[nostrademons]

The study itself looked at 114 companies in the S&P 1500 (not a typo). The majority of them were consumer discretionary and industrials, not tech.

One thing the study didn't make clear was what its control was. It seemed like they were measuring returns relative to the S&P 1500 as a whole, but this introduces a lot of conflating factors. The study also found that controlled companies with a single-class structure (eg. WalMart, where there's only a single class of shares but the Walton family owns >50% of them) performed better than both multi-class and non-controlled companies, across all time periods. I can't see any rational reason other than random chance that this would be the case, and I would be skeptical of any study with a sample size of 114 non-randomly-chosen entities.

[ericd]

Yeah, when dealing with a few instances, it's hard to say if it's just random variation. The summary he pointed to called out the 4 tech companies mentioned as evidence, I didn't look to see if they were emphasized in the source. Thanks for summarizing what you read.