華師經(jīng)管學術講座第449期（經(jīng)濟）
【題目】One-Share-One-Vote and Dual-Class Shares in the Laboratory
【時間】2023年6月27日（周二）上午10:00
【地點】大學城校區(qū)文2棟301
【主講人】包特 副教授
【主持人】董志強 教授
【主講人簡介】
包特，新加坡南洋理工大學經(jīng)濟系長聘副教授。主要研究領域為實驗經(jīng)濟學，行為金融，中國經(jīng)濟和合約理論。其研究成果發(fā)表于Economic Journal, European Economic Review, Experimental Economics, Journal of Economic Behavior and Organization, Journal of Economic Dynamics and Control等國際期刊和《經(jīng)濟研究》《世界經(jīng)濟》《管理世界》《管理科學學報》等國內期刊。擔任Singapore Economic Review副編輯，和多家期刊和科研基金的匿名審稿人。
【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.