Röstpremien - premien för aktiens rösträtt

Sammanfattning: This thesis aims to investigate the voting premium for companies differentiating voting rights between share classes on the Stockholm Stock Exchange. The voting premium represents the value of a vote attached to the share. The voting premium can be estimated from the price premium between two listed share classes with differentiated voting rights. Rydqvist's dissertation (1987) serves as a model for this study which investigates whether the theory of the so called "oceanic games", along with a proxy variable for cost of control, can predict the voting premium during 2010-2012. To the original model developed by Rydqvist, control variables for differences in liquidity between share classes are added to investigate for an increase in the explanatory power. Panel data for voting premiums in 27 companies is analyzed using OLS regressions. An average positive voting premium is found for companies differentiating voting rights on the Stockholm Stock Exchange for the studied period of time. Significant results are obtained for Rydqvist's regression model, but the explanatory power is lower than for the original study. Significant results are also obtained when a control variable for liquidity, which takes into regard differences in turnover between share classes, is added to the model. This leads to an increased explanatory power. The conclusion of the study is that Rydqvist's model can predict voting premiums for the Stockholm Stock Exchange for the studied period of time. Liquidity differences also explain the voting premium. The study highlights statistical problems when performing studies on the voting premium and discusses flaws in the assumptions of the theories.