Dual Class Model and Shareholder Agreements: An Analysis of Italian Companies
Bibliographic record
Abstract
This paper analysed the changes in ownership concentration of the Italian financial market and the recourse to dual class model and shareholder agreements by Italian listed companies in the period 2009-2020. The analysis shows that the control market did not show signs in the period that would lead to presume an increase in the contestability of our companies. The attenuation in ownership concentration, highlighted by the reduction in the value of the Shapley-Shubik index, and the increase in the average market participation did not produce an increase in the contestability of Italian listed companies since the high concentration and limited contestability of control continue to characterize their ownership structures. Findings also show less recourse by the Italian companies to the instruments of separation between ownership and control in the considered period. The reduction in the number of companies that resort to the issue of shares without voting rights and the shareholders' agreements is also reflected in the lower incidence of the capitalization of these companies compared to the market capitalization.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.003 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.002 | 0.002 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.002 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.003 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".