Separation of cash-flow and control rights: Should it be prohibited?

According to the EU High Level Group of Company Law Experts (HLC), pyramidal groups, dual-class shares and other instruments used to deviate from proportionality between risk-bearing and control are a source of agency costs, in that they increase the private benefits of control and conflicts of inte...

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Bibliographic Details
Published in:International journal of disclosure and governance 2004-03, Vol.1 (2), p.171-185
Main Authors: Belcredi, Massimo, Caprio, Lorenzo
Format: Article
Language:English
Subjects:
Bids
Business ownership
Cash flow
Conflicts of interest
Corporate governance
Costs
Equity financing
Investors
Securities markets
Securities prices
Stockholders
Citations: Items that cite this one
Online Access:Get full text
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