It is believed that the value of common stock is the sum of the values of cash flow and voting rights. According to Zingales(1994), the value of voting rights is increasing as the private benefits of control is getting greater. We show that the stock price reflects the value of voting rights when two party is fighting to get the control power of the firm. This paper also shows the existence of the voting right capture strategy, which is a profit seeking strategy that consists of buying stocks before the date of record and selling those stocks right after the date of record. In addition, we find some supporting empirical evidences of the existence of the voting right capture strategy from a sample of 17 domestic companies which experienced keen control power conflicts between 2000 and 2006.