Bartram, Söhnke M.; Brown, Gregory W.; Stulz, René M. - 2009
high level of trading and when we use
unlevered returns, so that they cannot be explained by differences in liquidity or … liquidity since we control for this possible
determinant of stock return volatility.5 In contrast, credit market development … difference holds after adjusting for leverage, and that it is not simply the product of differences in
liquidity. In Section 3 …