Bobby V. Reddy

Founders without Limits (eBook, PDF)

Dual-Class Stock and the Premium Tier of the London Stock Exchange

• Format: PDF

Produktbeschreibung

Big Tech has flourished on the US public markets in recent years with numerous blue-chip IPOs, from Google and Facebook, to new kids on the block such as Snap, Zoom, and Airbnb. A key trend is the burgeoning use of dual-class stock. Dual-class stock enables founders to divest of equity and generate finance for growth through an IPO, without losing the control they desire to pursue their long-term, market-disrupting visions. Bobby Reddy scrutinises the global history of dual-class stock, evaluates the conceptual and empirical evidence on dual-class stock, and assesses the approach of the London Stock Exchange and ongoing UK regulatory reforms to dual-class stock. A policy roadmap is presented that optimally supports the adoption of dual-class stock while still protecting against its potential abuses, which will more effectively attract high-growth, innovative companies to the UK equity markets, boost the economy, and unleash the true potential of 'founders without limits'.

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Produktdetails

• Verlag: Cambridge University Press
• Erscheinungstermin: 11. November 2021
• Englisch
• ISBN-13: 9781108997317
• Artikelnr.: 66183180

Autorenporträt

Bobby Reddy teaches Company Law and Corporate Governance at the University of Cambridge, and is a Fellow of the Cambridge Endowment for Research in Finance and a Fellow of Churchill College. He is a former corporate partner at the global law firm Latham & Watkins LLP and was a director and trustee of the charitable corporate governance think-tank Tomorrow's Company.

Inhaltsangabe

Introduction: 1. The cult of dual-class stock in the era of big tech
2. A tale of two cities and beyond
3. First among equals? Other methods of creating a divergence between voting and cash-flow rights
4. Shareholder democracy, and corporate purpose
5. From controlling shareholders to dual-class stock
6. Theoretical benefits and detriments of dual-class stock
7. The empirical evidence on dual-class stock
8. The existing constraints
9. A balanced protection package for inferior-voting shareholders
Epilogue
Appendix: The proposed enhanced inferior-voting shareholder protection package for the UK's premium-tier with a comparison to other major dual-class stock exchanges
Index.