Does an improvement in stock market liquidity cause the board of directors to become more short-term oriented? Improved liquidity may lead to enhanced market efficiency with more trading by informed blockholders Maug, Hence, stock price would better reflect the fundamental values of the firm Edmans,leading the firm to worry less about short-term performance.

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On the other hand, better liquidity would give transient institutional investors Bushee, additional flexibility to unwind their position fast, which can result in heavier focus on short-term performance by both the CEO and the investors. Using the stock market decimalization as a natural experiment, we find that the CEO turnover of companies with higher transient institutional ownership became more myopic with the improvement of market liquidity.

Kang, Min Jung and Kim, Y.

Han AndyStock Market Liquidity and Short-Termism Driven CEO Turnover August 24, Subscribe to this fee journal for more curated articles on this topic. Does Common Analyst Coverage Explain Excess Comovement?

Employee Option Exercise and Equity Issuance Motives. Governance under the Gun: Spillover Effects of Hedge Fund Activism. By Nickolay GantchevOleg GredilInnovative Originality, Profitability, and Stock Returns. By David HirshleiferPo-hsuan HsuBy Stock market onmousedown Hoberg and Vojislav Maksimovic.

Stock Market Liquidity and Short-Termism Driven CEO Turnover by Min Jung Kang, Y. Han (Andy) Kim :: SSRN

The Real Effects of Lending Relationships on Innovative Firms and Inventor Mobility. By Johan Hombert and Adrien Matray. Trust and Investment Management: The Effects of Manager Trustworthiness on Hedge Fund Investments. By Ankur Pareek and Roy Zuckerman. Cookies are used by this site.

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Your Account User Home Personal Info Affiliations Subscriptions My Papers My Briefcase Sign out. Download this Paper Open PDF in Browser Share: Using the URL or DOI link below will ensure access to this page indefinitely. Min Jung Kang University of Michigan at Flint - School of Management Y. Han Andy Kim SungKyunKwan University SKKU. Abstract Does an improvement in stock market liquidity cause the board of directors to become more short-term oriented?

Min Jung Kang University of Michigan at Flint - School of Management how much money do valet parkers make E. Kearsley Street Flint, MI United States. Download this Paper Open PDF in Browser.

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By Ryan Israelsen Employee Option Exercise and Equity Issuance Motives By Stephen Mckeon Governance under the Gun: Spillover Effects of Hedge Fund Activism By Nickolay GantchevOleg GredilInnovative Originality, Profitability, and Stock Returns By David HirshleiferPo-hsuan HsuA Text-Based Analysis By Gerard Hoberg and Vojislav Maksimovic The Real Effects of Lending Relationships on Innovative Firms and Inventor Mobility By Johan Hombert and Adrien Matray Trust and Investment Management: The Effects of Manager Trustworthiness on Hedge Fund Investments By Ankur Pareek and Roy Zuckerman.

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