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Firms as liquidity providers: Evidence from the 2007–2008 financial crisis

Garcia-Appendini, Emilia; Montoriol-Garriga, Judit - In: Journal of Financial Economics 109 (2013) 1, pp. 272-291

Using a supplier–client matched sample, we study the effect of the 2007–2008 financial crisis on between-firm liquidity … provision. Consistent with a causal effect of a negative shock to bank credit, we find that firms with high precrisis liquidity … consistent with firms providing liquidity insurance to their clients when bank credit is scarce and offer an important …

Persistent link: https://www.econbiz.de/10010665557

Broker-hosted investor conferences

Green, T. Clifton; Jame, Russell; Markov, Stanimir; … - In: Journal of Accounting and Economics 58 (2014) 1, pp. 142-166

We examine the determinants and consequences of broker-hosted investor conferences. We find the number of brokers hosting a firm at conferences is positively related to institutional ownership and intangible assets, consistent with greater client demand for management access among hard-to-value...

Persistent link: https://www.econbiz.de/10011043066

Not in My Community: Social Pressure and the Geography of Dismissals

Bassanini, Andrea; Brunello, Giorgio; Caroli, Eve - Institute for the Study of Labor (IZA) - 2015

We investigate the role of local social pressure in shaping the geographical pattern of firms' firing decisions. Using French linked employer-employee data, we show that social pressure exerted by the local communities where firms' headquarters are located induces CEOs to refrain from dismissing...

Persistent link: https://www.econbiz.de/10011210816

The Scrutinized-firm Effect, Portfolio Rebalancing, Stock Return Seasonality, and the Pervasiveness of the January Effect in Canada

Athanassakos, George - In: Multinational Finance Journal 6 (2002) 1, pp. 1-27

This article examines whether seasonality is present in the excess returns of low risk Canadian firms in safe industries for a sample of firms that are highly scrutinized and visible and uses such tests as the foundation to empirically test competing explanations of stock market seasonality,...

Persistent link: https://www.econbiz.de/10010937262

Institutional Investors and Stock Liquidity: Evidence from Indian Stock Market

Syamala, Sudhakara Reddy; Chauhan, Yogesh; Wadhwa, Kavita - In: Global Business Review 15 (2014) 3, pp. 461-476

The main aim of this article is to examine the relation between institutional ownership and stock liquidity. Using a … large sample of Indian firm data for the period 2001â€“2012, we estimate two liquidity measures, Amihud illiquidity and HL …-spread. We find that institutional ownership is negatively related to the stock liquidity. We also find that the negative …

Persistent link: https://www.econbiz.de/10011139670

Stock Liquidity and Corporate Cash Holdings

Nyborg, Kjell G; Wang, Zexi - C.E.P.R. Discussion Papers - 2013

the introduction of tick size decimalization in 2001 as a natural experiment where liquidity was exogenously shocked. We … also find evidence of two-way causality; a higher level of stock liquidity leads to more cash holdings, and vice versa. …

Persistent link: https://www.econbiz.de/10011084593

Stock Liquidity and the Pricing of Earnings: A Comparison of China's Floating and Nonfloating Shares

Lou, Fang; Wang, Jiwei; Yuan, Hongqi - In: Emerging Markets Finance and Trade 50 (2014) 03, pp. 140-157

subject to different levels of liquidity constraints. We show that the severity of these constraints is inversely related to … in market prices. Thus, China's unique setting shows that share liquidity affects the way earnings are priced in stock. …

Persistent link: https://www.econbiz.de/10011094388

Index revisions, systematic liquidity risk and the cost of equity capital

Mazouz, Khelifa; Daya, Wael; Yin, Shuxing - In: Journal of International Financial Markets, … 33 (2014) C, pp. 283-298

This study investigates the impact of FTSE100 index revisions on firms’ systematic liquidity risk and the cost of … equity capital. We show that index membership enhances all aspects of liquidity, whereas stocks that leave the index exhibit … no significant liquidity change. We also show that the liquidity risk premium and the cost of equity capital decline …

Persistent link: https://www.econbiz.de/10011189491

Financial disclosure by SMEs listed on a semi-regulated market: evidence from the Euronext Free Market

Lardon, Andy; Deloof, Marc - In: Small Business Economics 42 (2014) 2, pp. 361-385

. We investigate the determinants of voluntary financial disclosure and its influence on stock liquidity. Our results … disclose when they issue equity. Voluntary disclosure also has a significant positive effect on stock liquidity, consistent …

Persistent link: https://www.econbiz.de/10010865442

Does monetary policy determine stock market liquidity? New evidence from the euro zone

Fernández-Amador, Octavio; Gächter, Martin; Larch, Martin - In: Journal of Empirical Finance 21 (2013) C, pp. 54-68

policy on stock liquidity and thereby addresses its role as a determinant of commonality in liquidity. Our results suggest … that an expansionary monetary policy of the European Central Bank leads to an increase of aggregate stock market liquidity … smaller stocks, suggesting a non-linear impact of monetary policy on stock liquidity. …

Persistent link: https://www.econbiz.de/10011042121