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. |
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