In this study, I analyze the optimal choice of a board of directors using a theoretical model. In my model, shareholders choose either an informed board that can bring additional private information to the firm or an uninformed board that merely c...
INTERNATIONAL REVIEW OF FINANCE 14(1) 75-103 2014年3月 [査読有り]
Abstract
We examine empirically the long-run effects of reductions in minimum trading units (MTU) on stock prices in Japan from October 2001 to May 2008. When firms reduce their MTU, the number of individual shareholders tends to increase signific...