Ownership , control and market liquidity

  title={Ownership , control and market liquidity},
  author={Edith Ginglinger and Jacques Hamona},
  • 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

From This Paper

Figures, tables, and topics from this paper.
4 Citations
30 References
Similar Papers


Publications referenced by this paper.
Showing 1-10 of 30 references

Director Holdings, Shareholder Concentration and Illiquidity, Working paper, University of Sydney

  • C. Comerton-Forde, J. Rydge
  • 2006
Highly Influential
4 Excerpts

The separation of ownership and control: an analysis of ultimate ownership in western European corporations

  • M Faccio, L. Lang
  • Journal of Financial Economics,
  • 2002
Highly Influential
5 Excerpts

Ownership level, ownership concentration, and liquidity, forthcoming

  • A. Rubin
  • Journal of Financial Market
  • 2007
Highly Influential
3 Excerpts

Effects of large shareholding on information asymmetry and stock liquidity

  • N Attig, W. M. Fong, Y. Gadhoum, L. Lang
  • Journal of Banking and Finance,
  • 2006
1 Excerpt

Managerial bonding and stock liquidity: an analysis of dual-class firms

  • E. Boehmer, G. Sanger, S. Varshney
  • Journal of Economics and Finance,
  • 2004

Investor protection and firm liquidity

  • P Brockman, D. Y. Chung
  • Journal of Finance,
  • 2003
2 Excerpts

Market microstructure

  • H. R. Stoll
  • Handbook of the Economics of Finance. North…
  • 2003
2 Excerpts

Similar Papers

Loading similar papers…