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Bid-Ask Spread and Ownership Structure

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  • Kini, Omesh
  • Mian, Shehzad
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    Abstract

    In this paper we examine the relation between bid-ask spread and ownership structure variables based on 1985 data for 1,063 NYSE firms. We document a nonpositive relation between bid-ask spread and insider ownership and conclude that spread is unrelated to insider trading. We also find a robust significantly negative relation between spread and institutional ownership. Finally, we find a positive but generally insignificant relation between spread and blockholdings. Overall, our evidence does not support the predictions of asymmetric information models in markets with anonymous trading.

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    Bibliographic Info

    Article provided by Southern Finance Association & Southwestern Finance Association in its journal Journal of Financial Research.

    Volume (Year): 18 (1995)
    Issue (Month): 4 (Winter)
    Pages: 401-14

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    Handle: RePEc:bla:jfnres:v:18:y:1995:i:4:p:401-14

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0270-2592
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    Web page: http://www.southwesternfinance.org/
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    Cited by:
    1. Zheng, Steven Xiaofan & Li, Mingsheng, 2008. "Underpricing, ownership dispersion, and aftermarket liquidity of IPO stocks," Journal of Empirical Finance, Elsevier, vol. 15(3), pages 436-454, June.
    2. Rubin, Amir, 2007. "Ownership level, ownership concentration and liquidity," Journal of Financial Markets, Elsevier, vol. 10(3), pages 219-248, August.
    3. Mark J. Flannery & Simon H. Kwan & M. Nimalendran, 1997. "Market evidence on the opaqueness of banking firms' assets," Proceedings 560, Federal Reserve Bank of Chicago.
    4. Nadia Belkhir Boujelbene & Abdelfatteh Bouri & Jean-Luc Prigent, 2014. "Corporate Governance and Market Microstructure: Evidence on Institutional Investors in the Tunisian Stock Exchange," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(2), pages 58-71, April.
    5. Hamon, Jacques & Ginglinger, Edith, . "Ownership, control and market liquidity," Economics Papers from University Paris Dauphine 123456789/2709, Paris Dauphine University.
    6. repec:hur:ijaraf:v:4:y:2014:i:2:p:62-75 is not listed on IDEAS
    7. Jacoby, Gady & Zheng, Steven X., 2010. "Ownership dispersion and market liquidity," International Review of Financial Analysis, Elsevier, vol. 19(2), pages 81-88, March.
    8. Porter, David C. & Thatcher, John G., 1998. "Fragmentation, competition, and limit orders: New evidence from interday spreads," The Quarterly Review of Economics and Finance, Elsevier, vol. 38(1), pages 111-128.
    9. Ghabri Yosra & Olfa Ben Ouda Sioud, 2011. "Ultimate ownership structure and stock liquidity: empirical evidence from Tunisia," Studies in Economics and Finance, Emerald Group Publishing, vol. 28(4), pages 282-300, October.
    10. Kryzanowski, Lawrence & Lazrak, Skander & Rakita, Ian, 2010. "Behavior of liquidity and returns around Canadian seasoned equity offerings," Journal of Banking & Finance, Elsevier, vol. 34(12), pages 2954-2967, December.
    11. Nadia Belkhir Boujelbene & Abdelfatteh Bouri & Jean-Luc Prigent, 2011. "Ownership structure and stock market liquidity: evidence from Tunisia," International Journal of Managerial and Financial Accounting, Inderscience Enterprises Ltd, vol. 3(1), pages 91-109.

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