PhD defence T.A. (Titiaan) Keijzer

The central research question of this PhD-thesis was as follows:

Should open, listed corporations be permitted to create a dual class equity structure, involving inferior and/or superior voting and/or profit-participating stock?

I partitioned this research question in three specific elements. The three sub-questions were the following:

The Economic Perspective • How do permanent, going concern dual class equity structures relate to the function of financial markets, in which ways do they affect shareholder value, in general as well as on a per class basis, and what are the effects of midstream introductions and cancellations?

The Historical Perspective • What types of permanent, going concern dual class equity structures have US, German and Dutch open, listed corporations been able to create, starting from the 1800s, and which internal and external factors have contributed to changes in legal doctrine and legal practice?

The Legal Perspective • What types of permanent, going concern dual class equity structures can open, listed US, German and Dutch corporations currently create, how does this relate to the broader system of corporate governance in the respective jurisdiction, and under which circumstances are midstream introductions and cancellations permitted?

Due to corona, the PhD defences do not take place publicly in the usual way in the Senate Hall of the Professor Andries Querido Room. The candidates will defend their dissertation either in a small group or online.