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3.1英文附录打印
3.1英文附录打印

DUAL-CLASS SHARES: GOVERNANCE, RISKS, AND REWARDS

by Samer Khalil and Michel Magnan

Dual-class shares have significant benefits but none of them flow through to minority shareholders. And while an argument could be made that a dual-class share structure is not absolutely bad, data and evidence gathered by these authors point unequivocally to the existence of a negative drag on a company with dual-class shares.

Dual class share structures under the spotlight

The reputation of firms with a dual-class share capital structure has suffered recently, the result of high-profile scandals in which controlling shareholders were accused of diverting large sums of money for their personal benefit. Examples include Vic De Zen of Royal Group Technologies Limited and Conrad Black of Hollinger International Inc. Forensic accountants (special board committee). At the two companies, special board committees concluded that the controlling shareholders, Mr. De Zen and Mr. Black, conducted related-party transactions on a non-arms-length basis. Mr. De Zen agreed to repay part of the profits and bonus and to convert his multiple voting shares into single voting shares following the delivery of the report. Mr. Black is disputing the charges in court. Firms having dual-class shares are also criticized on the basis of compensation, investment, and financing decisions that do not appear to be in the best interests of minority shareholders. For instance, Frank Stronach ( Magna ) and Jim Shaw ( Shaw Communications ) were severely criticized following the disclosure of their hefty 2002 compensation packages. Mr. Stronach managed to obtain $52 million in consulting fees, plus $6 million from stock options, even though Magna’s stock had fallen 30 percent in the previous year. Mr. J.R. Shaw received a $6.3-million bonus, while Shaw posted a $288-million loss in the same year.

These examples create significant concerns for participants in financial markets, who, in general, have a negative perception of the creation of dual-class share capital structure. In this article, we analyze the validity of these concerns by looking at the risks and rewards that investors face when investing in firms with dual-class shares.

Investor risk

Many Canadian firms have a dual-class share structure in which shares with single voting rights are coupled with shares having multiple voting rights or shares without voting rights. While different in terms of voting power, both classes of shares will typically have the right to receive similar dividends. Such a capital structure is well-liked by entrepreneurs, as it allows them to raise capital without diluting their control over the firm that they founded. For instance, the Bombardier family controls 59.7 percent of Bombardier’s voting rights but holds only 17.5 percent of its equity. The Stronach family controls 75 percent of the votes at Magna but only 3 percent of its equity. Similarly, a combination of single-voting and non-voting shares permits the Shaw family to control 78 percent of the votes while owning 4 percent of Shaw Communication’s equity.

Investors are free to buy non-voting or subordinate voting shares: But, caveat emptor. The lack of voting power is usually well-disclosed and is associated with a slightly lower stock price. Superior voting shares are traded at a premium that varies across countries, based on the legal protection provided to minority shareholders. The voting premium ranges from 3 percent to 10.5 percent in the U.S., 7 percent to 20 percent in Canada, and reaches as high as 82 percent in Italy, 19 percent in the UK, and 12 percent in Sweden.

However, shareholders face critical risks when a firm announces its intention to change its capital structure. For instance, in the U.S., results show that the creation of a dual-class share structure reduced shareholders’ wealth by 0.8% during the 1980s.

In Canada, findings show that the stock market reacts negatively to the creation of dual-class share structures, a reflection of the potential decline in firm performance following the recapitalization decision. Hence, the creation of a dual-class share structure is not perceived positively by stock market participants.

Investors holding subordinate voting shares may also find themselves at the mercy of temperamental controlling shareholders. Moreover, once an entrepreneur retires or dies and his/her controlling shares fall into the hands of heirs, it is doubtful that the latter will necessarily have the same business acumen as their parent. A case that comes to mind is the Jean Coutu Group Inc. Following the retirement of the 78-year-old founder, Jean Coutu, his heirs decided to pursue the largest acquisition in the group’s history, the purchase of Eckerd drug stores from J.C. Penney Company. Though the deal was applauded by various financial analysts, the outcome was a failure. The group witnessed a decline in share price and a downgrade in the company's credit rating, as management faced significant challenges with the hefty debt resulting from the acquisition, and with the integration of the information technology systems of the two retailers’ chains. These challenges prompted Jean Coutu to regain control over the group by reappointing himself as the executive officer. At the same time, he demoted his son, Fran?ois, from president and CEO to vice-chairman and president of the Canadian operations, and transferred key responsibilities from his son, Michel, head of the firm's U.S. division, to Pierre Legault, head of Paris-based pharmaceutical giant Sanofi-Aventis.

Given these examples, how should non-controlling investors assess their risks? In fact, any minority stockholder in a firm where a shareholder has a majority of the voting power faces similar risks, irrespective of the share-class structure. The share structure is one among many aspects of a firm’s governance structure that can affect the value of an investor’s investment. Board independence,competent directors, a firm’s financial condition, transparen cy, executive compensation...all are governance practices that can be as relevant and that would minimize investors’ risks. External auditors are also expected to play a key role in alleviating agency costs arising from

the separation of cash flow rights and control rights. In fact, auditors charge higher fees to firms with a dual-class share structure. Results also document higher audit fees in firms having a greater wedge between cash flow rights and control rights.

What returns can investors expect?

What type of a return can investors expect from an investment in non-voting or subordinated voting shares? Long term, such shares yield returns that are comparable to single voting shares. Moreover, some studies do find that family-controlled firms, many of which have dual-class share structures, exhibit better stock market performances than widely-held firms. Hence, two classes of shares do not necessarily translate into poor performance.

Profit opportunities may also arise for investors who can identify firms that intend to convert their dual -class share structure into a single class. The elimination of dual-class share structure is expected to result in an increase in share price for three main reasons. First, it alleviates the agency costs arising from the wedge between cash flow rights and control rights. Second, it enhances board monitoring and increases the likelihood of a takeover bid following suboptimal firm performance. Third, the unification of dual-class shares into a single voting class enhances the liquidity of the firms’ equity and reduces the cost of capital.

Anecdotal evidence supports these contentions. For instance, corporate disclosure shows that Canadian firms eliminate dual-class shares in order to improve corporate governance structure, to increase the appeal of the firms’ equity to investors, and to enhance the liquidity of the firms’equity. Evidence also shows that the majority of firms eliminating dual class share structure witness an increase in the share price at the announcement eli mination date or following that date. For instance, Unihost’s share price a day after the elimination announcement date was higher than its share price one day prior to the elimination date by 18%. Similarly, Sceptre Investment’s share price increased by 29 percent, Assante’s share price gained almost 27%, while

the share price for the remaining firms increased by 0.45 percent to 9.2 percent. Furthermore, results seem to support the conclusion that the stock market reaction is more positive when firms have a higher wedge between cash flow rights and control rights. For instance, Assante Corporation and Sceptre Investment Counsel, which have a high wedge, realized hefty positive abnormal returns at and following the elimination announcement date. In such a context, it is tempting for a controlling stockholder to put forward his or her own interests to the detriment of non-controlling shareholders.

Conclusion

While dual-class structures do raise legitimate questions, it must be pointed out that they are one asp ect of a firm’s governance, and not necessarily the most important. For example, a well-informed investor should check out the presence of coattail provisions which protect minority stockholders in a takeover situation. However, it is worth noting that a coattail provision does not represent an absolute guarantee. For example, WIC Western International Communications Ltd. had a coattail provision that allowed subordinate shareholders to share in the premium paid to superior voting shares. Despite this fact, Emily Griffiths, wife of founder Frank Griffiths, managed to avoid the coattail and keep the premium for herself by selling her superior voting shares to different parties.

英文花体字图文教程【大写】

首先大写字母A 笔画和平常我们写的完全不一样,先从左下角开头,在根据箭头的指示往上拉(拉的时候用笔要亲,不要太重) 接着在根据箭头往下写(这时用笔开始重) 画中间的圆是最难的一部,刚开始楼主也掌握不好画的不圆,对于这个,对画几个就好了,找感觉 大写字母B 这个相对于A要简单,笔画和平常的一样,但需要注意的是第一画起头要带一个小弧度,而且两个圆一定要饱满 也是占上三格 C很简单,大家看图就能懂了,不需要楼主解释了吧 唯一一点就是要饱满哦不然会很难看

D看似简单实际上很难写 楼主都感觉这个写的好丑啊! D跟平常的起笔一样,也是先写竖,但跟B一样要有个小弧度。 但是圆体里字母几乎都一笔连成,所以D是用一画写成的,在写好竖后在左下角转个圈然后延箭头方向画个饱满的大圆(用笔慢慢变轻,最后要停笔的地方要出来一点点 E 你们是不是想说长的好奇葩。 好吧这个也比较简单不需要楼主做多余的解释,要注意的就是上窄下宽!比例要掌握对,不然写出来更奇葩。。 F和平常的笔画一样,注意的就是第一笔的波浪要画的自然,而且一竖一横也不是原来那么死板,带了点波浪的感觉

G 这个是26个字母里的奇葩之一 因为它有大写的上半身和小写的下半身 笔画从那个弧度开始,要很流畅的一笔写成,亲们多写几个找感觉。 注意的是上宽下窄 H 一笔连成,从左上角的弧度开始,顺着箭头一笔搞定,两竖的距离一定要掌握好 I 笔画和平常不一样,第一笔从左下角的弧度开始然后往上拉在画个圈结尾,圈一定要画的自

然。 J 这个简单,看图就能懂了,不多说了,注意勾要大 K 四处都要有弧度,最后一笔要注意,就像个顺时针旋转45°的波浪号 四处的弧度非常重要,要是没写的话就没有样子 L 第一笔从弧度开始,弧度用笔重,然后顺着箭头的方向拉个圈(这个圈用笔轻)然后用笔变重画个竖,到底下时在画个圈(这个圈用笔要轻)最后是个波浪 要注意的是两个圈用比要轻,不然太死板就不好看,顺序就是重—轻—重—轻—重

1外文文献翻译原文及译文汇总

华北电力大学科技学院 毕业设计(论文)附件 外文文献翻译 学号:121912020115姓名:彭钰钊 所在系别:动力工程系专业班级:测控技术与仪器12K1指导教师:李冰 原文标题:Infrared Remote Control System Abstract 2016 年 4 月 19 日

红外遥控系统 摘要 红外数据通信技术是目前在世界范围内被广泛使用的一种无线连接技术,被众多的硬件和软件平台所支持。红外收发器产品具有成本低,小型化,传输速率快,点对点安全传输,不受电磁干扰等特点,可以实现信息在不同产品之间快速、方便、安全地交换与传送,在短距离无线传输方面拥有十分明显的优势。红外遥控收发系统的设计在具有很高的实用价值,目前红外收发器产品在可携式产品中的应用潜力很大。全世界约有1亿5千万台设备采用红外技术,在电子产品和工业设备、医疗设备等领域广泛使用。绝大多数笔记本电脑和手机都配置红外收发器接口。随着红外数据传输技术更加成熟、成本下降,红外收发器在短距离通讯领域必将得到更广泛的应用。 本系统的设计目的是用红外线作为传输媒质来传输用户的操作信息并由接收电路解调出原始信号,主要用到编码芯片和解码芯片对信号进行调制与解调,其中编码芯片用的是台湾生产的PT2262,解码芯片是PT2272。主要工作原理是:利用编码键盘可以为PT2262提供的输入信息,PT2262对输入的信息进行编码并加载到38KHZ的载波上并调制红外发射二极管并辐射到空间,然后再由接收系统接收到发射的信号并解调出原始信息,由PT2272对原信号进行解码以驱动相应的电路完成用户的操作要求。 关键字:红外线;编码;解码;LM386;红外收发器。 1 绪论

英文花体字帖-适合练习手写版

Aa Bb Cc Dd Ee Ff Gg Hh Ii Jj Kk Ll Mm Nn Oo Pp Qq Rr Ss Tt Uu Vv Ww Xx Yy Zz Bless Keep Fresh Ivy DuJuan dujuan come on Love is important. Everyday Life Enjoy yourself everyday! Boys and girls . Before grown up Hello , ladies and gentlemen. Congratulations You are the best and be yoursef. Better life better me in kid castle

弟子规全文 〈总叙〉 弟子规圣人训首孝弟次谨信泛爱众而亲仁有余力则学文 〈入则孝〉 父母呼应勿缓父母命行勿懒父母教须敬听父母责须顺承冬则温夏则凊晨则省昏则定出必告反必面居有常业无变事虽小勿擅为苟擅为子道亏物虽小勿私藏苟私藏亲心伤亲所好力为具亲所恶谨为去身有伤贻亲忧德有伤贻亲羞亲爱我孝何难亲憎我孝方贤 亲有过谏使更怡吾色柔吾声谏不入悦复谏号泣随挞无怨亲有疾药先尝昼夜侍不离床丧三年常悲咽居处变酒肉绝丧尽礼祭尽诚事死者如事生 〈出则弟〉 兄道友弟道恭兄弟睦孝在中财物轻怨何生言语忍忿自泯或饮食或坐走长者先幼者后长呼人即代叫人不在己即到称尊长勿呼名对尊长勿见能路遇长疾趋揖长无言退恭立骑下马乘下车过犹待百步余 长者立幼勿坐长者坐命乃坐尊长前声要低低不闻却非宜近必趋退必迟问起对视勿移 事诸父如事父事诸兄如事兄

<谨〉 朝起早夜眠迟老易至惜此时晨必盥兼漱口便溺回辄净手冠必正纽必结袜与履俱紧切置冠服有定位勿乱顿致污秽衣贵洁不贵华上循分下称家对饮食勿拣择食适可勿过则年方少勿饮酒饮酒醉最为丑 步从容立端正揖深圆拜恭敬勿践阈勿跛倚勿箕踞勿摇髀缓揭帘勿有声宽转弯勿触棱执虚器如执盈入虚室如有人事勿忙忙多错勿畏难勿轻略斗闹场绝勿近邪僻事绝勿问将入门问孰存将上堂声必扬人问谁对以名吾与我不分明用人物须明求倘不问即为偷借人物及时还后有急借不难 〈信〉 凡出言信为先诈与妄奚可焉话说多不如少惟其是勿佞巧奸巧语秽污词市井气切戒之 见未真勿轻言知未的勿轻传事非宜勿轻诺苟轻诺进退错凡道字重且舒勿急疾勿模糊彼说长此说短不关己莫闲管见人善即思齐纵去远以渐跻见人恶即内省有则改无加警唯德学唯才艺不如人当自砺若衣服若饮食不如人勿生戚闻过怒闻誉乐损友来益友却闻誉恐闻过欣直谅士渐相亲无心非名为错有心非名为恶过能改归于无倘掩饰增一辜

文献翻译英文原文

https://www.sodocs.net/doc/fc876917.html,/finance/company/consumer.html Consumer finance company The consumer finance division of the SG group of France has become highly active within India. They plan to offer finance for vehicles and two-wheelers to consumers, aiming to provide close to Rs. 400 billion in India in the next few years of its operations. The SG group is also dealing in stock broking, asset management, investment banking, private banking, information technology and business processing. SG group has ventured into the rapidly growing consumer credit market in India, and have plans to construct a headquarters at Kolkata. The AIG Group has been approved by the RBI to set up a non-banking finance company (NBFC). AIG seeks to introduce its consumer finance and asset management businesses in India. AIG Capital India plans to emphasize credit cards, mortgage financing, consumer durable financing and personal loans. Leading Indian and international concerns like the HSBC, Deutsche Bank, Goldman Sachs, Barclays and HDFC Bank are also waiting to be approved by the Reserve Bank of India to initiate similar operations. AIG is presently involved in insurance and financial services in more than one hundred countries. The affiliates of the AIG Group also provide retirement and asset management services all over the world. Many international companies have been looking at NBFC business because of the growing consumer finance market. Unlike foreign banks, there are no strictures on branch openings for the NBFCs. GE Consumer Finance is a section of General Electric. It is responsible for looking after the retail finance operations. GE Consumer Finance also governs the GE Capital Asia. Outside the United States, GE Consumer Finance performs its operations under the GE Money brand. GE Consumer Finance currently offers financial services in more than fifty countries. The company deals in credit cards, personal finance, mortgages and automobile solutions. It has a client base of more than 118 million customers throughout the world

英文翻译与英文原文.陈--

翻译文献:INVESTIGATION ON DYNAMIC PERFORMANCE OF SLIDE UNIT IN MODULAR MACHINE TOOL (对组合机床滑台动态性能的调查报告) 文献作者:Peter Dransfield, 出处:Peter Dransfield, Hydraulic Control System-Design and Analysis of TheirDynamics, Springer-Verlag, 1981 翻译页数:p139—144 英文译文: 对组合机床滑台动态性能的调查报告 【摘要】这一张纸处理调查利用有束缚力的曲线图和状态空间分析法对组合机床滑台的滑动影响和运动平稳性问题进行分析与研究,从而建立了滑台的液压驱动系统一自调背压调速系统的动态数学模型。通过计算机数字仿真系统,分析了滑台产生滑动影响和运动不平稳的原因及主要影响因素。从那些中可以得出那样的结论,如果能合理地设计液压缸和自调背压调压阀的结构尺寸. 本文中所使用的符号如下: s1-流源,即调速阀出口流量; S el—滑台滑动摩擦力 R一滑台等效粘性摩擦系数: I1—滑台与油缸的质量 12—自调背压阀阀心质量 C1、c2—油缸无杆腔及有杆腔的液容; C2—自调背压阀弹簧柔度; R1, R2自调背压阀阻尼孔液阻, R9—自调背压阀阀口液阻 S e2—自调背压阀弹簧的初始预紧力; I4, I5—管路的等效液感 C5、C6—管路的等效液容: R5, R7-管路的等效液阻; V3, V4—油缸无杆腔及有杆腔内容积; P3, P4—油缸无杆腔及有杆腔的压力 F—滑台承受负载, V—滑台运动速度。本文采用功率键合图和状态空间分折法建立系统的运动数学模型,滑台的动态特性可以能得到显著改善。

平面设计最常用的6种英文字体

字体设计一直是设计师最头疼的事,选择好是字体往往会事半功倍,然而中国设计师由于设计教育的问题和文化差异,往往对英文字体忽视,随便选一个往往就使用在了我们的作品中,设计师好坏的差别很大程度上是字体选择的差别,大马设计精选出出这6种最常的英文字体,他们都是久经考验的经典字体,有些经过了数百年的洗礼,有些像空气一起存在于我们周围,相信看过这个帖子会对你的设计会有很大帮助,并且每一个介绍后都有下载链接,可以下载安装使用。 1. 无处不在的:Helvetica Helvetica是世界上最著名和流行字样之一。它干净、清晰的字形领导了一股清楚、易懂而快速的阅读潮流。Helvetica是由米耶丁格和爱德华德·霍夫曼(Eduard Hoffmann)在瑞士哈斯铸造所(Haas’sche Schriftgießerei)所制做。最初的名称是“Neue Haas Grotesk”,意为“哈斯的新无衬线铅字”,后来被哈斯的德国母公司斯滕佩尔(Stempel)在1960改为 Helvetica,源自瑞士的拉丁文,使其更具有国际市场竞争力。 1983年,D. Stempel AG和Linotype 公司一起重新设计并数字化了Helvetica,取名Neue Helvetica,建立了一个新的统一的字体家族。直到今天,原有的Helvetica家族包含了34种不同的字体磅值,而Neue Helvetica家族却有51种字体磅值。 Helvetica字体家族已经成为很多数字印刷机和操作系统中不可缺少的一部分,同时也成为了当代视觉文化中一个无法替代的指南针。,世界无数的Logo在使用Helvetica,比如:如3M ,BASF 美国航空,BWM,英特尔,汉沙航空,Knoll,松下,无印量品,三星,德国铁路。 更多关于这个字体信息请点击下载: 世界著名字体系列——Helvetica

小学六年级英语下册字贴—花体

Unit One How tall are you ? I’m 21 metres tall. I’m tallest! I’m 1.6 metres tall. I’m taller than dinosaur. It’s so tall! Some dinosaurs are bigger than houses. Some are smaller than our schoolbags. How heavy is it?

It’s five tons. What size are your shoes? My shoes are size 35. Look! That’s the tallest dinosaur in this hall. Yes, it is. How tall is it? Maybe 4 metres. Wow! It’s taller than both of us together.

Look!There are more dinosaurs over there! They’re all so big and tall. Hey, this dinosaur isn’t tall! I’m taller than this one. Oh, yes. How tall are you? I’m 1.65 metres. How tall are you?

I’m 1.61 metres. Oh! I’m taller. You’re older than me, too. How old are you? I’m 12 years old. How tall are you? I’m 1.64 metres.

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