Is greater trading liquidity good or bad for corporate governance? We address this question both theoretically and … information concerns her own plans for taking an active role in governance. We show that an increase in the liquidity of the firm …'s stock increases the likelihood of the large investor 'taking the Wall Street walk.' Thus, higher liquidity is harmful for …

Treasury bills and other near-money assets provide owners with liquidity service benefits that are reflected in prices … in the form of a liquidity premium. I relate time variation in this liquidity premium to changes in the opportunity cost … of money: The liquidity service benefits of near-money assets are more valuable when short-term interest rates are high …

liquidity by quickly turning stocks into cash. We propose a trading model in which these two roles are endogenously related …: more intensive use of stocks for liquidity affects both the information and the noise about fundamentals contained in … banking system has trouble providing liquidity. We incorporate this module into a dynamic general equilibrium model to study …

Privatization has been shown to increase growth and profitability of public firms. However, effects on consumers are … we interpret as a decline in access to care. Hospital privatization therefore partially offsets the benefits of providing …

the international liquidity management aspect of sterilization over the traditional monetary one, a re-focus that seems …' problem, although the central bank acts non-selectively and only intervenes through open markets in our model. Illiquidity … liquidity management issues more generally …

: a greater share will correspond to a more appreciated exchange rate. Second, under uncertainty, liquidity effects …

We calculate the socially optimal level of illiquidity in an economy populated by households with taste shocks and …

We propose a novel measure of bond market liquidity that does not depend on transaction data: the strength of the cross … portfolio holdings to be at a given point in time. The perceived liquidity of speculative grade and Rule 144A bonds is …

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 … are charged, depend on the assets' market liquidity. We show that, under certain conditions, margins are destabilizing and …

dire consequences in terms of under-provision of market liquidity, has been repeatedly raised. This paper presents … systematic evidence from four different estimation strategies of the absence of breakpoints in market liquidity for fixed …-income asset classes and across multiple liquidity measures, with special attention given to the corporate bond market. The …