Asset Liquidity and Stock Liquidity

被引：102

作者：

Gopalan, Radhakrishnan ^{[1
]}

Kadan, Ohad ^{[1
]}

Pevzner, Mikhail ^{[2
]}

机构：

[1] Washington Univ, Olin Business Sch, St Louis, MO 63130 USA

[2] George Mason Univ, Sch Management, Fairfax, VA 22030 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2012年 / 47卷 / 02期

关键词：

CROSS-SECTION; RETURNS; POLICY; COST; RISK;

D O I：

10.1017/S0022109012000130

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We study the relation between asset liquidity and stock liquidity. Our model shows that the relation may be either positive or negative depending on parameter values. Asset liquidity improves stock liquidity more for firms that are less likely to reinvest their liquid assets (i.e., firms with less growth opportunities and financially constrained firms). Empirically, we find a positive and economically large relation between asset liquidity and stock liquidity. Consistent with our model, the relation is more positive for firms that are less likely to reinvest their liquid assets. Our results also shed light on the value of holding liquid assets.

引用

页码：333 / 364

页数：32

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