Advertising, Breadth of Ownership, and Liquidity
用实证证据表明，企业在产品市场的广告支出越多，其个人和机构投资者数量越多，股票流动性越好，且结果稳健。这提示投资者对公司的熟悉程度可能影响资本成本和公司价值。
We provide empirical evidence that a firm's overall visibility with investors, as measured by its product market advertising, has important consequences for the stock market. Specifically we show that firms with greater advertising expenditures, ceteris paribus, have a larger number of both individual and institutional investors, and better liquidity of their common stock. Our findings are robust to a variety of methodological approaches and to various measures of liquidity. These results suggest that the investors' degree of familiarity with a firm may affect its cost of capital and consequently its value. Copyright 2004, Oxford University Press.