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UPS Partners
2013 Proxy Proposal 4 - Reduction of Voting Power of Class A Shares
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<blockquote data-quote="TxRoadDawg" data-source="post: 1120177" data-attributes="member: 41420"><p>"There’s little evidence (at least that I can find) that these kind of companies underperform peers in the market, or even trade at a discount to single-share peers. But a study by <a href="http://www.haas.berkeley.edu/groups/finance/dualpaper.pdf" target="_blank"><span style="color: #000000">Paul G, Joy Ishii and Andrew Metrick </span></a><span style="color: #000000">found that while large ownership stakes in insiders’ hands tend to improve corporate performance, heavy control by insiders weakens it. They tend to take on more debt, rather than dilute control through share offerings than single-share companies. Other studies found </span><a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=147590" target="_blank"><span style="color: #000000">CEOs enjoy higher levels of compensation</span></a><span style="color: #000000"> and shareholders enjoy less return on capital investments, while </span><a href="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=961158" target="_blank"><span style="color: #000000">wasting cash and chasing goals</span></a><span style="color: #000000"> that are personally important to those in control–not shareholders.</span>"</p><p></p><p>I'd love to see all shares equal, might be a deterrent to pencil pushers ramming bull<img src="http://*" alt="" class="fr-fic fr-dii fr-draggable " style="" /><img src="http://*" alt="" class="fr-fic fr-dii fr-draggable " style="" /><img src="http://*" alt="" class="fr-fic fr-dii fr-draggable " style="" /><img src="http://*" alt="" class="fr-fic fr-dii fr-draggable " style="" /> down the chain</p></blockquote><p></p>
[QUOTE="TxRoadDawg, post: 1120177, member: 41420"] "There’s little evidence (at least that I can find) that these kind of companies underperform peers in the market, or even trade at a discount to single-share peers. But a study by [URL="http://www.haas.berkeley.edu/groups/finance/dualpaper.pdf"][COLOR=#000000]Paul G, Joy Ishii and Andrew Metrick [/COLOR][/URL][COLOR=#000000]found that while large ownership stakes in insiders’ hands tend to improve corporate performance, heavy control by insiders weakens it. They tend to take on more debt, rather than dilute control through share offerings than single-share companies. Other studies found [/COLOR][URL="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=147590"][COLOR=#000000]CEOs enjoy higher levels of compensation[/COLOR][/URL][COLOR=#000000] and shareholders enjoy less return on capital investments, while [/COLOR][URL="http://papers.ssrn.com/sol3/papers.cfm?abstract_id=961158"][COLOR=#000000]wasting cash and chasing goals[/COLOR][/URL][COLOR=#000000] that are personally important to those in control–not shareholders.[/COLOR]" I'd love to see all shares equal, might be a deterrent to pencil pushers ramming bull[IMG]*[/IMG][IMG]*[/IMG][IMG]*[/IMG][IMG]*[/IMG] down the chain [/QUOTE]
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2013 Proxy Proposal 4 - Reduction of Voting Power of Class A Shares
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