Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 郝嘉教授 (金融学系) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1111/jofi.12285 |
引用次数
Web of Sciencehttp://aims.cuhk.edu.hk/converis/portal/Publication/1WOS source URL
其它资讯
摘要We examine the effects of secondary market liquidity on firm value and the IPO decision. Competitive aftermarket liquidity provision is associated with reduced welfare and a discounted secondary market price that can dissuade IPOs. The competitive market fails in particular for firms or at times when uncertainty regarding fundamental value and asymmetric information are large in combination. In these cases, firm value and welfare are improved by a contract where the firm engages a designated market maker to enhance liquidity. Such contracts represent a market solution to a market imperfection, particularly for small, growth firms.
着者Bessembinder H, Hao J, Zheng KC
期刊名称JOURNAL OF FINANCE
出版年份20http://aims.cuhk.edu.hk/converis/portal/Publication/15
月份http://aims.cuhk.edu.hk/converis/portal/Publication/10
日期http://aims.cuhk.edu.hk/converis/portal/Publication/1
卷号70
期次5
出版社WILEY-BLACKWELL
页次http://aims.cuhk.edu.hk/converis/portal/Publication/1997 - 2028
国际标準期刊号0022-http://aims.cuhk.edu.hk/converis/portal/Publication/1082
电子国际标準期刊号http://aims.cuhk.edu.hk/converis/portal/Publication/1540-626http://aims.cuhk.edu.hk/converis/portal/Publication/1
语言英式英语
Web of Science 学科类别Business & Economics; Business, Finance; Economics
