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Michael Zurkinden - Shareholder Empowerment

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Michael Zurkinden

Shareholder Empowerment

Series: Neue Studien zur Politischen Ökonomie

Volume 8 2010

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One share – one vote S. 87-89

„… initiatives that have recently been started in Switzerland.2.1 One share – one voteThe congruence of economic …” „… . Corporate vote buying leads to a deviation from the principle of one share – one vote. Studies on one share …” „… ownership and voting power as stipulated by the principle of one share – one vote is widely believed to be …”

Vote buying as a blessing S. 89-92

„… 89agree with their colleagues in regard to the optimality of one share – one vote in the context of …” „… that a deviation from one share – one vote mitigates the free-rider problem among shareholders in a …” „… crossownership structures, etc. must be regarded as deviations from one share – one vote even though the …”

Introduction S. 85-87

„… Switzerland.2.1 One share – one voteThe congruence of economic ownership and voting power as stipulated by the …” „… the principle of one share – one vote. Studies on one share – one vote thus serve as a good starting …” „… principle of one share – one vote is widely believed to be an ef? cient and value enhancing arrangement …”

Expressive Voting S. 156-158

„… each shareholder owns only one share. Thus, m = 1. The situation is similar to a political vote, where …” „… share – one vote applies, then the payoffs are as follows:Figure 18: Expressive voting in the case of …” „… one share – one vote P2Majority retains Majority sellsP1Retain all mS0 + Eb m(S0 + ?S) + EbSell all …”

The role of the profit source S. 102-107

„… , means that the investor holds some shares (although he may control an 103even greater number of votes …” „… purchases the votes to obtain control and make a pro? t on the shares he has previously owned (or by looting …” „… investor controls votes but does not hold shares) with a short position in the target company’s stock. The …”

Expressive voting S. 109-113

„… the rule of one share – one vote. The term for the expressive bene? t (E) cannot be expected to be …” „… voting in the political sector and voting in the corporate sector, one could argue that vote buying is no …” „… same degree as in the case of political vote buying, where the rule of one man – one vote applies. Thus …”

Proxy Voting S. 143-153

„… bene? cial owner is entered in the company’s share register. With regard to the voting process, one …” „… , the nominee can vote the shares he holds on behalf of the bene? cial owner (see Klausner, Elfenbein …” „… vote the shares held in street name for which no voting instructions have been provided. Of course, the …”

Regulatory responses S. 94-95

„… makes these implicit assumptions explicit and treats vote trading not as a one-shot but as a repeated …” „… overstates potentially negative consequences of vote buying. 3.1 Reciprocal and non-reciprocal vote buyingOne …” „… Cole, 2001, p. 8 citing Delaware courts). Votes are “traded” directly and separately from shares.70 …”

The current practice of electing directors S. 26-30

„… this kind. First, the widespread deviation from the one share – one vote principle and quantitative …” „… there are board seats, the system allows directors to be (re-)elected even if they receive only one vote …” „… their instructions. Banks and other intermediaries may vote the shares they hold in custody accounts …”

Endogenous incentive effects S. 116-118

„… political votes if vote buying were permitted. 4.4 Endogenous incentive effectsOne ? nal argument against …” „… analogy between corporate vote buying and corruption. If corruption is modeled as a one-shot game, it can …” „… made these implicit assumptions explicit and treated vote trading not as a one-shot but as a repeated …”

Overall Summary and Conclusions S. 120-132

„… monitoring and voting power. Corporate vote buying separates a share’s voting rights from its cash ? ow …” „… implicit assumptions explicit and treated vote trading not as a one-shot but as a re-123peated game. The …” „… monitoring authority. One example for such a delegation arrangement – albeit an unorthodox example – is vote …”

Vote buying as a curse S. 92-94

„… , there is no longer a difference between buying votes and buying shares. Thus, “(t)he only time buying …” „… the votes without the shares is advantageous is when the buyer is planning to dilute the interests of …” „… vote purchase offer. In publicly-held corporations with widely-dispersed share 93ownership, however …”

Public choice problems S. 39-46

„… Benz and Stutzer (2004) explain that, on the one hand, the possibility for voters in a direct democracy …” „… candidates is costly, it is rational for most shareholders in director elections to either vote according to …” „… a simple rule of thumb such as “always vote for the candidate proposed by the nomination committee …”

References S. 133-142

„… Share - One Vote Debate: A Theoretical Perspective, Finance Working Paper No. 176/2007, May 2007, ECGI …” „… J.; Hart, Oliver D. (1988): One Share-One Vote and the Market for Corporate Control, in: Journal of …” „… ? Corporate Vote-Buying in the Internet Age, in: Washington Law Review, Vol. 76, No. 3, 793-858Collins, Daniel …”

The shortcomings of traditional solutions S. 32-39

„… votes, which occurs because banks who vote the shares of their clients have to follow board …” „… actively solicit votes for one or the other director candidate are crucial factors for effective monitoring …” „… , it is necessary to encourage shareholders to make conscious use of their voting rights. Raising voter …”

Three investment strategies S. 56-60

„… of indexing is the factual negligence of voting rights. If shares are voted at all, they are voted …” „… participate in a corporate vote. A widely dispersed ownership structure implies that each individual …” „… shareholder is very unlikely to cast the decisive vote. Thus, the expected bene? t of voting is in …”

Contested director elections S. 24-26

„… there are board seats, the system allows directors to be (re-)elected even if they receive only one vote …” „… be viewed as a competition for votes (see Schumpeter, 1942 and Downs, 1957). While elections also …” „… ? ll out a short slate. It enables shareholders to vote for only a fraction of the management’s …”

Reciprocal and non-reciprocal vote buying S. 95-97

„… vote seller one LEPO (containing a premium) for each share (containing the voting right). The premium …” „… makes these implicit assumptions explicit and treats vote trading not as a one-shot but as a repeated …” „… overstates potentially negative consequences of vote buying. 3.1 Reciprocal and non-reciprocal vote buyingOne …”

The prisoner’s dilemma in the case of non-reciprocal vote buying S. 99-101

„… this point, it has been implicitly assumed that the market for corporate votes is monopolized by a …” „… picture. In addition to having to decide whether or not to sell their voting rights, potential vote …” „… . This makes vote trading more expensive, which, in turn, means that less vote trading occurs than if …”

The motivation crowding effect S. 113-116

„… in a situation in which each shareholder is entitled to just one vote (for a formal analysis, see …” „… pronounced than in the case of political vote buying, where the rule of one man – one vote applies. In sum …” „… is important that small shareholders participate in corporate votes. For one thing, not in every …”

The prisoner’s dilemma in the case of reciprocal vote buying S. 97-99

„… . Instead of exchanging securities with a single contracting party, the vote buyer now purchases shares in …” „… buying (stock-minus-LEPO transaction)Vote Buyer Market Share LEPOMarket Source: Own elaboration.3.2 The …” „… that less vote trading occurs than if there is only one bidder. It is important to note, however, that …”

Possible ways out of the prisoner’s dilemma S. 101-102

„… consequences persist but only if vote buying is treated as a one-shot game. In a repeated game, shareholders …” „… , they are bad. As in the previous cases, the raider buys shares in the marketplace and thereby raises …” „… the market price. The purchase price per share is again the expected post-takeover price plus premium …”

Indexation S. 107-109

„… . Third, the only vote buying technique that is likely to be problematic is the one that draws upon …” „… of one man – one vote applies. Thus, expressive returns are a poor protection against the harmful …” „… 107egy when it draws upon a stock-based pro? t source because of the immediate reaction of share …”

Titelei/Inhaltsverzeichnis S. 2-9

„… responses 872.1 One share – one vote 872.2 Vote buying as a blessing 892.3 Vote buying as a curse 922.4 …” „… share – one vote 157 …” „… between universal ownership and free choice of pension funds 806 Conclusions 83Chapter III: Corporate Vote …”

Conclusions S. 118-119

„… focused on a one-shot game. It has made these implicit assumptions explicit and treated vote trading not …” „… relevant if vote trading is anonymous (as, e.g., in the securities lending market) and the submitter of the …” „… before such proposals have been submitted. These shares serve as a safety cushion against future contests …”

Corporate governance reform S. 30-32

„… because banks who vote the shares of their clients have to follow board recommendations if no instructions …” „… to delegate voting rights and the presence of intermediaries who actively solicit votes for one or …” „… candidate obtains suf? ciently large support, e.g. 30% of the votes cast. The third element is very similar …”

Intermediaries and agency chains S. 46-49

„… that intermediates between voters and candidates. However, the public choice arguments considered in …” „… features a much more complex structure than the one described. A more realistic picture of the ? rm should …” „… possess an internal structure of their own for which, again, one needs to distinguish between principals …”

The agency problem and corporate governance S. 53-56

„… under which one or more persons (the principal) engage another person (the agent) to perform some …” „… investor willing to reverse the divergence to buy the number of shares that allows him to obtain control …” „… tender their shares to an acquirer. These shareholders would prefer to refrain from tendering if they …”

Securities Lending S. 154-155

„… for entry in the share register, attend the general meeting and vote the stock he holds. Standard loan …” „… , which has attracted great interest in recent years, is the borrowing of votes in the securities lending …” „… lively interest is that the securities lending market turns the theoretical concept of corporate vote …”

doi.org/10.5771/9783845225586

Kristian Puhle - Finanzprodukte als Eingriff in die Kapitalverkehrsfreiheit

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Kristian Puhle

Finanzprodukte als Eingriff in die Kapitalverkehrsfreiheit

Series: Schriften des Augsburg Center for Global Economic Law and Regulation - Arbeiten zum Internationalen Wirtschaftsrecht und zur Wirtschaftsregulierung

Volume 51 2012

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Verzicht der EU auf „one share, one vote“ Richtlinie S. 237-238

„… einer vom Vertrag intendierten Marktintegration von unten. E. Verzicht der EU auf „one share, one vote …” „… und Kapitalbeteiligung (one share, one vote), für deren Einführung er lange Zeit kämpfte, verzichte …” „… , Binnenmarktkommissar McCreevy gibt Pläne zu "One Share - One Vote" auf, NZG 2007, 859, 859. 917 Zu denken wäre hier an …”

Ansätze in der Rechtsprechung zur Kapitalverkehrsfreiheit S. 235-237

„… „one share, one vote“ Richtlinie Ein solches (zurückhaltendes) Verständnis der unmittelbaren …” „… Durchsetzung der Proportionalität zwischen Stimmrecht und Kapitalbeteiligung (one share, one vote), für deren …” „… _________________________________ 916 Cramburg, Binnenmarktkommissar McCreevy gibt Pläne zu "One Share - One Vote" auf, NZG 2007, 859 …”

Stichwortverzeichnis S. 271-272

„… . Optimale Ressourcenallokation 135 f. One Share, One Vote 209, 237 f. REITG - Entschädigungsregelung 46 …” „… . Gesellschaftsleitbilder 213 ff., 224 Golden Share Entscheidungen 72 ff., 84 f., 199 ff., 212 f. Grundfreiheiten …”

Titelei/Inhaltsverzeichnis S. 2-20

„… . Verzicht der EU auf "one share, one vote" Richtlinie 237 Ergebnis zu § 18 238 Zusammenfassung 240 …” „… – ThyssenKrupp AG 235 E. Verzicht der EU auf „one share, one vote“ Richtlinie 237 Ergebnis zu § 18 238 …”

Ergebnis zu § 18 S. 238-239

„… Maßnahmen zur Durchsetzung des Prinzips one share, one vote bei Aktiengesellschaften ein. Einer solchen …”

Zusammenfassung S. 240-246

„… Gesellschaftstypus entworfenes Gesellschaftsleitbild, das z.B. durch das Prinzip one share, one vote gekennzeichnet …”

Literaturverzeichnis S. 247-270

„… , Ralf Fischer zu, Binnenmarktkommissar McCreevy gibt Pläne zu "One Share - One Vote" auf, NZG 2007, 859 …” „… Verantwortung, ZHR 1999, 635–678 254 Grundmann, Stefan/ Möslein, Florian, Die Golden Shares …” „… EG – Zugleich zur Entscheidung EuGH, NZG 2006, 942 - Golden Shares VI, NZG 2007, 161–166 Oelke …”

Marktzugangssperre durch Goldene Aktien S. 199-216

„… Mehrheitserfordernisse Stimmrecht und kapitalmäßige Beteiligung (one share, one vote) nicht auseinanderfallen lassen. So …” „… Golden Shares? RIW 2003, 850, 853. 205 Im Rahmen dieser Arbeit wurde aber bereits aufgezeigt, dass es für …” „… . Priority Shares) verleihen. Bestandteil der Studie ist auch die Auswertung der Antworten von 445 …”

doi.org/10.5771/9783845241005

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Lisa Wolf

Mehrstimmrechtsaktien

Series: Schriften des Augsburg Center for Global Economic Law and Regulation - Arbeiten zum Internationalen Wirtschaftsrecht und zur Wirtschaftsregulierung

Volume 88 2023

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§ 3 Mehrstimmrechte und Principal-Agent-Beziehungen S. 119-157

„… Debatte, da sich der Grundsatz „one share, one vote“durchgesetzt hatte.“669 So die Vorzugsaktie, § 139 …” „… vom Kapitalprinzip (One-share-one-vote) ab.Dabei dürfen aber nicht nur Agency-Kosten Beachtung finden …” „… Maßnahmen und der verbleiben‐den Divergenz zusammen.534II. Abweichung vom One-share-one-vote-Prinzip und …”

Zweiter Teil: Die historische Entwicklung von Mehrstimmrechten S. 193-228

„… überlassen, das Stimmrecht zuspezifizieren. Zwischenzeitlich wurde der One-share-one-vote-Grundsatz1007 Zur …” „… meetingof the corporation to one vote for every share.”, § 23 General Corporation Law ofNew York …” „… Abweichungen vom One-share-one-vote-Grundsatz gängig.1076 Allerdings gab es in den USA zum Teil …”

§ 2 Interessenabwägung bei Mehrstimmrechten: Die verschiedenen Perspektiven S. 56-118

„… one vote per share on allmatters to be voted upon by the stockholders, and holders of Class B …” „… .268 So Casper, ZHR 187 (2023), 5, 25; Sachse, BVI für „one share, one vote”-Prinzip, BVIdirekt v …” „… One-share-one-vote-Struktur erfolgte.248243 Rezwan Pavri, Interview mit der Verfasserin v. 17.10.2022. Zum …”

§ 7 Gesellschaftsrechtliche Einführung und Ausübung von Mehrstimmrechten im Gesellschaftsrecht Delawares S. 230-247

„… Gesellschaftsvertrag geregelt werden, ob vom GrundsatzOne-share-one-vote abgewichen werden soll.1232 Relevant ist …” „… one vote in person or by proxy for each share of the capitalstock held by him.”, Standard Scale …” „… reclassification will result in our having a singleclass of common stock with one vote per share.”1325 Dazu wurde …”

§ 8 Interessengerechte Mehrstimmrechtsregulierung in Deutschland S. 248-380

„… wouldgenerally be permitted to issue additional shares of the existing super vot‐ing stock without conflict with …” „… einen entsprechenden Ausnahmetatbestand nachgedacht werden.14551449 Dazu auch Keijzer, Vote and Value …” „… 2.15.1 NASDAQ Nordic Main Market Rulebook for Issuers of Shares.§ 8 Interessengerechte …”

Einführung – Förderung des deutschen Kapitalmarkts S. 31-44

„… Abweichungvom üblichen Kapitalprinzip (one-share-one-vote) dar (§ 3).Die Wiedereinführung des Mehrstimmrechts …” „… classes of shares with unequal voting rights represent one ofthe most controversial corporate governance …” „… Standort eine weite‐re Gemeinsamkeit: Ihre Gründer halten alle sogenannte B-Shares.5 …”

Literaturverzeichnis S. 393-428

„… , One Share-One Vote: The Empirical Evidence, 12 Rev.Fin. 51–91 (2008).Aggarwal, Dhruv/Eldar …” „… , ZNR2015, 32–49.Burkart, Mike/Lee, Samuel, The One Share – One Vote Debate: A theoretical Perspec‐tive …” „… .Flocos, Peter N., Toward a Liability Rule Approach to the One Share, One Vote Contro‐versy: An Epitaph …”

Stichwortverzeichnis S. 429-430

„… → 119 f.Aktionärsdemokratie → One–share–one–voteAktive Investoren → 90–94Alphabet → GoogleAlternativen …” „… Kontrolle → 282–316Kapitalmehrheit → 290–300Kapitalprinzip → One–share–one–voteKGaA → 166–170Kleinanleger …” „… → 249 f.; 347 f.NYSE → 271 f.One–share–one–vote → 119–141Passive Investoren → 84–88Paternalismus → 31–36 …”

Titelei/Inhaltsverzeichnis S. 1-30

„… vom One-share-one-vote-Prinzip und Auswirkungauf die Agency-BeziehungenII.120Aushebelung des …” „… Konstatierung des One-share-one-vote-Grundsatzesin Europa?3.213Mehrstimmrechte und europäisches Übernahmerechta …” „… . Dual-Class Shares1. 41Mehrstimmrechte für die börsennotierte Gesellschaft2. 43Abgrenzung von Loyalitätsaktien …”

§ 5 Empirische Analyse S. 178-192

„… einer Dual-Class zu einer One-share-one-vote-Struktur als Ereignis untersucht.909904 Fisch/Solomon, 99 …” „… Studien vergleichen grundsätzlich den Firmenwert von Du‐al-Class mit One-share-one-vote-Unternehmen. Dazu …” „… Shares, 2019, S. 36, abrufbar unter https://igopp.org/wp-content/uploads/2019/01 …”

§ 4 Mangelnde Alternativen de lege lata im deutschen Recht S. 158-177

„… entspre‐chende Beteiligung vorweisen würde (entsprechend One-share-one-vote).Dies wäre im Agency-Konflikt auch …” „… Certificatesoder der bylaws bedürfen jeweils eines “affirmative vote of the holders ofat least 66 2/3 % of the …” „… . https://www.volkswagenag.com/de/InvestorRelations/shares/shareholder-structure.html. Zum Fall s. auch Adams/Ferreira, 12 Rev. Fin. 51, 57 (2008).795 S. Koch, AktG, 17. Aufl. 2023 …”

doi.org/10.5771/9783748918561

Henning Hochstein, Frank Schale - Otto Kirchheimer - Gesammelte Schriften

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Henning Hochstein (ed.), Frank Schale (ed.)

Otto Kirchheimer - Gesammelte Schriften

Series: Otto Kirchheimer - Gesammmelte Schriften

Volume 6 2021

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[20.] The West German Bundestag Elections of 1953[1953] S. 574-598

„… total vote to approximately 28,400,000. Largely through obtaining the lion’s share of this increase, the …” „… short of attracting even its own proportional share of new voters. As a party which can always count on …” „… . Ordinarily one associates high voter participation with intense voter interest; however, political apathy in …”

[9.] Communist Strength in the Trade-Union Organizations of Western Europe [1950] S. 443-456

„… . Thus the share of the total vote polled by the Communists in the 1947 parliamentary elections was 6.7 …” „… (19.5 percent) of the total vote remained unaltered, although in 1949 the party lost one of its 10 seats …” „… shrinkage in the popular vote since 1946 in France, since different electoral systems were used in the three …”

[7.] A Constitution for the Fourth Republic[1947] S. 357-425

„… to a popular referendum to be held not later than one month after the final vote by the Assembly …” „… did not secure the necessary number of votes to obtain one seat in a department, and, as an …” „… of Catholic working-class voters, who share the general economic outlook of the Socialists. The …”

[4.] Civil Affairs Handbook GermanySection 3: Legal Affairs[1944] S. 245-339

„… existed 649 local courts with one judge only, generally serving rural areas and small towns. In the course …” „… supervision of the work of the local courts with more than one judge is in the hands of a senior judge …” „… commercial division (Kammer für Handelssachen) and its labor division (Landesarbeitsgericht), with one …”

[18.] The West German Election Campaign[1953] S. 556-567

„… electoral law requiring a party to obtain either five percent of the federal vote or capture one district …” „… individual district, or the Communists might in the last stages of the campaign ask their voters to cast one …” „… of their two votes, namely the one on the regional list, for the Heinemann group. Open Communist …”

[5.] The General Character of a Future German Government [1946] S. 340-349

„… , democratic stability is predicated upon two major factors. One is the knowledge of the future German …” „… incorporate guarantees of stability in the actual structure of the future German government. So far only one …” „… government, two major considerations are of interest to US policy. One is the implication which federalist …”

[10.] The State of East Germany 1949 – 1950[1950] S. 457-472

„… ), with only a minor decorative share reserved for collaborators from the other parties. In contrast …” „… agricultural plan, which determines the farmers share in the national income. In the field of industry and …” „… Catholic Church, one of the strongest world-wide organizations actively hostile to its cultural policies …”

[19.] Austria Attempts Independent Foreign Policy[1953] S. 568-573

„… . III. Internal Factors Prompting New Policy One of the most important elements in the new Austrian …” „… voters and to prove the resourcefulness of the two-year-old Raab-Maleta leadership to the party’s rank …” „… long draft treaty rather than on a treaty at almost any price. This tactic will enable them to share in …”

[8.] The Refugee Problem in Western Germany[1949] S. 426-442

„… area now constituting occupied Germany and are now residents of one of the Western Zones. This …” „… residents of Western Germany. Excluded are all those persons (1) who have shifted their residence from one …” „… districts they constituted more than one-fourth of the total population of the rural counties.3 This pattern …”

doi.org/10.5771/9783845290027

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VRÜ Verfassung und Recht in Übersee

Browse Volumes: VRÜ Verfassung und Recht in Übersee

VRÜ | WCL Volume 30 (1997) Issue 1 ISSN Online: 2941-9603

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Michael Krennerich, Jacques de Ville A Systematic View on the Electoral Reform Debate in South Africa S. 26-41

„… corresponds almost exactly with its vote share. This leads one to the conclusion that the electoral system …” „… introduced in Italy and Hungary. Under this system one share of the seats is assigned under the plurality …” „… , Croatia and Lithuania are based. Under this system, in a separate procedure, one share of the seats is …”

doi.org/10.5771/0506-7286-1997-1

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