Superior vs. Inferior Voting Shares： Price Premium or Discount？  

作　　者：Yan He Junbo Wang Chunchi Wu 

机构地区：[1]Indiana University Southeast, Indiana, U.S.A. [2]City University of Hong Kong, Hong Kong, China [3]State University of New York at Buffalo, New York, U.S.A,

出　　处：《Journal of Modern Accounting and Auditing》2016年第6期306-318,共13页现代会计与审计（英文版）

摘　　要：This paper analyzes the price difference between superior voting （SV） and inferior voting （IV） shares for three dual-class firms： Farmer Mac as a big price discount case, Fox as a price similarity case, and Heico as a big price premium case. We show that the price difference is mainly affected by the control benefit, while voting power and liquidity are also relevant factors. We suggest that the control benefit can be revealed by examining share accumulation and firm performance.

关 键 词：superior voting （SV） inferior voting （IV） price premium price discount dual classes 

分 类 号：F274[经济管理—企业管理] F279.241[经济管理—国民经济]