发表期刊：Emerging Markets Finance and Trade
发表时间：Published online: 31 May 2023
作者及单位：Xiaoran Huang1, Weilong Kang
1.School of Economics, WISE, Xiamen University, Xiamen, China
摘要：We study the impact on stock liquidity of share pledges by controlling shareholders. Using 2SLS and a regulatory change that exogenously increases pledging activities, we document a positive causal link between pledging and stock liquidity. These baseline results are robust to a variety of tests using alternative data frequency, variable definitions, model specifications, and sample selection. Further, we find that the channel of dispersion of opinions among investors explains the findings. In further discussion, our study finds that share pledging is also associated with lower liquidity risk. Our empirical findings contradict the regulatory concern that share pledges by controlling shareholders will deteriorate the company’s information environment.
关键词：Stock pledge; liquidity; dispersion of opinion
