Fang, Vivian W.; Noe, Thomas H.; Tice, Sheri - In: Journal of Financial Economics 94 (2009) 1, pp. 150-169
This paper investigates the relation between stock liquidity and firm performance. The study shows that firms with liquid stocks have better performance as measured by the firm market-to-book ratio. This result is robust to the inclusion of industry or firm fixed effects, a control for...