Once bitten, twice shy – multiple voting shares in continental Europe
Autor(a) principal: | |
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Data de Publicação: | 2023 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/43011 |
Resumo: | Over the last decade, several jurisdictions in continental Europe have somewhat lifted regulatory restrictions on multiple voting shares (MVS), in the form of dual-class share structures and/or loyalty shares. Though more heterogenous than coherent, all such reforms have been overly conservative and fall short of allowing the legal freedom of jurisdictions such as the United States and United Kingdom. In a globalized environment of regulatory and stock-exchange competition, this approach may be difficult to understand. This paper explores the reasons for the common conservative approach, which appear to lie mostly in early 20th century experiences of multiple voting rights in countries such as France, Germany, and Italy. For comparative purposes, the paper also investigates the completely different experience of the United Kingdom, where a liberal MVS framework produced distinct outcomes. |
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Once bitten, twice shy – multiple voting shares in continental EuropeOver the last decade, several jurisdictions in continental Europe have somewhat lifted regulatory restrictions on multiple voting shares (MVS), in the form of dual-class share structures and/or loyalty shares. Though more heterogenous than coherent, all such reforms have been overly conservative and fall short of allowing the legal freedom of jurisdictions such as the United States and United Kingdom. In a globalized environment of regulatory and stock-exchange competition, this approach may be difficult to understand. This paper explores the reasons for the common conservative approach, which appear to lie mostly in early 20th century experiences of multiple voting rights in countries such as France, Germany, and Italy. For comparative purposes, the paper also investigates the completely different experience of the United Kingdom, where a liberal MVS framework produced distinct outcomes.Universidade Católica PortuguesaVeritati - Repositório Institucional da Universidade Católica PortuguesaPereira, Jorge Brito2023-11-08T11:21:15Z20232023-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.14/43011enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-11-14T01:37:00Zoai:repositorio.ucp.pt:10400.14/43011Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T22:42:27.471354Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Once bitten, twice shy – multiple voting shares in continental Europe |
title |
Once bitten, twice shy – multiple voting shares in continental Europe |
spellingShingle |
Once bitten, twice shy – multiple voting shares in continental Europe Pereira, Jorge Brito |
title_short |
Once bitten, twice shy – multiple voting shares in continental Europe |
title_full |
Once bitten, twice shy – multiple voting shares in continental Europe |
title_fullStr |
Once bitten, twice shy – multiple voting shares in continental Europe |
title_full_unstemmed |
Once bitten, twice shy – multiple voting shares in continental Europe |
title_sort |
Once bitten, twice shy – multiple voting shares in continental Europe |
author |
Pereira, Jorge Brito |
author_facet |
Pereira, Jorge Brito |
author_role |
author |
dc.contributor.none.fl_str_mv |
Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Pereira, Jorge Brito |
description |
Over the last decade, several jurisdictions in continental Europe have somewhat lifted regulatory restrictions on multiple voting shares (MVS), in the form of dual-class share structures and/or loyalty shares. Though more heterogenous than coherent, all such reforms have been overly conservative and fall short of allowing the legal freedom of jurisdictions such as the United States and United Kingdom. In a globalized environment of regulatory and stock-exchange competition, this approach may be difficult to understand. This paper explores the reasons for the common conservative approach, which appear to lie mostly in early 20th century experiences of multiple voting rights in countries such as France, Germany, and Italy. For comparative purposes, the paper also investigates the completely different experience of the United Kingdom, where a liberal MVS framework produced distinct outcomes. |
publishDate |
2023 |
dc.date.none.fl_str_mv |
2023-11-08T11:21:15Z 2023 2023-01-01T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/43011 |
url |
http://hdl.handle.net/10400.14/43011 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Universidade Católica Portuguesa |
publisher.none.fl_str_mv |
Universidade Católica Portuguesa |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799134989825081344 |