Original paper
Informational efficiency and governance in restricted share settings: boosting family business leaders' financing decisions
Abstract
Purpose Volume-based liquidity ratios suffer from potential measurement bias due to share restriction and may misrepresent actual liquidity. To address this issue, the authors develop two modified metrics, the free-float liquidity and the alternative free-float illiquidity ratios. These measures are well suited to estimate liquidity in the presence of trading constraints, as can be found in closely held/state-owned entities, IPOs/SEOs with...
Paper Details
Title
Informational efficiency and governance in restricted share settings: boosting family business leaders' financing decisions
Published Date
Mar 23, 2021
Journal
Volume
59
Issue
12
Pages
2864 - 2890
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Notes
History