{"title":"印度股票市场的大股东与股票流动性:交易缺失还是信息不对称?","authors":"Devlina Chatterjee","doi":"10.2139/ssrn.2808988","DOIUrl":null,"url":null,"abstract":"We study the effect of block shareholding on stock liquidity using panel models for 128 stocks from the period 2011 to 2014. After controlling for the size of the firm, ownership concentration is found to have a small statistically significant negative effect on liquidity. Ownership structure models indicate that block shareholding by Government has a negative effect on liquidity. However, we do not find any statistically significant effects due to block shareholding by individuals and families or foreign or domestic institutions. Lower turnovers of state owned companies may be due to lack of trading rather than information asymmetry or signalling effects.","PeriodicalId":287077,"journal":{"name":"ERN: Asia & Pacific (Emerging Markets) (Topic)","volume":"48 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2016-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Block Shareholders and Stock Liquidity in the Indian Stock Market: Lack of Trading or Information Asymmetry?\",\"authors\":\"Devlina Chatterjee\",\"doi\":\"10.2139/ssrn.2808988\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We study the effect of block shareholding on stock liquidity using panel models for 128 stocks from the period 2011 to 2014. After controlling for the size of the firm, ownership concentration is found to have a small statistically significant negative effect on liquidity. Ownership structure models indicate that block shareholding by Government has a negative effect on liquidity. However, we do not find any statistically significant effects due to block shareholding by individuals and families or foreign or domestic institutions. Lower turnovers of state owned companies may be due to lack of trading rather than information asymmetry or signalling effects.\",\"PeriodicalId\":287077,\"journal\":{\"name\":\"ERN: Asia & Pacific (Emerging Markets) (Topic)\",\"volume\":\"48 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2016-07-13\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Asia & Pacific (Emerging Markets) (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.2808988\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Asia & Pacific (Emerging Markets) (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2808988","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Block Shareholders and Stock Liquidity in the Indian Stock Market: Lack of Trading or Information Asymmetry?
We study the effect of block shareholding on stock liquidity using panel models for 128 stocks from the period 2011 to 2014. After controlling for the size of the firm, ownership concentration is found to have a small statistically significant negative effect on liquidity. Ownership structure models indicate that block shareholding by Government has a negative effect on liquidity. However, we do not find any statistically significant effects due to block shareholding by individuals and families or foreign or domestic institutions. Lower turnovers of state owned companies may be due to lack of trading rather than information asymmetry or signalling effects.
京公网安备 11010802042870号
京ICP备2023020795号-1
分享
求助内容：
应助结果提醒方式：
扫码关注我们
