Property market liquidity and REIT liquidity
研究了拥有地域特定资产的房地产投资信托基金，发现房地产市场流动性正向影响其股票流动性，且该效应在低增长、信息劣势和融资受限的REIT中更强。
Abstract This study examines the asset–stock liquidity relationship for firms with location‐specific assets. Using a sample of real estate investment trusts (REITs), we extend the concept of asset liquidity to include information based on local property market turnover. Our findings confirm that holding more cash increases REIT stock liquidity. More importantly, we find a positive relation between property market liquidity and REIT stock liquidity. This relation is stronger for REITs with lower growth opportunities, less information advantage, and greater financial constraints. Our findings also provide evidence that managers can actively influence stock liquidity through asset structure.