Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and empirically. We solve a model consisting of an optimal IPO followed by a dynamic Kyle market in which the large investor's private information concerns her own plans for taking an...

The widespread adoption of Internet technology has profoundly changed economic activities and people’s lifestyle. In the face of technological innovation and industrial revolution under the current unprecedented big shifts in a century, focusing on the exciting situation of the vigorous...