haku: @journal_id 62 / yhteensä: 680
viite: 52 / 680
| Tekijä: | Heflin, F. Shaw, K. W. |
| Otsikko: | Blockholder Ownership and Market Liquidity |
| Lehti: | Journal of Financial and Quantitative Analysis
2000 : DEC, VOL. 35:4, p. 621-633 |
| Asiasana: | LIQUIDITY FINANCE FINANCIAL MARKETS |
| Kieli: | eng |
| Tiivistelmä: | 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. |
SCIMA