Stock liquidity and excess leverage
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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… read more here.
Keywords: liquidity excess; excess leverage; stock liquidity; stock ... See more keywords