Blockholder Ownership and Market Liquidity
研究大股东持股与市场流动性的关系，发现大股东持股比例越高，股票买卖价差越大、深度越小，表明大股东利用私有信息加剧了信息不对称。
This paper examines the association between block ownership and market liquidity. Blockholders are believed to have access to private, value-relevant information via their roles as monitors of firms' operations. consistent with this, we find that firms with greater blockholder ownership, either by managers or external entities, have larger quoted spreads, effective spreads, adverse selection spread components, and smaller quoted depths.