no. 1 (March 2022): 244–55. http://dx.doi.org/10.1590/0101-31572022-3310.

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ABSTRACT Article aims to integrate New Developmentalism with Ecological View by means of the concepts of Ecological Structural Change (ESC) and Eco-Developmental Class-Coalition (EDCC). ESC means to increase the share of green manufacturing sector in GDP and employment for increasing the environmental efficiency of the economy. Exchange rate overvaluation caused by Dutch disease and growth with foreign savings can harm green manufacturing industries even more than brown manufacturing industries. ESC needs the existence of an EDCC that can be made difficult to occur if exchange rate over-valuation is not removed through taxes over commodities exports, capital controls and a dual mandate for the Central Bank.

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Linton, J. P., J. Y. Yen, E. Selby, Z. Chen, J. M. Chinsky, K. Liu, R. E. Kellems, and G. F. Crouse. "Dual bidirectional promoters at the mouse dhfr locus: cloning and characterization of two mRNA classes of the divergently transcribed Rep-1 gene." Molecular and Cellular Biology 9, no. 7 (July 1989): 3058–72. http://dx.doi.org/10.1128/mcb.9.7.3058-3072.1989.

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The mouse dihydrofolate reductase gene (dhfr) is a housekeeping gene expressed under the control of a promoter region embedded in a CpG island--a region rich in unmethylated CpG dinucleotides. A divergent transcription unit exists immediately upstream of the dhfr gene which is coamplified with dhfr in some but not all methotrexate-resistant cell lines. We show that the promoter region for this gene pair consists of two bidirectional promoters, a major and minor promoter, which are situated within a 660-base-pair region upstream of the dhfr ATG translation initiation codon. The major promoter controls over 90% of dhfr transcription, while the minor promoter directs the transcription of the remaining dhfr mRNAs. The major promoter functions bidirectionally, transcribing a divergent 4.0-kilobase poly(A) mRNA (class A) in the direction opposite that of dhfr transcription. The predicted protein product of this mRNA is 105 kilodaltons. The minor promoter also functions bidirectionally, directing the transcription of at least two divergent RNAs (class B). These RNAs, present in quantities approximately 1/10 to 1/50 that of the class A mRNAs, are 4.4- and 1.6-kilobase poly(A) mRNAs. cDNAs representing both class A and class B mRNAs have been cloned from a mouse fibroblast cell line which has amplified the dhfr locus (3T3R500). DNA sequence analysis of these cDNAs reveals that the class A and class B mRNAs share, for the most part, the same exons. On the basis of S1 nuclease protection analysis of RNA preparations from several mouse tissues, both dhfr and divergent genes showed similar levels of expression but did show some specificity in start site utilization. Computer homology searches have revealed sequence similarity of the divergent transcripts with bacterial genes involved in DNA mismatch repair, and we therefore have named the divergently transcribed gene Rep-1.

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Linton, J. P., J. Y. Yen, E. Selby, Z. Chen, J. M. Chinsky, K. Liu, R. E. Kellems, and G. F. Crouse. "Dual bidirectional promoters at the mouse dhfr locus: cloning and characterization of two mRNA classes of the divergently transcribed Rep-1 gene." Molecular and Cellular Biology 9, no. 7 (July 1989): 3058–72. http://dx.doi.org/10.1128/mcb.9.7.3058.

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The mouse dihydrofolate reductase gene (dhfr) is a housekeeping gene expressed under the control of a promoter region embedded in a CpG island--a region rich in unmethylated CpG dinucleotides. A divergent transcription unit exists immediately upstream of the dhfr gene which is coamplified with dhfr in some but not all methotrexate-resistant cell lines. We show that the promoter region for this gene pair consists of two bidirectional promoters, a major and minor promoter, which are situated within a 660-base-pair region upstream of the dhfr ATG translation initiation codon. The major promoter controls over 90% of dhfr transcription, while the minor promoter directs the transcription of the remaining dhfr mRNAs. The major promoter functions bidirectionally, transcribing a divergent 4.0-kilobase poly(A) mRNA (class A) in the direction opposite that of dhfr transcription. The predicted protein product of this mRNA is 105 kilodaltons. The minor promoter also functions bidirectionally, directing the transcription of at least two divergent RNAs (class B). These RNAs, present in quantities approximately 1/10 to 1/50 that of the class A mRNAs, are 4.4- and 1.6-kilobase poly(A) mRNAs. cDNAs representing both class A and class B mRNAs have been cloned from a mouse fibroblast cell line which has amplified the dhfr locus (3T3R500). DNA sequence analysis of these cDNAs reveals that the class A and class B mRNAs share, for the most part, the same exons. On the basis of S1 nuclease protection analysis of RNA preparations from several mouse tissues, both dhfr and divergent genes showed similar levels of expression but did show some specificity in start site utilization. Computer homology searches have revealed sequence similarity of the divergent transcripts with bacterial genes involved in DNA mismatch repair, and we therefore have named the divergently transcribed gene Rep-1.

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Heier, Christopher R., Qing Yu, Alyson A. Fiorillo, Christopher B. Tully, Asya Tucker, Davi A. Mazala, Kitipong Uaesoontrachoon, et al. "Vamorolone targets dual nuclear receptors to treat inflammation and dystrophic cardiomyopathy." Life Science Alliance 2, no. 1 (February 2019): e201800186. http://dx.doi.org/10.26508/lsa.201800186.

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Cardiomyopathy is a leading cause of death for Duchenne muscular dystrophy. Here, we find that the mineralocorticoid receptor (MR) and glucocorticoid receptor (GR) can share common ligands but play distinct roles in dystrophic heart and skeletal muscle pathophysiology. Comparisons of their ligand structures indicate that the Δ9,11 modification of the first-in-class drug vamorolone enables it to avoid interaction with a conserved receptor residue (N770/N564), which would otherwise activate transcription factor properties of both receptors. Reporter assays show that vamorolone and eplerenone are MR antagonists, whereas prednisolone is an MR agonist. Macrophages, cardiomyocytes, and CRISPR knockout myoblasts show vamorolone is also a dissociative GR ligand that inhibits inflammation with improved safety over prednisone and GR-specific deflazacort. In mice, hyperaldosteronism activates MR-driven hypertension and kidney phenotypes. We find that genetic dystrophin loss provides a second hit for MR-mediated cardiomyopathy in Duchenne muscular dystrophy model mice, as aldosterone worsens fibrosis, mass and dysfunction phenotypes. Vamorolone successfully prevents MR-activated phenotypes, whereas prednisolone activates negative MR and GR effects. In conclusion, vamorolone targets dual nuclear receptors to treat inflammation and cardiomyopathy with improved safety.

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Aparicio, P., D. Jaraquemada, and J. A. López de Castro. "Alloreactive cytolytic T cell clones with dual recognition of HLA-B27 and HLA-DR2 antigens. Selective involvement of CD8 in their class I--directed cytotoxicity." Journal of Experimental Medicine 165, no. 2 (February 1, 1987): 428–43. http://dx.doi.org/10.1084/jem.165.2.428.

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HLA-B27- responder cells were stimulated in vitro with HLA-B27.1+ lymphoblastoid cell lines, and alloreactive CTL clones were obtained by limiting dilution. Three of these clones specifically lysed B27.1+ targets. In addition, they also lysed homozygous DR2 targets with various degrees of efficiency, depending on the Dw specificity of the target cell. All three clones possessed a homogeneous CD3+,CD8+,CD4- phenotype and were also homogeneous upon subcloning. Cold-target inhibition analyses showed mutual inhibition of B27.1 target lysis by DR2 targets and vice versa. Lysis of B27.1 targets was selectively inhibited by anti-class I mAbs. In contrast, lysis of DR2 targets was inhibited only by anti-class II and anti-DR monomorphic antibodies, but not by anti-class I, anti-DQw1, or anti-DP antibodies. The results indicate that these clones display dual recognition for HLA-B27.1 and for HLA-DR2 and suggest that HLA-B27.1 may share at least one epitope that is closely related to some stimulatory Dw determinants present on the HLA-DR2 antigens. Lysis of both B27+ and DR+ targets was inhibited by an anti-CD3 mAb. In contrast, an anti-CD8 antibody selectively inhibited the B27- but not the DR2-directed killing by these clones. The data support a stabilizing role of CD8 through its binding to the same class I (but not class II) molecule on the target cell bound by the T cell antigen receptor.

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45

Lu, Jun, and Zhen Shi. "Does improved disclosure lead to higher executive compensation? Evidence from the conversion to IFRS and the dual-class share system in China." Journal of Corporate Finance 48 (February 2018): 244–60. http://dx.doi.org/10.1016/j.jcorpfin.2017.11.004.

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CHAKRABARTI, SAYAN K., KUMAR S. GUPTA, and SIDDHARTHA SEN. "UNIVERSAL NEAR-HORIZON CONFORMAL STRUCTURE AND BLACK HOLE ENTROPY." International Journal of Modern Physics A 23, no. 16n17 (July 10, 2008): 2547–61. http://dx.doi.org/10.1142/s0217751x08040482.

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It is shown that a massless scalar probe reveals a universal near-horizon conformal structure for a wide class of black holes, including the BTZ. The central charge of the corresponding Virasoro algebra contains information about the black hole. With a suitable quantization condition on the central charge, the CFT associated with the black hole in our approach is consistent with the recent observation of Witten, where the dual theory for the BTZ in the AdS/CFT framework has been identified with the construction of Frenkel, Lepowsky and Meurman. This CFT admits the Fischer–Griess monster group as its symmetry. The logarithm of the dimension of a specific representation of the monster group has been identified by Witten as the entropy of the BTZ black hole. Our algebraic approach shows that a wide class of black holes share the same near-horizon conformal structure as that for the BTZ. With a suitable quantization condition, the CFT's for all these black holes in our formalism can be identified with the FLM model, although not through the AdS/CFT correspondence. The corresponding entropy for the BTZ provides a lower bound for the entropy of this entire class of black holes.

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Lightman, Naomi, and Claire Link. "Gender, Class and the Cost of Unpaid Care: An Analysis of 25 Countries." Journal of Comparative Family Studies 52, no. 2 (June 2021): 206–44. http://dx.doi.org/10.3138/jcfs-52-2-004.

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This article examines the relationship between gender, class and unpaid care for children and elderly household members across twenty-five countries. Using the microdata files of the 2015–2017 Luxembourg Income Study, we demonstrate that household income quintile shapes the relationship between resident caregiving and a) women’s diminished share of household income and b) the associated “wage penalty” women experience in paid employment, examining dual-headed heterosexual households and grouping countries at varying levels of GDP per capita. Our analyses demonstrate that both eldercare and childcare have a negative impact on women’s economic outcomes, yet the effects of both types of unpaid care vary across class. Overall, childcare has a larger impact for women in lower income households, while eldercare has a larger impact for women in higher income households. However, the wage penalties experienced by wealthier women due to either type of potential care responsibilities are considerably less than those experienced by women in poorer households. Together, these data suggest that unpaid resident caregiving has effects that are both highly gendered and highly classed, leading to intersectional disadvantages for women performing unpaid care within poorer households across countries, and with effects that, in some cases, are further amplified within low-GDP countries.

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48

Ho, John Kong Shan. "Allowing dual class share structure companies in the Premium listing segment of the London Stock Exchange: appreciating international experiences and recognizing local conditions." Capital Markets Law Journal 16, no. 3 (July 1, 2021): 356–90. http://dx.doi.org/10.1093/cmlj/kmab016.

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Corianò, Claudio, and Matteo Maria Maglio. "The Generalized Hypergeometric Structure of the Ward Identities of CFT’s in Momentum Space in d > 2." Axioms 9, no. 2 (May 14, 2020): 54. http://dx.doi.org/10.3390/axioms9020054.

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We review the emergence of hypergeometric structures (of F4 Appell functions) from the conformal Ward identities (CWIs) in conformal field theories (CFTs) in dimensions d > 2. We illustrate the case of scalar 3- and 4-point functions. 3-point functions are associated to hypergeometric systems with four independent solutions. For symmetric correlators, they can be expressed in terms of a single 3K integral—functions of quadratic ratios of momenta—which is a parametric integral of three modified Bessel K functions. In the case of scalar 4-point functions, by requiring the correlator to be conformal invariant in coordinate space as well as in some dual variables (i.e., dual conformal invariant), its explicit expression is also given by a 3K integral, or as a linear combination of Appell functions which are now quartic ratios of momenta. Similar expressions have been obtained in the past in the computation of an infinite class of planar ladder (Feynman) diagrams in perturbation theory, which, however, do not share the same (dual conformal/conformal) symmetry of our solutions. We then discuss some hypergeometric functions of 3 variables, which define 8 particular solutions of the CWIs and correspond to Lauricella functions. They can also be combined in terms of 4K integral and appear in an asymptotic description of the scalar 4-point function, in special kinematical limits.

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Martinez-Diaz, Hilda, B. K. Kleinschmidt-DeMasters, Suzanne Z. Powell, and Anthony T. Yachnis. "Giant Cell Glioblastoma and Pleomorphic Xanthoastrocytoma Show Different Immunohistochemical Profiles for Neuronal Antigens and p53 but Share Reactivity for Class III β-Tubulin." Archives of Pathology & Laboratory Medicine 127, no. 9 (September 1, 2003): 1187–91. http://dx.doi.org/10.5858/2003-127-1187-gcgapx.

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Abstract Context.—Giant cell glioblastoma multiforme (GCGBM) and pleomorphic xanthoastrocytoma (PXA) are clinically, radiographically, and histologically distinct tumors of the central nervous system. However, they share features of gross circumscription, reticulin deposition, lymphocytic infiltrates, and prominent populations of tumor giant cells. Neuronal antigens have been detected in the neoplastic cells of PXAs, but to our knowledge have not been studied previously in GCGBMs. While TP53 is mutated in most GCGBMs, a feature usually paralleled by strong immunostaining of the protein, the expression pattern of PXAs has not been extensively studied. Objectives.—To compare the immunoprofiles of GCGBM and PXA with regard to neuronal antigens and p53 and to evaluate the potential diagnostic utility of such a panel. Design.—Archival paraffin sections of 9 GCGBMs and 9 PXAs were immunostained for class III β-tubulin, neuronal nuclear antigen, neurofilament protein, synaptophysin, glial fibrillary acidic protein, and p53. Results.—Giant cell glioblastomas were strongly immunoreactive for class III β-tubulin and glial fibrillary acidic protein, but showed only rare staining for the other neuronal polypeptides. In contrast, PXAs usually showed at least focal staining of individual tumor cells for most of the neuronal antigens tested. Tubulin was strongly positive in tumor giant cells and in smaller neoplastic cells of both tumor types. Double-immunolabeling revealed distinct populations of tumor cells that expressed either glial fibrillary acidic protein or tubulin and dual-labeling of individual cells in GCGBM and PXA. Strong p53 staining was observed in many tumor cells in 5 of 8 GCGBMs tested, while staining for this antigen was negative or focally positive in 6 of 8 PXAs examined. Conclusions.—Giant cell glioblastoma multiforme and PXA show distinct patterns of immunoreactivity for neuronal antigens and p53 that may be useful diagnostically in difficult cases or in limited samples. These results provide further evidence of neuronal antigen expression by PXA.

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Journal articles on the topic 'Dual Class Share'

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