The Value of the Voting Right: A Study of the Milan Stock Exchange Experience

Luigi Zingales

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Corporate Finance and Governance Financial Markets and Investment Strategies Financial Reporting and Valuation Research

Abstract

I study the large premium (82 percent) attributed to voting shares on the Milan Stock Exchange. The premium varies according to the ownership structure and the concentration of the voting rights, and it can be rationalized in the presence of enormous private benefits of control. A case study seems to indicate that in Italy private benefits of control can easily be worth more than 60 percent of the value of nonvoting equity. A tentative explanation for these findings is provided.

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1986Large Shareholders and Corporate Control 1980Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation 1965Mergers and the Market for Corporate Control 1988One share-one vote and the market for corporate control 1989Private benefits from control of public corporations

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