The Illiquidity Puzzle: Theory and Evidence from Private Equity
نویسندگان
چکیده
منابع مشابه
The Illiquidity Puzzle: Theory and Evidence from Private Equity
This paper presents a theory, where managers can use the liquidity of securities as a choice variable to screen for “deep pocket” investors, those that have a low likelihood of facing a liquidity shock. We assume that there is information asymmetry about the quality of the manager between the existing investors and the market. The manager then faces a “lemons” problem when he has to raise funds...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2002
ISSN: 1556-5068
DOI: 10.2139/ssrn.322420