Corporate Governance and Liquidity

被引：274

作者：

Chung, Kee H. ^{[1
]}

Elder, John ^{[2
]}

Kim, Jang-Chul ^{[3
]}

机构：

[1] SUNY Buffalo, Sch Management, Jacobs Management Ctr 360, Buffalo, NY 14260 USA

[2] Colorado State Univ, Coll Business, Ft Collins, CO 80523 USA

[3] No Kentucky Univ, Coll Business, Highland Hts, KY 41099 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2010年 / 45卷 / 02期

关键词：

BID-ASK SPREAD; MANAGEMENT EARNINGS FORECASTS; EXPECTED STOCK RETURNS; INVESTOR PROTECTION; INFORMATION ASYMMETRY; EXECUTION COSTS; MARKET; FIRMS; COMPENSATION; NASDAQ;

D O I：

10.1017/S0022109010000104

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the empirical relation between corporate governance and stock market liquidity. We find that firms with better corporate governance have narrower spreads, higher market quality index, smaller price impact of trades, and lower probability of information-based trading. In addition, we show that changes in our liquidity measures are significantly related to changes in the governance index over time. These results suggest that firms may alleviate information-based trading and improve stock market liquidity by adopting corporate governance standards that mitigate informational asymmetries. Our results are remarkably robust to alternative model specifications, across exchanges, and to different measures of liquidity.

引用

页码：265 / 291

页数：27

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