Public trading and private incentives

被引：106
|
作者：
Faure-Grimaud, A
Gromb, D
机构：
[1] Univ London London Sch Econ & Polit Sci, Dept Accounting & Finance, London WC2A 2AE, England
[2] CEPR, London, England
[3] London Business Sch, London NW1 4SA, England
来源：
REVIEW OF FINANCIAL STUDIES | 2004年 / 17卷 / 04期
关键词：
D O I：
10.1093/rfs/hhh002
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This article studies the link between public trading and the activity of a firm's large shareholder who can affect firm value. Public trading results in the formation of a stock price that is informative about the large shareholder's activity. This increases the latter's incentives to engage in value-increasing activities. Indeed, if he has to liquidate part of his stake before the effect of his activity is publicly observed, a more informative price rewards him for his activity. Implications are derived for the decision to go public, capital structure, and security design.
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页码：985 / 1014
页数：30
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