dc.contributor.authorChandrasekhar Krishnamurti.en_US
dc.contributor.authorPeh, Hwee Hwee.en_US
dc.date.accessioned2008-09-18T07:28:20Z
dc.date.available2008-09-18T07:28:20Z
dc.date.copyright2005en_US
dc.date.issued2005
dc.identifier.urihttp://hdl.handle.net/10356/7035
dc.description.abstractContrary to our expectation that lockup expiration should result in an exacerbation of the information asymmetry problem faced by market makers, we find an improvement in secondary market liquidity in the post-expiration period. For the subset of firms with reported insider sales during the 10-day post lockup expiration period, bid-ask spreads reduce by a larger percentage - mainly due to a decline in the adverse selection component. The increase in float dominates any possible information effects. A policy implication of this finding is that early release of firms from lock up restrictions, is likely to dramatically improve secondary market liquidity.en_US
dc.rightsNanyang Technological Universityen_US
dc.subjectDRNTU::Business::Marketingen_US
dc.titleLockup expiration, insider selling and bid-ask spreads.en_US
dc.typeResearch Reporten_US
dc.contributor.schoolCollege of Business (Nanyang Business School)en_US


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