گفتگو درباره نقدینگی: تجارت داخلی و روابط سرمایه گذار
|کد مقاله||سال انتشار||مقاله انگلیسی||ترجمه فارسی||تعداد کلمات|
|49074||2005||31 صفحه PDF||سفارش دهید||15000 کلمه|
Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)
Journal : Journal of Financial Intermediation, Volume 14, Issue 1, January 2005, Pages 1–31
Managements (“insiders”) of many corporations, especially small or newly-public firms, invest considerable resources in investor relations. We develop a model to explore the incentives of insiders to undertake such costly investments. We point out that insiders may undertake such investments not necessarily to improve the share price, but to enhance the liquidity of their block of shares. This leads to a divergence of interest between insiders and dispersed outside shareholders regarding investor relations. Our model predicts that the demographics of insiders (e.g. liquidity needs, size of equity stakes) are important determinants of the extent of investor relations across firms.