The purpose of the working group is to provide an up-to-date assessment of
voting and control contests in corporations. It includes issues such as ownership concentration, one class-dual class, shareholder agreements, shareholder activism, vote buying.  
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The first session on January 15 will introduce  the subject and present  the main themes  that will be investigated.
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Participants will present recent articles, preferably among those tagged with a [$]. Those marked with [S] are Surveys, with [*]fundamental articles.
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Please register before January 8 at demange@pse.ens.fr
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Schedule : Tuesdays 2-4 p.m. : January 15, 22, 29, February 5, 12.
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Control Contests and Multiple Blockholders
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[*] Jerey Zwiebel, Block Investment and Partial Benets of Corporate
Control The Review of Economic Studies, 1995
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[$] Barclay, Michael J. and Cliord G. Holderness (1991) \Negotiated
Block Trades and Corporate Control." Journal of Finance, 46, 861-78.
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Albuquerque, Rui and Enrique Schroth, 2010, Quantifying private
benets of control from a structural model of block trades, Journal
of Financial Economics Vol. 96(1), 33{55
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Bennedsen, M. and D. Wolfenzon, 2000. The Balance of Power in
Close Corporations. Journal of Financial Economics 58, 113-139.
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Bloch, F. and U. Hege, 2003. Multiple Shareholders and Control Contests.
Unpublished working paper. Universite Aix-Marseille.
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Alex Edmans, Blockholder Trading, Market Efficiency, and Managerial
Myopia, Journal of Finance 64(6), 2481-2513, December 2009
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[$] Alex Edmans and Gustavo Manso, Governance Through Trading
and Intervention: A Theory of Multiple Blockholders, Review of Financial
Studies 24(7), 2395-2428, July 2011.
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Laeven, Luc and Ross Levine (2007) Complex Ownership Structures
and Corporate Valuations, Review of Financial Studies Vol. 21(2),
579-604
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[$] Doron Levit, Soft Shareholder Activism, working paper, Wharton
School, 2012
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[$] Doron Levit and Nadya Malenko (2011), Non-Binding Voting for
Shareholder Proposals, Journal of Finance, 66(5), 1579-1614, October
2011
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Konijn, S., R. Kräussl, and A. Lucas, 2011, \Blockholder dispersion
and rm value". Journal of Corporate Finance, 17: 1330-1339.
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Winton, Andrew (1993) \Limitation of Liability and the Ownership
Structure of the Firm." Journal of Finance, 48, 487-512.
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Shareholder Agreements
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[$] Chemla, Gilles, Michel A. Habib, Alexander Ljungqvist (2007), An
Analysis of Shareholder Agreements, Journal of the European Economic
Association Vol. 5 (1) 93-121.
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Marc Goergen Arif Khurshed and Luc Renneboog, 2006, Explaining
the Diversity in Shareholder Lockup Agreements, Journal of Financial
Intermediation, Vol. 15(2), pp. 254-280
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Belot, Francois, 2010, Shareholder Agreements and Firm Value: Evidence
from French Listed Firms, working paper,
http://papers.ssrn.com/sol3/papers.cfm?abstract id=1282144
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Volpin, P., 2002, \Governance with poor investor protection: Evidence
from top executive turnover in Italy," Journal of Financial Economics
64, 61-90.
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Angelo S. Baglioni, Shareholders' Agreements and Voting Power: Evidence
from Italian Listed Firms,
http://papers.ssrn.com/sol3/papers.cfm?abstract id=1092864
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Ownership/votes: one class or dual class?
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[*] Grossman, Sanford and Oliver Hart, 1988, One Share-One Vote and
the Market for Corporate Control, Journal of Financial Economics 20:
175-202.
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[S] David Yermack, Shareholder Voting and Corporate Governance,
Annual Review of Financial Economics, 2011.
preprint under http://papers.ssrn.com/sol3/papers.cfm?abstract id=1523562
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[S] Burkart, M. and S. Lee, 2008, \One share, one vote: The theory,"
Review of Finance 12, 1-49.
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[S] Renée Adams and Daniel Ferreira, One Share-One Vote: The Empirical
Evidence, Review of Finance, Volume 12, Issue 1, 51-91
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[$] Ernst Maug, Bilge Yilmaz (2002), Two-Class Voting: A Mechanism
for Conict Resolution, American Economic Review, 92, 1448 - 1471.
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Shearman and Sterling, 2007, \Proportionality between ownership and
control in EU listed companies: comparative legal study, External
study commissioned by the European Commission," Brussels, May
2007, http://www.ecgi.org/osov/nal report.php.
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Tatiana Nenova (2003) The value of corporate voting rights and control:
A cross-country analysis, Journal of Financial Economics 68,
Issue 3, June 2003, Pages 325-351
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Gompers, Ishii, Metrick (2010), Extreme governance: An analysis of
dual-class rms in the United States, Review of Financial Studies Vol.
23(3), 1051-1088.
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Scott W. Bauguess; Myron B. Slovin; Marie E. Sushka, Large shareholder
diversication, corporate risk taking, and the benets of changing
to dierential voting rights Journal of Banking and Finance, 2012;
36(4):1244-1253.
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Vote buying
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JE Bethel, G Hu, Q Wang, 2009,The market for shareholder voting
rights around mergers and acquisitions: Evidence from institutional
daily trading and voting, Journal of Corporate Finance, 2009
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E Dekel, MO Jackson, A Wolinsky Vote buying: General elections,
Journal of Political Economy, 2008
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[$] E Dekel, A Wolinsky, Buying shares and/or votes for corporate
control The Review of Economic Studies, 2012
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Stefano Demichelis Klaus Ritzberger A general equilibrium analysis of
corporate control and the stock market Economic Theory, 2011.
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Alessandra Casella, Aniol Llorente-Saguer, Thomas R. Palfrey, "Competitive
Equilibrium in Markets for Votes," J. Pol Economy 2012
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[$] Henry T.C. Hu Bernard Black Hedge Funds, Insiders, and the Decoupling
of Economic and Voting Ownership: Empty Voting and Hidden
(Morphable) Ownership Journal of Corporate Finance, 2007.
extended version SSRN: http://ssrn.com/abstract=904004
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