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Author: Mike Burkart
Publisher:
ISBN:
Category :
Languages : en
Pages : 65
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Book Description
The impact of separating cash flow and votes depends on the ownership structure. In widely held firms, one share - one vote is in general not optimal. While it ensures an efficient outcome in bidding contests, dual-class shares mitigate the free-rider problem, thereby promoting takeovers. In the presence of a controlling shareholder, one share - one vote promotes value-increasing control transfers and deters value-decreasing control transfers more effectively than any other vote allocation. Moreover, leveraging the insider's voting power aggravates agency conflicts because it protects her from the takeover threat and provides less alignment with other shareholders. Even so, minority shareholder protection is not a compelling argument for regulatory intervention, as rational investors anticipate the insider's opportunism. Rather, the rationale for mandating one share - one vote must be to disempower controlling minority shareholders in order to promote value-increasing takeovers. As this policy tends to empower managers vis-agrave;-vis shareholders, it is an open question whether it would improve the quality of corporate governance, notably in systems built around large active owners. The verdict in the case of depositary certificates, priority shares, voting and ownership ceilings is less ambiguous, since they insulate managers from both takeovers and effective shareholder monitoring.
Author: Mike Burkart
Publisher:
ISBN:
Category :
Languages : en
Pages : 65
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Book Description
The impact of separating cash flow and votes depends on the ownership structure. In widely held firms, one share - one vote is in general not optimal. While it ensures an efficient outcome in bidding contests, dual-class shares mitigate the free-rider problem, thereby promoting takeovers. In the presence of a controlling shareholder, one share - one vote promotes value-increasing control transfers and deters value-decreasing control transfers more effectively than any other vote allocation. Moreover, leveraging the insider's voting power aggravates agency conflicts because it protects her from the takeover threat and provides less alignment with other shareholders. Even so, minority shareholder protection is not a compelling argument for regulatory intervention, as rational investors anticipate the insider's opportunism. Rather, the rationale for mandating one share - one vote must be to disempower controlling minority shareholders in order to promote value-increasing takeovers. As this policy tends to empower managers vis-agrave;-vis shareholders, it is an open question whether it would improve the quality of corporate governance, notably in systems built around large active owners. The verdict in the case of depositary certificates, priority shares, voting and ownership ceilings is less ambiguous, since they insulate managers from both takeovers and effective shareholder monitoring.
Author: United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
Publisher:
ISBN:
Category : Corporation law
Languages : en
Pages : 192
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Book Description
Author: Ted Cruz
Publisher: Simon and Schuster
ISBN: 1684511356
Category : Political Science
Languages : en
Pages : 279
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Book Description
** WALL STREET JOURNAL BESTSELLER **USA TODAY BESTSELLER ** PUBLISHER'S WEEKLY BESTSELLER ** NEW YORK TIMES BESTSELLER ** With a simple majority on the Supreme Court, the left would have the power to curtail or even abolish the freedoms that have made America a beacon to the world. We are one vote away from losing our most precious constitutional rights. As a Supreme Court clerk, solicitor general of Texas, and private litigator, Ted Cruz played a key role in some of the most important legal cases of the past two decades. In One Vote Away, you will discover how often the high court decisions that affect your life have been decided by the narrowest of margins. One vote preserves your right to speak freely, to bear arms, and to exercise your faith. One vote will determine whether your children enjoy their full inheritance as American citizens. God may endow us with "certain unalienable rights," but whether we enjoy them depends on nine judges—the "high priests" who have the last say in our system of government. Drawing back the curtain of their temple, Senator Cruz reveals the struggles, arguments, and strife that have shaped the fate of those rights. No one who reads One Vote Away can ever again take a single seat on the Supreme Court for granted.
Author: Henry M. Robert III
Publisher: PublicAffairs
ISBN: 9781541797710
Category : Business & Economics
Languages : en
Pages : 848
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Book Description
The only current authorized edition of the classic work on parliamentary procedure--now in a new updated edition Robert's Rules of Order is the recognized guide to smooth, orderly, and fairly conducted meetings. This 12th edition is the only current manual to have been maintained and updated since 1876 under the continuing program established by General Henry M. Robert himself. As indispensable now as the original edition was more than a century ago, Robert's Rules of Order Newly Revised is the acknowledged "gold standard" for meeting rules. New and enhanced features of this edition include: Section-based paragraph numbering to facilitate cross-references and e-book compatibility Expanded appendix of charts, tables, and lists Helpful summary explanations about postponing a motion, reconsidering a vote, making and enforcing points of order and appeals, and newly expanded procedures for filling blanks New provisions regarding debate on nominations, reopening nominations, and completing an election after its scheduled time Dozens more clarifications, additions, and refinements to improve the presentation of existing rules, incorporate new interpretations, and address common inquiries Coinciding with publication of the 12th edition, the authors of this manual have once again published an updated (3rd) edition of Robert's Rules of Order Newly Revised In Brief, a simple and concise introductory guide cross-referenced to it.
Author: Carol Anderson
Publisher: Bloomsbury Publishing
ISBN: 1635571375
Category : Political Science
Languages : en
Pages : 291
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Book Description
As featured in the documentary All In: The Fight for Democracy Finalist for the PEN/John Kenneth Galbraith Award for Nonfiction Longlisted for the National Book Award in Nonfiction Named one of the Best Books of the Year by: Washington Post * Boston Globe * NPR* Bustle * BookRiot * New York Public Library From the award-winning, New York Times bestselling author of White Rage, the startling--and timely--history of voter suppression in America, with a foreword by Senator Dick Durbin. In her New York Times bestseller White Rage, Carol Anderson laid bare an insidious history of policies that have systematically impeded black progress in America, from 1865 to our combustible present. With One Person, No Vote, she chronicles a related history: the rollbacks to African American participation in the vote since the 2013 Supreme Court decision that eviscerated the Voting Rights Act of 1965. Known as the Shelby ruling, this decision effectively allowed districts with a demonstrated history of racial discrimination to change voting requirements without approval from the Department of Justice. Focusing on the aftermath of Shelby, Anderson follows the astonishing story of government-dictated racial discrimination unfolding before our very eyes as more and more states adopt voter suppression laws. In gripping, enlightening detail she explains how voter suppression works, from photo ID requirements to gerrymandering to poll closures. And with vivid characters, she explores the resistance: the organizing, activism, and court battles to restore the basic right to vote to all Americans.
Author: Alexander Keyssar
Publisher: Basic Books
ISBN: 0465010148
Category : History
Languages : en
Pages : 496
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Book Description
Originally published in 2000, The Right to Vote was widely hailed as a magisterial account of the evolution of suffrage from the American Revolution to the end of the twentieth century. In this revised and updated edition, Keyssar carries the story forward, from the disputed presidential contest of 2000 through the 2008 campaign and the election of Barack Obama. The Right to Vote is a sweeping reinterpretation of American political history as well as a meditation on the meaning of democracy in contemporary American life.
Author: Michel L. Balinski
Publisher: Rowman & Littlefield
ISBN: 9780815716341
Category : Political Science
Languages : en
Pages : 214
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Book Description
The issue of fair representation will take center stage as U.S. congressional districts are reapportioned based on the 2000 Census. Using U.S. history as a guide, the authors develop a theory of fair representation that establishes various principles for translating state populations—or vote totals of parties—into a fair allocation of congressional seats. They conclude that the current apportionment formula cheats the larger states in favor of the smaller, contrary to the intentions of the founding fathers and compromising the Supreme Court's "one man, one vote" rulings. Balinski and Young interweave the theoretical development with a rich historical account of controversies over representation, and show how many of these principles grew out of political contests in the course of United States history. The result is a work that is at once history, politics, and popular science. The book—updated with data from the 1980 and 1990 Census counts—vividly demonstrates that apportionment deals with the very substance of political power.
Author: Michael Waldman
Publisher: Simon and Schuster
ISBN: 1982198931
Category : History
Languages : en
Pages : 448
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Book Description
On cover, the word "right" has an x drawn over the letter "r" with the letter "f" above it.
Author: United States. Advisory Commission on Intergovernmental Relations
Publisher:
ISBN:
Category : Public opinion
Languages : en
Pages : 34
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Book Description
Author: Arman Khachaturyan
Publisher: CEPS
ISBN: 929079657X
Category :
Languages : en
Pages : 30
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Book Description
