Founders without Limits: Dual-Class Stock and the Premium Tier of the London Stock Exchange

Banking / Finance

Founders without Limits: Dual-Class Stock and the Premium Tier of the London Stock Exchange

By Bobby V. Reddy
Cambridge University Press April 2024

Specifications

ISBN-13
9781108970624
Publisher
Cambridge University Press
Publication
April 2024
Format
Paperback
Jurisdiction
U.K. ? Countri(es) for reference only

Also available as

Hardback

Details

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'.

Table of Contents

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
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