Local Business Cycles and Local Liquidity

• المؤلفون الرئيسيون: BERNILE, Gennaro, Korniotis, George, Kumar, Alok, WANG, Qin
• التنسيق: text
• اللغة: English
• منشور في: Institutional Knowledge at Singapore Management University 2015
• الموضوعات: Market segmentation; liquidity; local bias; local business cycles; capital constraints; institutional investors; return predictability; Corporate Finance; Finance and Financial Management
• الوصول للمادة أونلاين: https://ink.library.smu.edu.sg/lkcsb_research/3666; https://ink.library.smu.edu.sg/context/lkcsb_research/article/4665/viewcontent/LocalBusinessCyclesLocalLiquidity_afv.pdf
• المؤسسة: Singapore Management University

This study examines whether state-level economic conditions affect the liquidity of local firms. We find that liquidity levels of local stocks are higher (lower) when the local economy has performed well (poorly). This relation is stronger when local financing constraints are more binding, the local...