Market Liquidity, Investor Participation, and Managerial Autonomy: Why Do Firms Go Private?  

Oleh:

Boot, Arnoud W. A. ; Gopalan, Radhakrishnan ; Thakor, Anjan V.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 63 no. 4 (Aug. 2008), page 2013-2059.
Topik: Market Liquidity; Investor Participation; Managerial Autonomy; Firms
Fulltext: p 2013.pdf (556.58KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We focus on public-market investor participation to analyze the firm's decision to stay public or go private. The liquidity of public ownership is both a blessing and a curse: It lowers the cost of capital, but also introduces volatility in a firm's shareholder base, exposing management to uncertainty regarding shareholder intervention in management decisions, thereby affecting the manager's perceived decision-making autonomy and curtailing managerial inputs. We extract predictions about how investor participation affects stock price level and volatility and the public firm's incentives to go private, providing a link between investor participation and firm participation in public markets.

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