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Ownership, control and market liquidity

hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorHamon, Jacques*
hal.structure.identifierDauphine Recherches en Management [DRM]
dc.contributor.authorGinglinger, Edith*
dc.date.accessioned2012-07-02T12:34:10Z
dc.date.available2012-07-02T12:34:10Z
dc.date.issued2012
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/9676
dc.language.isoenen
dc.subjectOwnershipen
dc.subjectBlockholdersen
dc.subjectLong-term shareholdersen
dc.subjectUltimate controlen
dc.subjectPyramidsen
dc.subjectVoting rightsen
dc.subjectLiquidityen
dc.subjectBid-ask spreaden
dc.subject.ddc332en
dc.subject.classificationjelG.G3.G34en
dc.subject.classificationjelG.G3.G32en
dc.subject.classificationjelG.G1.G14en
dc.titleOwnership, control and market liquidityen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenWe examine how ownership concentration and the separation of ownership and control affect secondary-market liquidity in France. We find that firms with a large insider blockholder exhibit significantly lower liquidity. However, different methods of enhancing control affect liquidity in different ways. Pyramid structures impair market liquidity. Double voting right shares, a French specific means of control enhancement rewarding long-term shareholders and restraining insiders from trading their shares, lead to increased liquidity, especially for family firms. Our results suggest that by using double voting rights to enhance their control, a transparent decoupling mechanism, rather than pyramids, an opaque decoupling mechanism, blockholders offer higher secondary-market liquidity to outside investors.en
dc.relation.isversionofjnlnameFinance
dc.relation.isversionofjnlvol33en
dc.relation.isversionofjnlissue2en
dc.relation.isversionofjnldate2012
dc.relation.isversionofjnlpages61-99en
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherAssociation française de finance
dc.subject.ddclabelEconomie financièreen
dc.description.halcandidateoui
dc.description.readershiprecherche
dc.description.audienceInternational
dc.relation.Isversionofjnlpeerreviewedoui
hal.identifierhal-01457073*
hal.version1*
hal.update.actionupdateMetadata*
hal.author.functionaut
hal.author.functionaut


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