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...

This paper enquires whether institutional investors have specific preferences on the composition of the board of directors in Latin American firms they hold shares in. The result show that preferences vary significantly in terms of the type of institutional investor. The econometric results...

This paper examines the relationship between firm value and blockholders in Latin America. Econometric results for a comprehensive data set of more than 550 firms listed in the six largest stock markets of the region support a positive effect of variables measuring the existence, contestability,...