Die Ex-post-Analyse der Wirkung von staatlichen Hilfsmaßnahmen im Rahmen der COVID-19-Gesetze ermöglicht Schlussfolgerungen über die Wirksamkeit der Hilfsmaßnahmen zur Überbrückung möglicher Liquiditätsengpässe aufgrund fallender Umsätze. Eine erste Einschätzung der Kreditvergabe...

We study the effect of real asset liquidity on a firm's cost of capital. We find an aggregate asset-liquidity discount in firms' cost of capital that is strongly counter-cyclical. At the firm-level we find that asset liquidity affects firms' cost of capital both in the cross section and in the...

We provide a model that links an asset's market liquidity - i.e., the ease with which it is traded - and traders' funding liquidity - i.e., the ease with which they can obtain funding. Traders provide market liquidity, and their ability to do so depends on their availability of funding....