Ownership , control and market liquidity

@inproceedings{Ginglinger2007OwnershipC,
  title={Ownership , control and market liquidity},
  author={Edith Ginglinger and Jacques Hamona},
  year={2007}
}
  • Edith Ginglinger, Jacques Hamona
  • Published 2007
We examine how ownership concentration and the separation of ownership and control affect market liquidity in France. We find that firms with a large insider blockholder exhibit significantly lower liquidity. Different methods of concentrating control affect liquidity in different ways. Pyramid structures negatively affect liquidity for all pyramiding firms. Double voting right shares, a French specific means of control enhancement rewarding long-term shareholders, lead to increased liquidity… CONTINUE READING

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