Stock Market Liquidity and the Cost of Issuing Equity
研究发现股票流动性显著影响企业增发股票时的投资银行费用，流动性最好的公司比最差的公司费用低约101个基点，相当于平均费用的21%。
Abstract We show that stock market liquidity is an important determinant of the cost of raising external capital. Using a large sample of seasoned equity offerings, we find that, ceteris paribus, investment banks' fees are significantly lower for firms with more liquid stock. We estimate that the difference in the investment banking fee for firms in the most liquid vs. the least liquid quintile is about 101 basis points or 21% of the average investment banking fee in our sample. Our findings suggest that firms can reduce the cost of raising capital by improving the market liquidity of their stock.