مالکیت داخلی، اسپرد قیمت خرید و فروش و سهام تجزیه: شواهدی از بورس اوراق بهادار تایلند
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|48932||2006||12 صفحه PDF||سفارش دهید||6369 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : International Review of Financial Analysis, Volume 15, Issues 4–5, 2006, Pages 450–461
This paper examines the moderating effect of insider ownership on bid–ask spread changes during stock splits in Thailand, an economy with highly concentrated ownership structures. Consistent with the liquidity hypothesis, the overall finding shows that bid–ask spread declines significantly after stock splits. The results also indicate that there is a significant relation between insider ownership and the change in bid–ask spread. Specifically, significant reductions in bid–ask spread occurred mostly among firms with low levels of insider ownership before stock splits. Bid–ask spreads remain virtually unchanged for shares with high ownership concentration. The findings highlight the link between corporate governance structure, market microstructure, and corporate financial decisions in emerging markets.