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...

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...