Ownership level, ownership concentration and liquidity

被引：129
|
作者：
Rubin, Amir [1 ]
机构：
[1] Simon Fraser Univ, Fac Business Adm, Burnaby, BC V5A 1S6, Canada
来源：
JOURNAL OF FINANCIAL MARKETS | 2007年 / 10卷 / 03期
关键词：
ownership; concentration; liquidity; adverse selection; trading;
D O I：
10.1016/j.finmar.2007.04.002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the link between the liquidity of a firm's stock and its ownership structure, specifically, how much of the firm's stock is owned by insiders and institutions, and how concentrated is their ownership. We find that the liquidity-ownership relation is mostly driven by institutional ownership rather than insider ownership. Importantly, liquidity is positively related to total institutional holdings but negatively related to institutional blockholdings. This finding is consistent with the hypothesis that while the level of institutional ownership proxies for trading activity, the concentration of such ownership proxies for adverse selection. (C) 2007 Elsevier B.V. All rights reserved.
引用
收藏
页码：219 / 248
页数：30
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