search query: @author Heflin, F. / total: 5
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| Author: | Heflin, F. Shaw, K. W. |
| Title: | Blockholder Ownership and Market Liquidity |
| Journal: | Journal of Financial and Quantitative Analysis
2000 : DEC, VOL. 35:4, p. 621-633 |
| Index terms: | LIQUIDITY FINANCE FINANCIAL MARKETS |
| Language: | eng |
| Abstract: | Examination of block ownership is complicated by the fact that managers, who also are believed to possess private, value-relevant information, sometimes hold large blocks in the firms they manage. This paper examines the association between block ownership and market liquidity. Block-holders are believed to have access to private, value-relevant information via their roles as monitors of firms' operations. Consistent with this, the authors find that firms with greater block-holder ownership, either by managers or external entities, have larger quoted spreads, effective spreads, adverse selection spread components, and smaller quoted depths. |
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