摘要：
Direct empirical valuation of corporate control has been hampered
by the absence of systematic observable data and verifiable equilibrium
models. This paper provides a new analytical framework for valuing
voting rights, linking the value of control to the distribution
of shares among shareholders along with corresponding Shapley and
Owen Power Indices. The new framework presented here transforms
values generated by power indices into game theory/equilibrium financial
values We illustrate our model using numerical methodologies based
on share prices paid by agents seeking to control firms as well
as market prices paid by shareholders who simply defer control to
other agents. The paper also derives a simple version of a demand
function for corporate control in a setting similar to Jensen and
Meckling [1]. Using a unique data set of dual class shares, we compare
empirical methodologies estimating the value of control to the analytical
methodology provided in this paper.
