Informação contida no diferencial de preços de classes de ações: antes e após 10.303/01
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2004
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Several papers suggest that private benefits can explain the price differential between classes of stocks with different voting rights. However, in Brazil the price differential between voting and non-voting stocks has been negative for several companies during the July/1994-September/2002 period. This paper investigates the determinants that imply this voting share discount relative to the non-voting share. Particularly, the paper analyses the impacts of liquidity, dividends differential, and recent changes in legislation on the voting premium. This article documents that liquidity is extremely relevant in the determination of relative prices. Empirical evidence confirms that the negative impact of Law 9.457 revoking voting minority shareholders` tag along rights and the positive impact of the introduction of Law 10.303, reinstating those rights to voting shareholders. Finally, ownership structure confirmed a positive relationship with the voting premium, but the major shareholder s voting share participation has not presented a significant relationship.