题目：One-Share-One-Vote and Dual-Class Shares in the Laboratory

主讲人：包特 副教授

时间：2022年5月26日 14：30

地点：腾讯会议 会议号：797 762 442

内容摘要：We test the seminal Grossman and Hart (1988) model on the optimality of the one-share-one-vote share structure against the dual-class share structure in a laboratory experiment. Our result shows qualitative support to their theoretical prediction asserting that the more efficient contender of control (incumbent or raider) is more likely to win the takeover contest under one-share-one-vote than under dual-class shares. It is interesting to note that contenders generally submit tender-offer prices higher than their maximum willingness to pay predicted by theory in all our treatments. However, the price deviation from the fundamental value is smaller under one-share-one-vote than under dual-class shares. Overall, our results show supportive evidence for better allocation and information efficiency of one-share-one-vote and draw attention to some practical issues when the theory is applied to real market settings.

主讲人简介：包特，新加坡南洋理工大学经济学长聘副教授。主要研究领域为实验经济学、行为金融和计算经济学。在Economic Journal, European Economic Review, Experimental Economics, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control等国际期刊和《经济研究》、《世界经济》、《管理世界》、《管理科学学报》等国内期刊发表论文30余篇。担任Singapore Economic Review副主编和多家学术期刊和科研基金的外部评审。