Informed Trading in Business Groups, Ownership Concentration, and Market Liquidity

Business groups, which are collections of publicly traded companies with significant amount of common ownership, dominate private sector activity in developing countries. This paper studies how information flows within these groups by analyzing the...

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Bibliographic Details
Main Authors:	Leano, Miguel, Pedraza, Alvaro
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	MICROSTRUCTURE OUTSIDE INVESTORS ACCOUNTING FUND MANAGER INTERNATIONAL CAPITAL STOCK FOREIGN INVESTORS FUTURES FUND MANAGERS INTEREST SECURITY MARKETS INSTITUTIONAL INVESTORS DUMMY VARIABLES INFORMATION FLOWS PENSION SYSTEMS EXCHANGE PORTFOLIO CHOICE STOCK MARKET LIQUIDITY EQUITY MARKET DEVELOPING COUNTRIES POLITICAL ECONOMY EQUITY SECURITIES PORTFOLIO ASSET MANAGEMENT STOCK MARKET CAPITALIZATION PENSION SYSTEM DUMMY VARIABLE MONEY MANAGERS INTERNATIONAL BANK PENSION INFORMATION ASYMMETRIES DEVELOPING COUNTRY REGULATORY AUTHORITIES INSURANCE COMPANY INFORMATION DISCLOSURE MARKET PARTICIPANTS MARKET LIQUIDITY INSTITUTIONAL INVESTOR MARKET DEEPENING SAVINGS STOCK TRADING ILLIQUIDITY INVESTMENT BEHAVIOR MARKET DEVELOPMENT PENSION FUND INVESTMENT TELECOMMUNICATIONS OWNERSHIP STRUCTURES COMMERCIAL BANK FINANCIAL STUDIES DOMESTIC INSTITUTIONAL INVESTORS PORTFOLIOS TRADING GLOBALIZATION DEBT MARKETS RETURN PRIVATE SECTOR DEVELOPMENT SECONDARY MARKET LIQUIDITY TYPE OF INVESTORS ASSET CLASSES PENSION FUNDS FINANCE TRANSACTIONS AUCTIONS EMERGING MARKETS INTERNATIONAL STANDARDS EQUITY TRANSACTION INVESTORS REGULATORY FRAMEWORKS GOOD OWNERSHIP STRUCTURE OWNERSHIP DATA INTERNATIONAL PORTFOLIOS MARKET CAPITALIZATION MARKET FAILURES TURNOVER FUTURE TRADING ACTIVITY SECONDARY MARKETS RETURNS MARKET INDEX INVESTMENT BANK CAPITALIZATION GOVERNANCE PRACTICES SHARES BALANCE SHEET TRANSACTION COSTS MARKET MARKET VALUE INSIDER TRADING INDIVIDUAL SECURITIES SECURITIES INTERNATIONAL PORTFOLIO GOVERNANCE SHAREHOLDERS HOLDINGS INSURANCE GOVERNMENT DEBT TRADE BUYBACKS INVESTOR SECURITY EQUITY MARKETS STOCKS STOCK EXCHANGE INVESTMENT DOMESTIC EQUITY COMMERCIAL BANKS INVESTMENT PORTFOLIO SHARE BALANCE SHEETS PORTFOLIO HOLDINGS TRANSACTIONS COSTS TRADES MARKET MICROSTRUCTURE BID INVESTMENTS CHECK SHAREHOLDER PENSION FUND STOCK RETURNS MATURITIES INSTRUMENT INFORMED INVESTORS SECONDARY MARKET LIABILITIES DOMESTIC INVESTORS ASSET MANAGERS CORPORATE GOVERNANCE INVESTMENT DECISION
Online Access:	http://documents.worldbank.org/curated/en/2016/05/26419593/informed-trading-business-groups-ownership-concentration-market-liquidity http://hdl.handle.net/10986/24525

Internet

http://documents.worldbank.org/curated/en/2016/05/26419593/informed-trading-business-groups-ownership-concentration-market-liquidity
http://hdl.handle.net/10986/24525

Informed Trading in Business Groups, Ownership Concentration, and Market Liquidity

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