Ownership concentration and market liquidity: Evidence from a natural experiment

Jose Leaño and Alvaro Pedraza

Economics Letters, 2018, vol. 167, issue C, 56-59

Abstract: Using the merger and acquisition activity among pension fund management companies as a natural experiment, we obtain estimates on the causal link between ownership concentration and secondary market liquidity. Our findings suggest that concentrated ownership structures, via the threat of informed trading, adversely affects stock trading activity.

Keywords: Institutional investors; Liquidity; Ownership concentration (search for similar items in EconPapers)
JEL-codes: G12 G14 G23 G34 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:167:y:2018:i:c:p:56-59

DOI: 10.1016/j.econlet.2018.02.024

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