Almeida, Heitor; Campello, Murillo; Hackbarth, Dirk - In: Journal of Financial Economics 102 (2011) 3, pp. 526-558
terminated. We show that liquidity mergers are more likely to occur when industry-level asset-specificity is high and firm …-level asset-specificity is low. We analyze firms' liquidity policies as a function of real asset reallocation, examining the trade …