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...

We investigate cost of capital, information asymmetry, and market liquidity of listed family firms vs. non-family firms in Japan. First, we find that the cost of debt is lower and the cost of equity is higher for family firms than non-family firms, but the differences are not significant. The...