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
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
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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
Journal: Journal of Financial Economics - Volume 83, Issue 3, March 2007, Pages 751–792
نویسندگان
Jose-Miguel Gaspar, Massimo Massa,