【题目】One-Share-One-Vote and Dual-Class Shares in the Laboratory

【时间】2023年6月27日（周二）上午10:00

【地点】大学城校区文2栋301

【主讲人】包特 副教授

【主持人】董志强 教授

【主讲人简介】

包特，新加坡南洋理工大学经济系长聘副教授。主要研究领域为实验经济学，行为金融，中国经济和合约理论。其研究成果发表于Economic Journal, European Economic Review, Experimental Economics, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control等国际期刊和《经济研究》《世界经济》《管理世界》《管理科学学报》等国内期刊。担任Singapore Economic Review副编辑，和多家期刊和科研基金的匿名审稿人。

【摘要】

We test the seminal Grossman and Hart (1988) model on the optimality of the one-share-one-vote (OSOV) share structure against the dual-class share (DCS) structure in a laboratory experiment. We show qualitative support to their theoretical prediction asserting that the more efficient contender of control (incumbent or raider) is more likely to win the takeover contest under OSOV than DCS. We also find that the price deviation from the fundamental value is smaller under OSOV than DCS. Overall, our results show supportive evidence for better allocation and information efficiency of OSOV relative to DCS.