The Value of Liquidity
研究发现，将流动性差的资产转化为流动性强的股权可提升价值12%-22%，但低于1亿美元的资产池因固定成本抵消了流动性收益；单个资产的流动性溢价约为16%。
In this study, we examine the relationship between the liquidity of equity and its market value. We find that creating liquid equity claims on relatively illiquid property assets increases value by 12–22%. However, the fixed costs associated with creating these claims offset these liquidity gains for pools of assets below $100 million. We also estimate that the liquidity of individual properties adds 16% to their value relative to a notional nontradable property asset. Managers can enhance the liquidity of equity and, therefore, the benefits of securitization by increasing size, focus, and institutional ownership.