This paper studies the effect of stock liquidity on blockholders' choice of governance mechanisms. We focus on hedge … measure governance intent rather than only studying instances of actual governance. We find that liquidity increases the … likelihood that a hedge fund acquires a block in a firm. Conditional upon acquiring a stake, liquidity reduces the likelihood …

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 …

agents can use as buffer stock and collateral, or as a vehicle of liquidity. Issuing more debt eases the underlying financial … the interest rate on public debt. In contrast to the literature on the Friedman rule, the government's supply of liquidity …

This paper argues that if policymakers seek to enhance global liquidity, then the international community must provide …

mechanism to forestall claims on U.S gold reserves under Bretton Woods to a means of extending emergency dollar liquidity during …

on asset prices and financial liquidity. The theory predicts asset prices carry a speculative premium that reflects the … asset's marketability and depends on monetary policy and the market microstructure where it is traded. These liquidity …

We provide empirical evidence of a novel liquidity-based transmission mechanism through which monetary policy …

This paper deals with the relations among international liquidity,the exchange-rate regime and the effectiveness of … provision of liquidity …

the results in Pástor and Stambaugh (2003). Both studies successfully replicate our market-wide liquidity measure and find … similar estimates of the liquidity risk premium. In the sample period after our study, the liquidity risk premium estimates … are even larger, and the liquidity measure displays sharp drops during the 2008 financial crisis. We respond to both …