Local Business Cycles and Local Liquidity
研究美国各州经济状况如何影响当地企业股票的流动性，发现地方经济好时流动性高、差时流动性低，且该关系在融资约束强、信息环境不透明等情况下更显著。
Abstract This study examines whether state-level economic conditions affect the liquidity of local firms. We find that liquidity levels of local stocks are higher (lower) when the local economy has performed well (poorly). This relation is stronger when local financing constraints are more binding, the local information environment is more opaque, and local institutional ownership levels and trading intensity are higher. Overall the evidence supports the notion that the geographical segmentation of U.S. capital markets generates predictable patterns in local liquidity.