Seven or more years out from their IPOs, firms with perpetual dual-class stock trade at a significant discount to those with sunset provisions (using median rel

Seven or more years out from their IPOs, firms with perpetual dual-class stock trade at a significant discount to those with sunset provisions (using median relative valuation) Dual-class can provide smooth transition from private to public company. If if there is not a sunset clause the performance of Corporate Royalty degrades.