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Disclosure and the cost of capital: what do we know?
Whether firms receive cost of capital benefits from greater disclosure is an important and
controversial question. This paper reviews the relevant academic research that can provide …
controversial question. This paper reviews the relevant academic research that can provide …
Security offerings
This essay surveys the extant literature and adds to the empirical evidence on issuance
activity, flotation costs, and valuation effects of security offerings. We focus primarily on …
activity, flotation costs, and valuation effects of security offerings. We focus primarily on …
The real value of China's stock market
What capital allocation role can China's stock market play? Counter to perception, stock
prices in China have become as informative about future profits as they are in the US. This …
prices in China have become as informative about future profits as they are in the US. This …
The illiquidity premium: International evidence
We examine the illiquidity premium in stock markets across 45 countries and present two
findings. First, the average illiquidity return premium across countries is positive and …
findings. First, the average illiquidity return premium across countries is positive and …
How digital technology improves the high-quality development of enterprises and capital markets: A liquidity perspective
This paper finds that the digitalization has a positive impact on stock liquidity, especially
those lack analyst follow-up or low online media attention. We use “Made in China 2025” as …
those lack analyst follow-up or low online media attention. We use “Made in China 2025” as …
The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing
We show that higher cash flow volatility is associated with lower average levels of
investment in capital expenditures, R&D, and advertising. This association suggests that …
investment in capital expenditures, R&D, and advertising. This association suggests that …
Liquidity and expected returns: Lessons from emerging markets
Given the cross-sectional and temporal variation in their liquidity, emerging equity markets
provide an ideal setting to examine the impact of liquidity on expected returns. Our main …
provide an ideal setting to examine the impact of liquidity on expected returns. Our main …
Do ESG ratings improve capital market trading activities?
Abstract While ESG (Environmental, Social, and Governance) ratings provide an
assessment of a firm's sustainable performance, the exact influence of these ratings on stock …
assessment of a firm's sustainable performance, the exact influence of these ratings on stock …
Liquidity, maturity, and the yields on US Treasury securities
The effects of asset liquidity on expected returns for assets with infinite maturities (stocks)
are examined for bonds (Treasury notes and bills with matched maturities of less than 6 …
are examined for bonds (Treasury notes and bills with matched maturities of less than 6 …
Presidential address: Liquidity and price discovery
This paper examines the implications of market microstructure for asset pricing. I argue that
asset pricing ignores the central fact that asset prices evolve in markets. Markets provide …
asset pricing ignores the central fact that asset prices evolve in markets. Markets provide …