search query: @indexterm Corporate finance / total: 722
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| Author: | Kandel, E. Massa, M. Simonov, A. |
| Title: | Do small shareholders count? |
| Journal: | Journal of Financial Economics
2011 : SEP, VOL.101:3, p. 641-665 |
| Index terms: | shareholders company value corporate finance management decision making models Scandinavia Nordic countries Sweden |
| Freeterms: | heterogeneity |
| Language: | eng |
| Abstract: | The author hypothesizes that age similarity among small shareholders acts as an implicit coordinating device for their actions. Based on this hypothesis on a sample of Swedish firms during the 1995-2000 period. Consistent with our hypothesis, it is found that compared with shareholders of differing ages, same-age non-controlling shareholders sell more aggressively following negative firm news; firms with more age-similar small shareholders are more profitable and command higher valuation; and an increase (decline) in a firm's small shareholder age similarity brings a significantly large increase (decline) in its stock price. |
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