Beedles, William L. - In: Journal of Small Business Finance 1 (1991) 1, pp. 29-44
locations, liquidity is found to be related to performance, adding support to the popular belief that it is (perhaps one of) the … factor(s) missing from conventional tests of asset pricing. The results suggest that a lack of liquidity, rather than size … attach much currency to proposals to subsidize small firms by enhancing the liquidity of their shares; the results reported …