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Blockholder Ownership and Market Liquidity

Frank Heflin and Kenneth W. Shaw
The Journal of Financial and Quantitative Analysis
Vol. 35, No. 4 (Dec., 2000), pp. 621-633
DOI: 10.2307/2676258
Stable URL: http://www.jstor.org/stable/2676258
Page Count: 13
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Since scans are not currently available to screen readers, please contact JSTOR User Support for access. We'll provide a PDF copy for your screen reader.
Blockholder Ownership and Market Liquidity
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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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