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Federated Hermes

2024 Top 500 ranking: 31

The curious case of Korea’s preference stock discount


A unique feature of the Korean stock market is the pervasive use of non-voting stocks, termed ‘preference shares’. They can trade at discounts to common stock of as much as 50%, or more. Jonathan Pines considers the causes of the phenomenon, what, in his opinion, the ‘right’ level of discount ...

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