Abstract

http://ssrn.com/abstract=249411
 
 

Citations



 


 



Blockholder Ownership and Market Liquidity


Frank Heflin


Florida State University - College of Business

Kenneth W. Shaw


University of Missouri at Columbia - School of Accountancy


As published in Journal of Financial and Quantitative Analysis

Abstract:     
This paper examines the association between block ownership and market liquidity. Blockholders are believed to have access to private, value relevant information via their role as monitors of firms' operations. Consistent with this, we find that firms with greater blockholder ownership, either by managers or external entities, have larger quoted spreads, effective spreads, and adverse selection spread components, and smaller quoted depths.

JEL Classification: G32, G34, G12, M41

Accepted Paper Series





Not Available For Download

Date posted: December 27, 2000  

Suggested Citation

Heflin, Frank and Shaw, Kenneth W., Blockholder Ownership and Market Liquidity. As published in Journal of Financial and Quantitative Analysis. Available at SSRN: http://ssrn.com/abstract=249411

Contact Information

Frank Heflin
Florida State University - College of Business ( email )
Rovetta Business Building
Florida State University
Tallahassee, FL 32306-1110
United States
850-644-7862 (Phone)
850-644-8234 (Fax)
Kenneth W. Shaw (Contact Author)
University of Missouri at Columbia - School of Accountancy ( email )
420 Cornell Hall
Columbia, MO 65211
United States
573-882-5939 (Phone)
573-882-2437 (Fax)
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