S-Space College of Business Administration/Business School (경영대학/대학원) Institute of Management Research (경영연구소) 경영논집 경영논집 vol.50 (2016)
Market Liquidity and Corporate Control: A Comment on Maug (1998)
- Issue Date
- 서울대학교 경영대학 경영연구소
- 경영논집, Vol.50, pp. 145-155
- This note points out a small mistake made in Maugs 1998 paper in the Journal of Finance. It is shown that a correct analysis of the problem yields results different from Maugs. In short, even when the market is very liquid, a large block holder with sufficient incentives to monitor the management does not emerge.