Ownership, control and market liquidity (notice n° 166641)
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| 000 -LEADER | |
|---|---|
| fixed length control field | 01286cam a2200169 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250112034106.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Ginglinger, Edith |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Ownership, control and market liquidity |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2012.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 60 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | We 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. |
| 700 10 - ADDED ENTRY--PERSONAL NAME | |
| Personal name | Hamon, Jacques |
| Relator term | author |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Finance | 33 | 2 | 2012-12-01 | p. 61-99 | 0752-6180 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/journal-finance-2012-2-page-61?lang=en">https://shs.cairn.info/journal-finance-2012-2-page-61?lang=en</a> |
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