Market Liquidity, Investor Participation, and Managerial Autonomy: Why Do Firms Go Private?
分析公开市场投资者参与如何影响企业上市或私有化的决策，指出流动性既降低资本成本，又因股东波动性削弱管理层自主权，从而影响企业留在公开市场的意愿。
ABSTRACT We focus on public‐market investor participation to analyze the firm's decision to stay public or go private. The liquidity of public ownership is both a blessing and a curse: It lowers the cost of capital, but also introduces volatility in a firm's shareholder base, exposing management to uncertainty regarding shareholder intervention in management decisions, thereby affecting the manager's perceived decision‐making autonomy and curtailing managerial inputs. We extract predictions about how investor participation affects stock price level and volatility and the public firm's incentives to go private, providing a link between investor participation and firm participation in public markets.