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Corporate investment and stock liquidity: Evidence on the price impact of trade

Title
Corporate investment and stock liquidity: Evidence on the price impact of trade
Author
엄찬영
Keywords
Stock liquidity; Corporate investment; Financial constraints
Issue Date
2017-04
Publisher
ELSEVIER SCIENCE INC
Citation
REVIEW OF FINANCIAL ECONOMICS, v. 33, page. 1-11
Abstract
We document that corporate investment contributes to stock liquidity. This study demonstrates a positive relationship between abnormal corporate investment and stock liquidity in the cross-section. Moreover, stock liquidity improves more apparently for firms with financial constraints. Our robustness check confirms that the existing regularities cannot explain the current finding. This analysis suggests that corporate investment decreases the risk of a firm and that a change in the risk affects the behavior of a market maker, leading to an increase in stock liquidity. (C) 2017 Elsevier Inc. All rights reserved.
URI
https://onlinelibrary.wiley.com/doi/abs/10.1016/j.rfe.2017.02.001https://repository.hanyang.ac.kr/handle/20.500.11754/113835
ISSN
1058-3300; 1873-5924
DOI
10.1016/j.rfe.2017.02.001
Appears in Collections:
GRADUATE SCHOOL OF BUSINESS[S](경영전문대학원) > ETC
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