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Ownership, control and market liquidity

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78_Ginglinger.pdf (195.3Kb)
Date
2007-06
Notes
Le document attaché est également paru dans la série Working Papers de la Chaire en Finance d'entreprise Dauphine - FBF, n° 2008-2
Dewey
Economie financière
Sujet
bid-ask spread; liquidity; voting rights; pyramids; ultimate control; ownership
JEL code
G14; G34; G32
Conference name
AFFI 2007 (Association Française de Finance)
Conference date
06-2007
Conference city
Paris
Conference country
France
URI
https://basepub.dauphine.fr/handle/123456789/2709
Collections
  • DRM : Publications
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Author
Hamon, Jacques
Ginglinger, Edith
Type
Communication / Conférence
Item number of pages
43
Abstract (EN)
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 for outside investors of small, family- firms, by reducing the probability of informed trading.

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