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Narasimhan Jegadeesh Kim, Joonghyuk 2015-09-28T16:03:12Z 2015-09-28T16:03:12Z 10000-01-01 2001 2001 "The second essay, ""Dual-class Stocks: Motivation and Effects on Firm Valuation, Corporate Governance, Capital Structure, and Payout Policy"", addresses several issues in dual-class stocks: why and when firms create dual-class stocks, and how the creation of dual-class stocks affects shareholders' wealth, corporate governance, capital structure, and payout policy. The results suggest that managers adopt the dual-class equity structure to raise additional outside equity capital without losing their control of the firms, rather than an antitakover measure. Adopting dual-class structure has a negative effect on shareholders' wealth that is observable only over a long horizon of time after the change. Dual-class firms tend to have board of directors that provide less effective monitoring roles for outside shareholders even before the change. They tend to keep the composition after the dual-class creation. The results suggest that over a long horizon of time, dual-class firms tend to use equity more than debt for their external capital source. No significant difference in dividend payout policy between dual-class firms and their industry and size matched firms is found." Made available in DSpace on 2015-09-28T16:03:12Z (GMT). No. of bitstreams: 2 license.txt: 4848 bytes, checksum: 96035ab3f5e1c23cc7138a224ce498bd (MD5) 3023093.pdf: 6669985 bytes, checksum: 5e0bd92a2da2271e5ace3ab10a8b2481 (MD5) Previous issue date: 2001 Embargo set by: Seth Robbins for item 88707 Lift date: Forever Reason: Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs Restricted to the U of I community idenfinitely during batch ingest of legacy ETDs U of I Only 125 p. Thesis (Ph.D.)--University of Illinois at Urbana-Champaign, 2001. http://hdl.handle.net/2142/87426 (MiAaPQ)AAI3023093 eng Economics, Finance Two Essays in Corporate Finance and Investment text Finance Finance University of Illinois at Urbana-Champaign Dissertation Ph.D.