search query: @indexterm COMPANY OWNERSHIP / total: 496
reference: 154 / 496
| Author: | Bolton, P. Thadden, E.-L. von |
| Title: | Blocks, liquidity, and corporate control. |
| Journal: | Journal of Finance
1998 : FEB, VOL. 53:1, p. 1-25 |
| Index terms: | COMPANY OWNERSHIP SHAREHOLDERS CORPORATE LIQUIDITY LIQUIDITY |
| Language: | eng |
| Abstract: | The paper develops a simple model of corporate ownership structure in which costs and benefits of ownership concentration are analyzed. The model compares the liquidity benefits obtained through dispersed corporate ownership with the benefits from efficient management control achieved by some degree of ownership concentration. The paper reexamines the free-rider problem in corporate control in the presence of liquidity trading, derives predictions for the optimal choice of ownership structure. |
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