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Share Class Structures and Asset Transactions: Canadian Evidence

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Share Class Structures and Asset Transactions: Canadian Evidence

Guo, Lingfeng (2016) Share Class Structures and Asset Transactions: Canadian Evidence. Masters thesis, Concordia University.

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Abstract

Few researchers focus on how share class structures affect corporate decisions, particularly asset transactions. With a hand-collected sample of 1632 asset transactions by TSX- and TSX-V-listed purchasers, we first test whether the relative transaction values differ for single- and dual-class buyers, and then examine how the degree of dual class structures influences the relative transaction values with a subsample of 82 transactions involving only dual-class buyers. We also explore whether the relative value of asset purchases depends on three characteristics of dual-class purchasers. Our empirical evidence shows that the relative transaction value for a dual-class purchaser is significantly larger only when a subsample of family-controlled buyers is used, and that a higher degree of dual class structure corresponds to a larger relative transaction value. We find that the relative transaction values for family-controlled, dual-class purchasers are greater than those for nonfamily-controlled ones, that a higher family ownership leads to a bigger relative transaction value, and that the relative value for dual-class buyers who have more than one family member on the board is smaller.

Divisions:Concordia University > John Molson School of Business > Finance
Item Type:Thesis (Masters)
Authors:Guo, Lingfeng
Institution:Concordia University
Degree Name:M. Sc.
Program:Administration (Finance option)
Date:17 March 2016
Thesis Supervisor(s):Kryzanowski, Lawrence
ID Code:980956
Deposited By: LINGFENG GUO
Deposited On:17 Jun 2016 14:12
Last Modified:18 Jan 2018 17:52
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