We investigate market liquidity, distribution of private information-based trades, and the cost of capital of publicly traded family firms in Japan. First, we find that family firms in Japan have a lower cost of debt, lower market liquidity, and higher information asymmetry. However, we did not...

We investigate market liquidity, distribution of private information-based trades, and the cost of capital of publicly traded family firms in Japan. As to the estimation of information asymmetry and illiquidity, we use the private information flow (Adjusted PIN) and the symmetric order inflow...