We dissect the impact of liquidity on returns of Latin American firms using a detailed data set of firm characteristics over various market cycles. We find that firm-level liquidity (illiquidity) is positively (negatively) associated with returns. Further analysis reveals that global illiquidity...

Firms striving to reach consumers through today's swell of marketing clutter frequently are employing novel marketing practices. Although many nontraditional marketing messages are effective through clever, entertaining, and ultimately benign means, others rely on deception to reach consumers....