Academic literature on the topic 'Dual Class Share'
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Journal articles on the topic "Dual Class Share":
1
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.
Abstract:
“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.
2
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.
Abstract:
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.
Abstract:
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.
Abstract:
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.
Abstract:
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.
Dissertations / Theses on the topic "Dual Class Share":
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Fronterrè, Vittoria. "Voto plurimo e voto maggiorato. Dual class share statunitense ed europea a confronto." Doctoral thesis, Università di Siena, 2022. http://hdl.handle.net/11365/1185036.
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Il lavoro si propone di esporre e valutare l’evoluzione del dibattito dottrinale in Italia circa le azioni "multiplo", sia prima che dopo la riforma del 2014, e di valutare l’efficienza delle norme adottate nel nostro ordinamento al fine di renderlo attrattivo, in particolare, per gli investitori ma anche al fine di tutelare gli azionisti di minoranza contro gli abusi dei gruppi di controllo detentori di azioni a voto multiplo.
Al fine di fornire un quadro quanto più completo possibile, la tesi effettua una comparazione con l’evoluzione legislativa degli altri Paesi europei e degli USA. Infatti, la globalizzazione e la libera concorrenza rendono necessario un confronto sui mercati tra società di nazionalità differenti, che, specie se di grandi dimensioni, scelgono di assoggettarsi ad un ordinamento piuttosto che ad un altro per poter essere più competitive: in un sistema in cui è necessario effettuare ciclicamente nuovi investimenti per l’innovazione, lo strumento delle azioni a voto multiplo costituisce un importante mezzo per smobilitare i capitali necessari al reinvestimento.
Al fine di dare un quadro, il più completo possibile, della situazione dei mercati europei ed internazionali circa le azioni a voto plurimo, è stato necessario, innanzitutto, effettuare un’analisi della più risalente legislazione e dottrina sia continentale che statunitense. L’analisi di quest’ultima, infatti, riveste un’importanza fondamentale al fine di poter trarre delle conclusioni circa i possibili futuri scenari cui il nostro Paese potrebbe andare incontro. In seguito alle evoluzioni dei mercati ed all’avvento dell’Unione Europea, si è cercato di dar conto dell’influenza che essa ha avuto sui mercati dei singoli Stati membri. Nell’ultima parte del lavoro si da conto delle modifiche apportate nel nostro Paese con la riforma del 2014.
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Pajuste, Anete. "Corporate governance and controlling shareholders." Doctoral thesis, Handelshögskolan i Stockholm, Finansiell Ekonomi (FI), 2004. http://urn.kb.se/resolve?urn=urn:nbn:se:hhs:diva-537.
Abstract:
The classical corporation, as described by Berle and Means (1932), was characterized by ownership that is dispersed between many small shareholders, yet control was concentrated in the hands of managers. This ownership structure created the conflict of interest between managers and dispersed shareholders. More recent empirical work (see, e.g., La Porta et al. (1999) and Barca and Becht (2001)) has shown that ownership in many countries around the world is typically concentrated in the hands of a small number of large shareholders. As a result, an equally important agency conflict arises between large controlling shareholders and minority shareholders. On the one hand, large shareholders can benefit minority shareholders by monitoring managers (Shleifer and Vishny, 1986, 1997). On the other hand, large shareholders can be harmful if they pursue private goals that differ from profit maximization or if they reduce valuable managerial incentives (Shleifer and Vishny, 1997; and Burkart et al., 1997). In the presence of several large shareholders, a conflict of interest may arise between these controlling shareholders (see, e.g., Zwiebel (1995), Pagano and Röell (1998), and Bennedsen and Wolfenzon (2000)). They can compete for control, monitor each other, or form controlling coalitions to share private benefits. The question arises as to what determines the role of controlling shareholders in various firm policies and performance. Previous literature has noted that the incentives to expropriate minority shareholders are often exacerbated by the fact that the capital invested by the controlling shareholders is relatively lower than the voting control they achieve through the use of dual class shares (i.e., shares with differential voting rights) or stock pyramids (e.g., Claessens et al., 2002). Moreover, the identity of the shareholder (e.g., family vs. financial institution) is important for understanding the role of controlling shareholders (see, e.g., Holderness and Sheehan (1988), Volpin (2002), Claessens et al. (2002), and Burkart et al. (2003)). Using Swedish data, Cronqvist and Nilsson (2003) show that the agency costs of family owners are larger than the agency costs of other controlling owners. The role of controlling shareholders in transition countries is exacerbated by the fact that the legal and general institutional environment remains underdeveloped. In such an environment, strong owners may be the second best option to weak legal protection of investors (La Porta et al., 1997, 1998). The transition countries of central and eastern Europe are experiencing increasingly concentrated control structures, typically with the controlling owner actively involved in the management of the firm (Berglöf and Pajuste, 2003). Moreover, experience from transition countries suggests that foreign direct investment, where investors take controlling positions, have been critical to the successful restructuring of privatized firms. This thesis consists of four self-contained chapters that empirically examine various corporate governance issues. The common theme throughout the thesis is the focus on large shareholders, their identity, as well as to whether they deviate from the principle of one share-one vote. In particular, I examine the effect of large shareholders on firm value (in the first and third chapters), dividend policies (in the second chapter), and stock returns (in the final chapter). The first two chapters employ the data from Finland, the third looks at companies in seven European countries where deviations from one share-one vote are common, and the final one explores the evidence from transition countries.Diss. Stockholm : Handelshögskolan, 2004
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Hoffmann-Burchardi, Ulrike. "Dual-class shares, initial public offerings and the market for corporate control." Thesis, London School of Economics and Political Science (University of London), 2000. http://etheses.lse.ac.uk/1551/.
Abstract:
This dissertation focuses on two central capital market transactions, takeovers and initial public offerings (IPOs), from both a theoretical and an empirical point of view. After an introductory chapter, the first two chapters analyse how minority shareholders are affected by a change in take-over regulation (introduction of the mandatory bid rule) in Germany in 1995. The last chapter focuses on the pricing and timing of going-public transactions. Chapter 2 focuses on the absolute wealth effect of the mandatory bid rule and formalises the trade-off minority shareholders of corporate raiders face with respect to the adoption of a mandatory tender offer after a shift in control. Under plausible assumptions about the distribution of security and control benefits, minority shareholders of acquirers profit from the adoption of the mandatory bid rule. A subsequent empirical study supports this hypothesis by measuring the stock price effects after the acceptance of the German Takeover Code. Chapter 3 uses a dataset of German dual-class shares during 1988-1997 to study how the change of corporate governance rules affects the price differential between voting and non-voting stock. First, the chapter discusses how mechanisms to separate control from cash-flow rights relate to the value of control. Second, the chapter analyses how minority voting and non-voting shareholders participate in transfers of corporate control under the alternative regulatory structures pre- and post- 1995. By providing an analysis of sequential going-public decisions. Chapter 4 outlines conditions under which the likelihood of a second IPO increases after a first firm has gone public ('hot issue markets'). Two effects can trigger the rise of hot issue markets in a setting with asymmetric and costly information about both firm quality and industry prospects: risk-induced selling pressure and informational free-riding on the industry news conveyed by a first IPO. Finally, the model offers an explanation for the empirical finding that hot issue markets exhibit a higher degree of underpricing than cold issue markets.
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Crucil, A. "ALLOCAZIONE NON PROPORZIONALE DEL DIRITTO DI VOTO E MASSIMIZZAZIONE DEL VALORE DELLA SOCIETÀ: TEORIA E PRASSI DELLE DUAL CLASS SHARES STATUNITENSI." Doctoral thesis, Università degli Studi di Milano, 2016. http://hdl.handle.net/2434/349464.
Abstract:
Il lavoro analizza le determinanti e gli effetti sul valore della società di una struttura azionaria c.d. dual class, composta da due categorie di azioni distinte dal diverso potere di voto attribuito a ciascuna categoria. A tal fine, la Prima Parte approfondisce gli studi teorici ed empirici relativi agi emittenti quotati dual class negli Stati Uniti; la Seconda Parte focalizza l’indagine su un selezionato campione di emittenti, le società editrici di quotidiani, per verificare se in questo settore le dual class svolgano in effetti la funzione di tutelare l’integrità editoriale dei giornali, proteggendoli dalla pressione alla massimizzazione dei profitti esercitata dal mercato azionario.The thesis analyses the determinants and effects on firm value of listed companies of a dual class share structure, made of two classes of shares with different voting power. Part I examines the theoretical and empirical studies concerning dual class companies in the United States; Part II focuses on a selected group of companies, the publishing companies, to verify whether in this sector dual class structures help safeguard the editorial integrity of newspapers, protecting them from the market pressure to maximize profits.
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Bolin, Patrick, and Carl Widerberg. "Payout policy in family firms : A study on payout levels and dividend smoothing in Sweden." Thesis, Uppsala universitet, Företagsekonomiska institutionen, 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-387906.
Abstract:
This study investigates payouts in Swedish family firms by focusing on both the level and speed of adjustment of dividends. In addition, the use of dual-class shares in family firms is examined to further identify potential drivers of payout differences between family-controlled companies and non-family firms. Agency theory and previous studies suggest that high and stable payouts are used by controlling families to mitigate minority shareholders’ concerns of being expropriated. We find that family firms in Sweden do not differ from non-family firms in their payouts. The results could be seen as an indication of expropriation if minority shareholders should be compensated for higher agency costs, but it could also be that family control does not worsen agency conflicts between majority and minority shareholders. Rather, other ownership structures such as the use of dual-class shares to gain control in excess of ownership seem to be associated with higher levels of payouts. Neither do family firms smooth their dividends more than non-family firms. Instead, they adapt towards their target dividend at a higher pace.
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Kim, Soohyung. "TWO ESSAYS ON CORPORATE FINANCE." UKnowledge, 2015. http://uknowledge.uky.edu/finance_etds/5.
Abstract:
This dissertation consists of two essays on corporate finance. The first essay investigates the relationship between dual-class shares and firm’s risk-taking. While costs associated with dual-class shares are widely documented, the benefits are seldom studied in the literature. We attempt to fill this gap and find that dual-class firms tend to have fewer business segments, higher volatilities in their cash flows, earnings, and investment opportunities compared to propensity-matched single-class firms. Business segments within a dual-class firm are also more positively correlated in their cash flows, earnings, or investment opportunities than those in single-class firms. The results are consistent with the hypothesis that dual-class shares can potentially shield insiders from short-term market pressure so they can focus on riskier projects to enhance long-term shareholder value. To provide a possible channel through which dual-class firms can increase corporate risk-taking, we examine one of the most important corporate investment decisions: mergers and acquisitions (M&As). Dual-class firms are more likely to engage in M&As, especially nondiversifying M&As. Corporate risks increase following M&As, and the increase is more for dual-class firms than for single-class firms.
The second essay shows how CEO skills affect operating performance using a sample of 109 spin-offs from 1994 to 2009. Since a variety of studies indicate that firms in need of external financing are more likely to engage in spin-offs, we hypothesize that parent firms prefer to appoint financial experts as CEOs at spun-off units around spin-off transactions. We find that appointing spun-off unit CEOs with financial expertise brings significant and positive wealth effects. Furthermore, the CEOs with financial expertise significantly improve firms’ access to capital markets and subsequent operating performance. Conversely, we do not observe positive wealth effects at the spin-off announcement or improved operating performance following spin-offs when parent firms decide to assign non-financial experts as spun-off unit CEOs.
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Qvennerstedt, Eric, and William Svensson. "Pairs trading on the Swedish equity market; Cointegrate and Capitalize." Thesis, Uppsala universitet, Statistiska institutionen, 2018. http://urn.kb.se/resolve?urn=urn:nbn:se:uu:diva-353020.
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This thesis investigates the long- and short- run stability of Cointegrated dual share equity pairs on the Swedish Equity Market. Testing for a cointegrated relationship on each pair are executed for a 13 year period to establish the cointegrated pairs. The stability of each cointegrated pair is then estimated using a rolling two year period. An Arbitrage Trading strategy is applied to the cointegrated pairs for the following one year period. The long-run relationship of the pairs are found to be stable. The short-term relationship varies from pair to pair, where some pairs break their cointegrated relationship for some time periods. But generally, most pairs are stable over the short- term as well. The trading strategy generate the highest returns during volatile market conditions and underperforms during positive market conditions with low volatility. The Sharpe ratio is far better than the Index during the whole period.
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Bäckström, Martin, and Fredrik Lundin. "Röstförstärkande Mekanismer : En studie om svenskt bolagsägande." Thesis, Södertörns högskola, Institutionen för samhällsvetenskaper, 2017. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-32899.
Abstract:
The ownership structure in Sweden is characterized by a few controlling owners who often base their ownership of a lower capital investment than in many other countries. The separation of ownership and control is determined by control-boosting mechanisms and is a constantly debated topic. These mechanisms are used to control companies without having to bear the bulk of the capital, and the criticism centers around concerns that companies with control-boosting mechanisms are not managed as well as companies without them. The purpose of the study was to examine the use of control enhancing mechanisms and its effect on the market value of Swedish companies on Nasdaq Stockholm. The study adopted a quantitative form with hypotheses testing. The data collection has been made through annual reports of the sample and then statistically tested in SPSS through multiple regression. The use of vote-strong shares was shown to have a strong positive effect on the value of a company. Minor effects proven came from the difference between the largest owner's voting share and capital contribution, and of the percentage of the total votes held by the largest owner. These two, however, counteracted each other in approximately equal amounts. Not offering their vote-strong shares to on the public exchange is suggested to be strongly negative, but this could not be ascertained. Type of ownership and age were both insignificant in their ability to explain company value.
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Reis, Diogo Anunciação. "Determinantes do diferencial de preço entre classes de ações: evidências do mercado brasileiro no período de 2002 a 2014." reponame:Repositório Institucional do FGV, 2015. http://hdl.handle.net/10438/13430.
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Este trabalho tem por objetivo contribuir para a discussão acerca do diferencial relativo de preços entre duas classes de ações - ordinárias nominativas (ON) e preferenciais nominativas (PN) - no Brasil e os seus determinantes no período compreendido entre 2002 e 2014. Considerando-se a disseminada utilização de duas classes de ações (com e sem direito de voto) por empresas listadas na BMFBovespa – permitindo a separação entre controle e propriedade - e a elevada concentração do controle, este trabalho contribui para o entendimento dos potenciais conflitos de interesse entre acionistas majoritários e minoritários. Utilizou-se o método de mínimos quadrados ordinários (MQO) e os procedimentos de efeitos fixos (EF) e aleatórios (EA) para um painel formado por 46 companhias listadas resultando em 1.653 observações. Foram encontradas evidências de que as ações ON (com direito a voto) são negociadas com prêmio em relação às PN (sem direito a voto) e de que o prêmio (pelo voto) apresenta leve tendência de alta durante o período. Por fim, em relação aos determinantes, foram encontradas evidências de que o maior grau de proteção aos acionistas minoritários, o tamanho da empresa e a maior proporção de ativos tangíveis (imobilizados) estão negativamente associados ao prêmio pelo voto.
This paper aims to contribute to the discussion about dual-class premium (voting and non-voting shares) and its determinants in Brazil from 2002 to 2014. Considering the disseminated issuance of voting and non-voting shares by Brazilian listed firms – allowing the separation of ownership and control – and concentrated ownership, this paper contributes to the understanding of potencial conflicts of interest between majority and minority shareholders. This paper applies the ordinary least square (OLS) method and the procedures of fixed (FE) and random effects (RE) for a panel of 46 listed companies resulting in 1.653 observations. We found evidence that supports a premium of voting shares over non-voting shares (voting Premium). Furthermore, this premium presented a slight upward trend during the period. Finally, regarding the determinants, we found evidence that higher protection levels of minority shareholders rights, firm’s size and higher proportion of tangible assets are negatively associated to voting premium.
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Chen, Yinghong. "Essays on voting power, corporate governance and capital structure." Göteborg : Dept. of Economics [Nationalekonomiska institutionen], Univ, 2004. http://www.handels.gu.se/epc/archive/00003821/01/ChendissNE.pdf.
Books on the topic "Dual Class Share":
1
Hoffmann-Burchardi, Ulrike. Corporate governance rules and the value of control: A study of German dual-class shares. London: London School of Economics, Financial Markets Group, 1999.
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Anand, Anita. Governance Complexities in Firms with Dual Class Shares. Now Publishers, 2018.
Book chapters on the topic "Dual Class Share":
1
Anand, Anita Indira. "Policy Choices and Conclusions." In Shareholder-driven Corporate Governance, 101–4. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190096533.003.0007.
Abstract:
This concluding chapter argues that the nexus-of-contract model continues to bear importance in analyses of the corporation but that this model only explains part of the story. While the corporation is certainly a hub of contractual relationships, it remains subject to the increasingly important phenomenon of shareholder-driven corporate governance (SCG). The chapter examines policy choices in a regime that allows and facilitates SCG. SCG is a trend to be observed, but it is also an ideal to be achieved. Achieving this ideal calls for greater shareholder participation in corporate governance, a weighty objective that can be reached by providing shareholders with the ability to nominate directors, imposing protections in dual-class share companies, and imposing restrictions on executive compensation, for example.
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"Polytopes Dual to Higher-Dimensional Polytopes." In The Classes of Higher Dimensional Polytopes in Chemical, Physical, and Biological Systems, 221–53. IGI Global, 2022. http://dx.doi.org/10.4018/978-1-7998-8374-6.ch008.
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The transitions from regular and semi-regular polytopes of various dimensions to dual polytopes are considered in detail. It is shown that any deviation of polytopes from the correct forms leads, in their dual modifications, to new classes of polytopes. Polytopes dual to the products of polytopes form the class of polyincidental polytopes. Their images are given, and their composition is precisely indicated. For example, the polytope dual to the product of a decagon and a decagon contains 100 tetrahedra. All of them are listed by vertices in the dual polytope. Regularly faceted polytopes with a large number of different types of gonohedrons (polytypichedron and polytypictops) for dual transitions form a new class of polytopes with faces of irregular shape and, accordingly, a new type of gonohedron. This can be important in the analysis of chemical structures, often characterized by deviations from regular geometric shapes.
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Hartsfield, Danielle E., and Angelica Marquez. "Implementing Constructive Controversy in a Hybrid Children's Literature Course." In Advances in Early Childhood and K-12 Education, 235–56. IGI Global, 2021. http://dx.doi.org/10.4018/978-1-7998-7375-4.ch012.
Abstract:
Constructive controversy is a cooperative learning approach that invites students to research and present both sides of an issue. This approach has many positive outcomes; these include improving academic achievement and motivation, fostering interpersonal relationships, and encouraging students to consider multiple perspectives. This chapter describes the implementation of constructive controversy in a hybrid children's literature course for undergraduate students in an elementary/special education dual major program. Students in the class investigated and discussed several critical issues in the children's literature field. Students' perspectives of participating in constructive controversy are shared, and recommendations are made to support instructors seeking to implement constructive controversy in hybrid or online classroom settings.
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Jacobsen, Kristina M. "The Intimate Nostalgia of Diné Country Music." In Sound of Navajo Country. University of North Carolina Press, 2017. http://dx.doi.org/10.5149/northcarolina/9781469631868.003.0001.
Abstract:
The introduction examines how Navajos strategically use sound, and speech and song in particular, in their social spaces and provides a history of country music performance on the Navajo Nation. Through a dual ethnographic focus on music and language, I consider how some expressions of Navajo identity are flexible and negotiated, while others—for example, an affective attachment to place and the lived experience of being from what Supreme Court Chief Justice John Marshall called a “domestic dependent nation”—are private, nonnegotiable, and often not shared in public contexts such as bars and chapter houses at all. Thus, musical and linguistic performances of Navajoness—also sometimes locally parsed in the broader frames of being Native, Indian and, less often, as “indigenous”—are publicly celebrated. Other expressions of identity—for example the culturally intimate use of the Navajo term for a working-class rube from the “sticks” known as a “jaan”—are elided or hidden from an outsider’s gaze.
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Alborn, Timothy. "Introduction." In All That Glittered, 1–11. Oxford University Press, 2019. http://dx.doi.org/10.1093/oso/9780190603519.003.0001.
Abstract:
Abstract: This chapter provides an overview of the central themes and arguments in the book, a brief chapter outline, and a discussion of research methodology. Besides being in the forefront of commercial credit, Britain also led the way during the eighteenth century in creating and sustaining an intellectual justification for a credit economy based on gold, most clearly articulated in Adam Smith’s Wealth of Nations (1776). Smith’s conjectural history of gold and later modifications hewed closely to the twin categories of class and status, which molded the changing contours of British society during the decades on either side of 1800. Gold’s dual role in this history provides a useful map for exploring Britain’s ascendance during the century after 1750. The dominant British discourse on gold, which privileged its use as currency over decoration, aligns with an interpretation of that century as radically modern, whereby Britain took a comfortable if short-lived lead in the race among nations for wealth and power. Against a forward-looking story that identifies gold as a modernizing motor, the nagging prevalence of decorative gold in Britain and its empire supports a contrary narrative that emphasizes continuity rather than a radical break. In this story, the rise of a modern credit economy shared space with an empire that depended as much on ornamental splendor as on economic and racial subordination and an impulse to draw from the past in order to create a habitable present in the face of rising levels of population and class division.
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Doraiswamy, L. K. "Membrane-Assisted Reactor Engineering." In Organic Synthesis Engineering. Oxford University Press, 2001. http://dx.doi.org/10.1093/oso/9780195096897.003.0033.
Abstract:
Like zeolites that combine shape selectivity with catalysis, membranes combine separation with catalysis to enhance reaction rates. The dual functionality of zeolites derives from the nature of the catalytic material, whereas that of membranes derives from the nature of the reactor material. The catalyst in the membrane reactor can be a part of the membrane itself or be external to it (i.e., placed inside the membrane tube). The chief property of a membrane is its ability for selective permeation or permselectivity with respect to certain compounds. Organic membrane reactions are best carried out in reactors made of inorganic membranes, such as from palladium, alumina, or ceramics. Good descriptions of these reactions and the membranes used are available in many reviews, for example, Gryaznov (1986, 1992), Stoukides (1988), Armor (1989), Govind and Ilias (1989), Bhave (1991), Zaspalis and Burggraaf (1991), Hsieh (1989, 1991), Shu et al. (1991), Shieh (1991), Gellings and Bouwmeister (1992), Tsotsis et al. (1993b), Harold et al. (1994), Saracco and Specchia (1994), Sanchez and Tsotsis (1996). A recent trend has been to develop polymeric-inorganic composite type membranes formed by the deposition of a thin dense polymeric film on an inorganic support (Kita et al., 1987; Rezac and Koros, 1994, 1995; Zhu et al., 1996). Another class of membranes under development for organic synthesis is the liquid membrane (Marr and Kopp, 1982; Eyal and Bressler, 1993). The permselective barrier in this type of membrane is a liquid phase, often containing a dissolved “carrier” or “transporter” that selectively reacts with a specific permeate to enhance its transport rate through the membrane. Our main concern in this chapter will be with inorganic membrane reactors. We commence our treatment with an introduction to the exploitable features of membrane reactors (with no attempt to describe membrane synthesis). Then we describe the main variations in design and operating mode of these reactors, develop performance equations for the more important designs, and compare the performances of some important designs with those of the traditional mixed- and plug-flow reactors. Finally, we present a summary of the applications of membrane reactors in enhancing the rates of organic reactions.
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Price, T. Douglas. "The First Europeans." In Europe before Rome. Oxford University Press, 2013. http://dx.doi.org/10.1093/oso/9780199914708.003.0005.
Abstract:
The story of our human ancestors is a fascinating, but fragmentary, tale. There are lots of missing pages in the book. The further back we go in time, the less evidence is available and the more conjecture is required to fill in the gaps. Our oldest arguably human ancestors are found mostly in East and South Africa, resemble our ape family relatives, and date to more than 6 mya (million years ago). These individuals walked on two feet, the first step on the path to becoming human. Fossils of our ancient ancestors are diagnosed as to genus and species, a dual scientific designation in Latin; a wide range of names have been applied. We modern humans are Homo sapiens. Some of our earliest relatives have species names such as Ardipithecus ramidus, Australopithecus afarensis, and many others. These names are often more confusing than enlightening for anyone but the experts. To make a long story short, there appear to have been several early humanlike ancestors and the exact relationships among them are not clear. These individuals walked on two legs, had relatively small brains, did not use tools, and were largely vegetarian. Sometime around 2.5 mya, however, a clearer line of human evolution emerged with the appearance of the first members of our own genus, Homo, again in East Africa. This area is the center for most of the current research on early human ancestors. There are fossil-containing geological deposits from the appropriate time periods. Many of the earliest human remains have been found in this region. The first Homo is subtitled habilis, or tool-using human. At about this same time, the first evidence for the manufacture of simple stone tools comes to light. These so-called pebble tools provided a cutting edge for a creature that lacked sharp teeth and claws. Stone tools may have afforded better access to meat for these individuals, whose brains began to grow from ape toward human in size. Shortly after 2 mya a new species, Homo ergaster, emerged in Africa and our evolutionary story started to change dramatically.
Conference papers on the topic "Dual Class Share":
1
Wang, Shuai. "Research on Dual-Class Share Structure and Company Performance." In Proceedings of the 2018 2nd International Conference on Economic Development and Education Management (ICEDEM 2018). Paris, France: Atlantis Press, 2018. http://dx.doi.org/10.2991/icedem-18.2018.105.
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Follett, Meth, Teerapat Pensook, Nuttapon Piyakunkiat, Veerawit Benjaboonyazit, and Noppanan Nopsiri. "Innovative Approach Lead to Best in Class Development Campaign Drilling and Sand Control Completion, Myanmar Offshore." In IADC/SPE Asia Pacific Drilling Technology Conference. SPE, 2021. http://dx.doi.org/10.2118/201067-ms.
Abstract:
Abstract The operator relentlessly thrives for the minimum well construction cost. Continuous improvement and Innovative approach are the major drives for developing the marginal gas field, Myanmar offshore. Whereas, routine and consistent operations may mask up the operator and leave out many rooms for improvement from operation excellence during the development phase of the project life cycle. PTTEPI successfully started up the second development campaign, Myanmar offshore in early 2016. Since then the team has brought up many ideas to continuously improve the operation and achieve milestones for both safety and performance. This paper will share the best in class for well construction of Myanmar offshore on well design, drilling engineering, rig selection, offline utilization, drilling and sand control practices and fit for purpose procedures. The performance is significantly improved on both drilling and sand control operation which results in total days per well reduction over 50% and 80% for drilling operation and sand control operation respectively. Total days per well for drilling performance on the last platform in 2019 is reduced to 4 days per well compared to 9 days per well when the first development platform was drilled in 2013. Sand Control performance is improved further. Total days per well for Sand Control performance on the last platform in 2019 is reduced to 3.5 days per well (dual-zone completion) compared to 18 days per well when the first development platform was completed in 2013. Recommended practices and well designs are shared as a case study of drilling and sand control operation for Myanmar offshore development. This can be a guideline for another operator to develop oil and gas field offshore Myanmar.
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Moon, Swapnil, I. Joga Rao, and Fangda Cui. "Modeling Circular Shear in Shape Memory Polymers With Triple Shape Effect Subjected to Crystallization Under Constant Shear." In ASME 2015 International Mechanical Engineering Congress and Exposition. American Society of Mechanical Engineers, 2015. http://dx.doi.org/10.1115/imece2015-50203.
Abstract:
The capacity of a material to sense its environment and to change its shape on demand in a predefined way has tremendous technological significance for a wide variety of application areas. Shape memory polymers (SMPs) belong to this category of smart materials as they have the ability to undergo a shape change in a predetermined manner under the influence of an external stimulus. SMPs can recover their permanent shape after undergoing large deformation to a temporary shape on exposure to external triggers such as light, PH values and heat. Thermally induced SMPs are first generation SMPs and have been widely recognized. Crystallizable SMPs are a class of thermally induced SMPs whose temporary shape is due to formation of crystalline phases, and they will revert back to their permanent shape when the crystallization phase is melted through heating. Traditional crystallizable SMPs can only perform dual-shape memory cycles and this limits applications of crystallizable SMPs. Recently SMPs with triple shape effect have been reported that can switch from a second temporary shape to the first temporary shape and from there to the permanent shape under stimulation by heat. Our research focuses on modeling the mechanical behavior of these SMPs with triple-shape effect. The framework used in developing the model is built upon the theory of multiple natural configurations [3]. In order to model the mechanics associated with these polymers different stages of the shape fixation and recovery cycle and different phases of the material during this cycle need to be characterized. This includes developing a model for the amorphous phase and the subsequent semi-crystalline phases with different stress free states and melting of these phases. The model subsequently has been used to simulate results for a typical deformation cycle involving circular shear.
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Prasad, Aayush, Swapnil Moon, Fangda Cui, and I. J. Rao. "Constitutive Modeling of Viscoelastic Photo-Adaptable Thermally Activated Shape Memory Polymers." In ASME 2021 International Mechanical Engineering Congress and Exposition. American Society of Mechanical Engineers, 2021. http://dx.doi.org/10.1115/imece2021-70514.
Abstract:
Abstract Shape memory polymer (SMPs) are a class of smart materials that have the ability to retain multiple temporary shapes and recover original shapes as they exhibit deformation in response to external stimuli. The shape change in these polymers can be triggered using different stimuli like temperature, light, water, pH, magnetism, and their mechanisms can be easily altered. SMPs are capable of displaying multiple temporary and one permanent shape by either creating a multiphase system or by undergoing a very broad thermal transition. SMPs and their composites are also easy to manufacture, and complex structures can be 3D printed with multimaterials by controlling various geometric parameters. Their applications are diverse and found in various fields such as transportation, energy generation, deployable structures, clothing, healthcare, etc. It is therefore important to model the behavior of such a material. This work discusses the behavior of a thermally activated subclass of SMPs in which the temporary shape is fixed by a crystalline phase and a light activated subclass of SMPs in which the temporary shape is fixed by photo-reversible covalent crosslinks. Light activated SMPs (LASMPs) ease the temperature limitations faced by thermally activated SMPs while making remote activation possible, which opens an even wider range of applications. The thermo-mechanical behavior of such copolymers is simulated using a framework based on the theory of multiple natural configurations while incorporating the viscoelastic effects in a rate type model. The model is applied to different boundary value problems related to homogeneous deformations such as uniaxial extension of dual and triple shape memory polymers under controlled stress and strain conditions. The results are consistent with experimental observations and show how the complicated thermo-mechanical behavior and shape memory effect (SME) are influenced by parameters like temperature, external stress, crystallinity and bond formation.
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Hewitt, G. F. "Multiphase Flows With Two Liquid Phases." In ASME 2001 International Mechanical Engineering Congress and Exposition. American Society of Mechanical Engineers, 2001. http://dx.doi.org/10.1115/imece2001/htd-24202.
Abstract:
Abstract Liquid-liquid two-phase flows and liquid-liquid-gas flows occur widely in industrial applications. A particularly important case is in hydrocarbon recovery where such flows occur in subsea pipelines carrying produced fluids (oil, water and natural gas) from subsea wells to on-shore or platform-based processing facilities. The presence of a second liquid phase makes gas-liquid flows even more complex. At higher gas velocities, the liquid phases tend to become inter-dispersed. The dispersions formed can either be of oil drops dispersed in water or water drops dispersed in oil. The transition between one form of dispersion and the other is called phase inversion and is accompanied by anomalous behaviour signalled by a large increase in pressure gradient. A similar inversion phenomenon occurs in liquid-liquid flows at high superficial velocity. In this presentation, recent Imperial College work on this class of flows will be presented. This includes studies of overall parameters such as pressure gradient and phase holdups (the latter being measured using dual energy gamma densitometry) and investigations of local phenomena and parameters (e.g. drop size and interfacial structure) using advanced optical and other techniques. Both steady state and transient flow have been studied. Progress on meeting the formidable challenges of modelling such flows is also reviewed.
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Stuttaford, Peter, Hany Rizkalla, Khalid Oumejjoud, Nicolas Demougeot, Justin Bosnoian, Fred Hernandez, Matthew Yaquinto, Afzal Pasha Mohammed, Dwain Terrell, and Ryan Weller. "FlameSheet™ Combustor Engine and Rig Validation for Operational and Fuel Flexibility With Low Emissions." In ASME Turbo Expo 2016: Turbomachinery Technical Conference and Exposition. American Society of Mechanical Engineers, 2016. http://dx.doi.org/10.1115/gt2016-56696.
Abstract:
Flexibility is key to the future success of natural gas fired power generation. As renewable energy becomes more widely used, the need for reliable, flexible generation will increase. As such, gas turbines capable of operating efficiently and in emissions compliance from extended low load to full load will have a significant advantage. A wider range of gas fuels, including shale gas and refinery/industrial byproduct gas, is becoming increasingly available, with the opportunity to further reduce the cost of electricity. A combustion system capable of operating with wider ranges of heavy hydrocarbons, hydrogen and inerts will have an advantage to accommodate the future fuel gas trends and provide value to gas turbine operators. The FlameSheet™ combustor incorporates a novel dual zone burn system to address operational and fuel flexibility. It provides low emissions, extended turndown and fuel flexibility. FlameSheetTM is simply retrofittable into existing installed E/F-class heavy duty gas turbines and is designed to meet the energy market drivers set forth above. The operating principle of the new combustor is described, and details of a full scale high pressure rig test and engine validation program are discussed, providing insight on rig and engine emissions, as well as combustion dynamics performance. The FlameSheetTM implementation and validation results on a General Electric 7FA heavy duty gas turbine operating in a combined cycle power plant is discussed with emphasis on operational profile optimization to accommodate the heat recovery steam generator (HRSG), while substantially increasing the gas turbine normal operating load range.
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Ananchenkova, Polina, and Elena Ponomareva. "IMPLEMENTATION OF DISTANCE LEARNING TECHNOLOGIES IN THE EDUCATION PROCESS: ORGANIZATIONAL, MOETHODOLOGICAL, HUMAN RESOURCES AND TECHNOLOGICAL SUPPORT ISSUES." In eLSE 2016. Carol I National Defence University Publishing House, 2016. http://dx.doi.org/10.12753/2066-026x-16-159.
Abstract:
Russian higher vocational education system is currently undergoing a reform, with joining the Bologna process, implementing dual-level education system (Bachelor's degree, Master's degree), moving to new federal state education standards, implementing a competency-based approach - all these institutional transformations shape the reforms and content of education process in higher learning institutions. Classical form of education, with in-class learning (lectures and seminars), independent work, tests and exams, is becoming less efficient in terms of building professional knowledge and skills. On the one hand, the new educational standards need implementation of variative forms and methods of training into the education process. On the other hand, students demand flexible forms of education, which allow combining education and work effectively. In light of this, Russian Universities are considering distance learning as an instrument in improving the efficiency of the training process and are actively implementing e-learning technologies. However, this process is related to a number of challenges: 1. Organizational support. Due to heavy administrative restrictions imposed on the University management, implementation of distance learning technologies requires certain a sequence of administrative decisions (at the level of chair, deanery, learning and teaching unit, academic council, rectorate), compliant with the requirements of Federal State Education Standards (FGOS) for a wide range of teaching areas. Since FGOS requirements vary, making the administrative decisions aimed at unifying various requirements is substantially complicated. 2. Methodological support. Conducting classes in distance learning format requires developing the respective curricula for various study disciplines, lecture transcripts, webinar scenarios, assessment funds, etc. 3. Human resources support. Not all teachers by far have the adequate knowledge and skills for working in distance learning systems. Many are unwilling to work with new technologies (and they have every right to be). That is why Universities are facing the need to conduct ToT seminars and courses to teach the staff to design and manage their own distance learning courses. 4. Technological support. Ensuring success of distance learning efforts requires the respective technologies, equipment, etc. - not just at the University, but also among students. The article presents results reflecting implementation of distance learning technologies in Master's education process at the Academy of Labor and Social Relations (Moscow, Russia). Survey results of teachers and students are provided. The study covers a 4-year period of preparation and implementation of distance learning.
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Ali, Sy A., and Robert R. Moritz. "Rolls-Royce Power Generation Current Products and New Product Plans." In ASME Turbo Expo 2001: Power for Land, Sea, and Air. American Society of Mechanical Engineers, 2001. http://dx.doi.org/10.1115/2001-gt-0393.
Abstract:
Aero-derivative gas turbines have been successfully serving the power generation, mechanical drive, and marine markets for 40 years. These products are well suited for distributed generation, with sizes in the range from 3 MW to 50+ MW. The Rolls-Royce group of companies provide vertical integration for aero-derivative based energy systems, having marketing, sales, manufacturing, packaging, distribution, and customer service capabilities. The 3– 6 MW, 501-K family serves power generation and cogeneration applications. The new 6–8 MW 601 is used for cogeneration and mechanical drive. The 15 MW Avon is widely applied to mechanical drives, offering exceptional reliability and low life cycle cost. The RB211 provides over 30 MW at high efficiency, and is used in mechanical drive and electrical generation. The 42% efficient, 50 MW, Trent is primarily intended for electrical generation. This engine retains a higher than usual degree of commonality with aero production modules, thus retaining the cost advantage of high volume production and benefits from continuous improvements in aero engines. Plans: Cost reduction of mature existing products will be achieved by “industrialization”, e.g. by alloy changes and shape simplification, of parts no longer in aero production. Better integrated packaging and “more electric aircraft” features are rapidly becoming a necessity in the competitive marketplace. The trend is toward minimizing and possibly eliminating mechanical drives and other components in a gas turbine to improve product quality, efficiency, reduce product cost, while enhancing product quality and the environment. In this regard, the approach being taken near term is to substitute normal oil bearings with Active Magnetic Bearings. Such an action would help eliminate high cost skid lubrication system components and some environmental hazards as well as reducing maintenance. Several programs will make contributions to environmental improvements through reduced emissions and the use of “renewable” fuels. A prototype 501-K has been supplied to operate on gasified coal, a reduced emissions path to generating electricity from coal. A dual fuel DLE combustion system for very high pressure ratio and turbine temperature is in development for the Trent, having downward compatibility with other company products. The Next Generation Gas Turbine (NGGT) project, sponsored by the US Department of Energy, will use an existing engine core. Advanced modules, including a long life “spiral” recuperator and cycle enhancements combine to yield 50% cycle efficiency at a reduced cost per kW. The goal is to produce a 50 MW class plant with “combined cycle efficiency at simple cycle cost.” The NGGT is suited to using alternate fuel for part of the energy input. Following evaluation of fuel cell/gas turbine hybrids, a specially suited gas turbine development is being initiated with sponsorship by the U.S. Department of Energy. The company is also conducting a solid oxide fuel cell program. An auxiliary power unit(APU) was developed and is now in production for the M1 tank. A “microturbine” derivative of this product is being considered for distributed generation.