Als Vortragenden dürfen wir Paul Voss (Central European University (CEU)) begrüßen.

Er wird sein Paper “Decoupling Voting and Cash Flow Rights" (gemeinsam mit Andras Danis und Andre Speit) vorstellen.

Abstract: The equity lending and option markets allow investors to decouple cash flow claims and voting rights of shares. Empirical studies show that the implied prices of voting rights differ substantially across these two markets. This paper provides a theoretical explanation for this puzzling finding: The price differential arises because the equity lending market allows activist investors to exploit coordination failures among shareholders more than the option market. Still, we show that activist investors may buy voting rights in both markets, despite endogenously lower prices in the equity lending market. Our results apply to any financial instrument used for decoupling.

Das Brown Bag Seminar findet am 12. April 2023 von 12:00-13:00 Uhr im Raum D3.0.225 statt.