Article ID Journal Published Year Pages File Type
7349012 Economics Letters 2018 4 Pages PDF
Abstract
Using the merger and acquisition activity among pension fund management companies as a natural experiment, we obtain estimates on the causal link between ownership concentration and secondary market liquidity. Our findings suggest that concentrated ownership structures, via the threat of informed trading, adversely affects stock trading activity.
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Related Topics
Social Sciences and Humanities Economics, Econometrics and Finance Economics and Econometrics
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Ownership concentration and market liquidity: Evidence from a natural experiment
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