Founders without limits : dual-class stock and the premium tier of the London Stock Exchange

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書誌事項

Founders without limits : dual-class stock and the premium tier of the London Stock Exchange

Bobby V. Reddy

（International corporate law and financial market regulation）

Cambridge University Press, 2021

  • : hardback

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注記

Includes bibliographical references and index

内容説明・目次

内容説明

Big Tech has flourished on the US public markets in recent years with numerous blue-chip IPOs, from Google and Facebook, to new kids on the block such as Snap, Zoom, and Airbnb. A key trend is the burgeoning use of dual-class stock. Dual-class stock enables founders to divest of equity and generate finance for growth through an IPO, without losing the control they desire to pursue their long-term, market-disrupting visions. Bobby Reddy scrutinises the global history of dual-class stock, evaluates the conceptual and empirical evidence on dual-class stock, and assesses the approach of the London Stock Exchange and ongoing UK regulatory reforms to dual-class stock. A policy roadmap is presented that optimally supports the adoption of dual-class stock while still protecting against its potential abuses, which will more effectively attract high-growth, innovative companies to the UK equity markets, boost the economy, and unleash the true potential of 'founders without limits'.

目次

  • Introduction: 1. The cult of dual-class stock in the era of big tech
  • 2. A tale of two cities and beyond
  • 3. First among equals? Other methods of creating a divergence between voting and cash-flow rights
  • 4. Shareholder democracy, and corporate purpose
  • 5. From controlling shareholders to dual-class stock
  • 6. Theoretical benefits and detriments of dual-class stock
  • 7. The empirical evidence on dual-class stock
  • 8. The existing constraints
  • 9. A balanced protection package for inferior-voting shareholders
  • Epilogue
  • Appendix: The proposed enhanced inferior-voting shareholder protection package for the UK's premium-tier with a comparison to other major dual-class stock exchanges
  • Index.

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