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205, 2014

Loyalty Shares , a serious innovation encouraging shareholders stability and discouraging shares lending

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Proxinvest discovered recently at a conference of the French SIF (FIR) ,and thanks to the CEO of the French cilvil servants pension fund ERAFP Philippe Desfossés, a quite challenging and refreshing innovation, an unexpected remedy to the recent decision of the French Parliament to generalize the double voting right as default regime in France. This financial innovation has been designed by Patrick Bolton, Columbia University, and Frédéric Samama, SWF Research Initiative and Amundi, and it is described in the included article of the Journal of Applied Corporate Finance  . […]

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