The DOI matches its Crossref record; 24 of the 24 references it cites were found in a registry or an index.
Blockholder Ownership and Market Liquidity
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 roles 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, adverse selection spread components, and smaller quoted depths.
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Citations
Cites
A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
White, H. (1980) · Econometrica · doi:10.2307/1912934 · Cited by 25,861
Specification Tests in Econometrics
Hausman, J. A. (1978) · Econometrica · doi:10.2307/1913827 · Cited by 18,820
EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK*
Malkiel, B. G., & Fama, E. F. (1970) · The Journal of Finance · doi:10.1111/j.1540-6261.1970.tb00518.x · Cited by 15,699
Management ownership and market valuation
Morck, R., Shleifer, A., & Vishny, R. W. (1988) · Journal of Financial Economics · doi:10.1016/0304-405x(88)90048-7 · Cited by 6,895
The Structure of Corporate Ownership: Causes and Consequences
Demsetz, H., & Lehn, K. (1985) · Journal of Political Economy · doi:10.1086/261354 · Cited by 6,236
Bid, ask and transaction prices in a specialist market with heterogeneously informed traders
Glosten, L. R., & Milgrom, P. R. (1985) · Journal of Financial Economics · doi:10.1016/0304-405x(85)90044-3 · Cited by 6,115
Asset pricing and the bid-ask spread
Amihud, Y., & Mendelson, H. (1986) · Journal of Financial Economics · doi:10.1016/0304-405x(86)90065-6 · Cited by 5,090
Additional evidence on equity ownership and corporate value
McConnell, J. J., & Servaes, H. (1990) · Journal of Financial Economics · doi:10.1016/0304-405x(90)90069-c · Cited by 4,309
Inferring Trade Direction from Intraday Data
LEE, C. M. C., & READY, M. J. (1991) · The Journal of Finance · doi:10.1111/j.1540-6261.1991.tb02683.x · Cited by 3,147
Information Effects on the Bid‐Ask Spread
COPELAND, T. E., & GALAI, D. (1983) · The Journal of Finance · doi:10.1111/j.1540-6261.1983.tb03834.x · Cited by 1,868
Cited by
Blockholder Trading, Market Efficiency, and Managerial Myopia
EDMANS, A. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2009.01508.x · Cited by 1,258
Founding Family Ownership and Earnings Quality: founding family ownership
WANG, D. (2006) · Journal of Accounting Research · doi:10.1111/j.1475-679x.2006.00213.x · Cited by 1,121
Does Asymmetric Information Drive Capital Structure Decisions?
Bharath, S. T., Pasquariello, P., & Wu, G. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn076 · Cited by 718
The Effect of Liquidity on Governance
Edmans, A., Fang, V. W., & Zur, E. (2013) · Review of Financial Studies · doi:10.1093/rfs/hht012 · Cited by 434
Shareholder Activism: A Multidisciplinary Review
Goranova, M., & Ryan, L. V. (2014) · Journal of Management · doi:10.1177/0149206313515519 · Cited by 414
Metadata
- Authors
- Heflin, F., & Shaw, K. W.
- Venue
- The Journal of Financial and Quantitative Analysis
- Publisher
- JSTOR
- Published
- 2000-12
- Volume
- 35
- Issue
- 4
- Pages
- 621
- ISSN
- 0022-1090 (ISSN-L)
- OpenAlex
- W2110918200
- Cited by
- 395
- References
- 24
- FWCI
- 23.86
- Type
- journal article
- Language
- en
- Open access
- closed
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.