over faster than domestic assets because the former have desirable liquidity properties, but represent inferior saving …

liquidity may be related positively to the longer-term probability of default. Our empirical analysis confirms these predictions …

liquidity providers (sinks) when market valuations are high (low). Venture cash flows and performance are considerably more …

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 …

infinitesimal amount of liquidity to the agent. We show that the most financially central agents are not only those who trade often …

We study the effect of real asset liquidity on a firm's cost of capital. We find an aggregate asset-liquidity discount … in firms' cost of capital that is strongly counter-cyclical. At the firm-level we find that asset liquidity affects firms … periods of high asset liquidity have lower cost of capital. This effect is stronger when the asset liquidity is provided by …

constrained firms demand and supply liquidity. Bub- bles are more likely to emerge, the scarcer the supply of outside liquidity … and the more limited the pledgeability of corporate income; they crowd investment in (out) when liquidity is abundant …

We study the interplay between corporate liquidity and asset reallocation opportunities. Our model shows that … associated with the merger. We call these transactions "liquidity mergers," since their main purpose is to reallocate liquidity … to firms that might be otherwise inefficiently terminated. We show that liquidity mergers are more likely to occur when …

We propose and test a theory of corporate liquidity management in which credit lines provided by banks to firms are a … form of monitored liquidity insurance. Bank monitoring and resulting credit line revocations help control illiquidity …-seeking behavior by firms. Firms with high liquidity risk are likely to use cash rather than credit lines for liquidity management …

Ensuring that a firm has sufficient liquidity to finance valuable projects that occur in the future is at the heart of … substantial literature on the ways in which firms manage liquidity has developed only recently. We argue that many of the key … issues in liquidity management can be understood through the lens of a framework in which firms face financial constraints …