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Published in 2020 at "Finance Research Letters"
DOI: 10.1016/j.frl.2019.04.034
Abstract: Abstract This study investigates whether and how stock liquidity affects firms’ leverage decisions. Results show that higher stock liquidity significantly reduces a firm's excess leverage by alleviating information asymmetry and amplifying the blockholders’ threats to…
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Keywords:
liquidity excess;
excess leverage;
stock liquidity;
stock ... See more keywords