کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
960001 929397 2007 42 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Local ownership as private information: Evidence on the monitoring-liquidity trade-off
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Local ownership as private information: Evidence on the monitoring-liquidity trade-off
چکیده انگلیسی

We investigate how ownership patterns affect the way the firm is monitored, the liquidity of its shares, and its stock price. We show that informed ownership improves governance and induces value-enhancing decisions (less over-investment and fewer but better acquisitions). At the same time, it increases the adverse selection discount required by less informed investors to trade, reducing the firm's liquidity. Both effects are impounded in the stock price. This explains why ownership seems to be unrelated to performance. Informed investors affect prices in opposite directions: monitoring would raise prices, but the lower liquidity induced by their presence would reduce them.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 83, Issue 3, March 2007, Pages 751–792
نویسندگان
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