The pricing of shares with different voting power and the theory of oceanic games

Sammanfattning: The price difference for shares with different voting power is, in some sense, a quantitative measure of the value of control which is used empirically to investigate the theory of oceanic games, a model of the power distribution among shareholders. The results show that all shareholders, including the very small, have power in a competitive market for corporate control. The power, however, is unequally distributed among the shareholders, thus making the price of a share differ for shares inside or outside a large block of shares.