Asset Liquidity and Stock Liquidity
研究了资产流动性与股票流动性的关系，模型显示两者关系可正可负，实证发现正相关且经济意义显著，尤其对再投资可能性低的公司更明显。
Abstract We study the relation between asset liquidity and stock liquidity. Our model shows that the relation may be either positive or negative depending on parameter values. Asset liquidity improves stock liquidity more for firms that are less likely to reinvest their liquid assets (i.e., firms with less growth opportunities and financially constrained firms). Empirically, we find a positive and economically large relation between asset liquidity and stock liquidity. Consistent with our model, the relation is more positive for firms that are less likely to reinvest their liquid assets. Our results also shed light on the value of holding liquid assets.