haku: @freeterm heterogeneity / yhteensä: 23
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Tekijä:Kandel, E.
Massa, M.
Simonov, A.
Otsikko:Do small shareholders count?
Lehti:Journal of Financial Economics
2011 : SEP, VOL.101:3, p. 641-665
Asiasana:shareholders
company value
corporate finance
management
decision making
models
Scandinavia
Nordic countries
Sweden
Vapaa asiasana:heterogeneity
Kieli:eng
Tiivistelmä: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.
SCIMA tietueen numero: 274103
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