| 标题： | Public Trading and Private Incentives |
| 时间： | 2019-12-03 21:00:46 |
| DOI： | 10.1093/rfs/hhh002 |
| 作者： | Faure-Grimaud, A.; Gromb, D. |
| 关键词： | Blockholder Incentives;Public Trading;Stock Price Information |
| 出版源： | 《Review of Financial Studies》 ,17 (4) :985-1014 |
| 摘要： | This article studies the link between public trading and the activity of a firm's large shareholder who can affect firm value. Public trading results in the formation of a stock price that is informative about the large shareholder's activity. This increases the latter's incentives to engage in value-increasing activities. Indeed, if he has to liquidate part of his stake before the effect of his activity is publicly observed, a more informative price rewards him for his activity. Implications are derived for the decision to go public, capital structure, and security design. |
| 大小： | 311 kb |
| 页数： | 31 PAGES |
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