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| Tekijä: | Bolton, P. |
| Otsikko: | Liquidity and control: a dynamic theory of corporate ownership structure |
| Lehti: | Journal of Institutional and Theoretical Economics
1998 : MAR, VOL. 154:1, p. 177-211 |
| Asiasana: | ECONOMICS LIQUIDITY CONTROL |
| Kieli: | eng |
| Tiivistelmä: | The paper develops a theory of ownership structure based on the notion that corporate control and secondary market liquidity are not perfectly compatible with each other. The authors analyze the tradeoff between these two objectives for two different ownership structures: the privately held firm, which is characterized by restricted trading opportunities for owners and non-anonymous trading, and the publicly traded firm where trading opportunities are unrestricted and trading is anonymous. |
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