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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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