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 …

make sure that all debts within the system are settled. The main result is that these liquidity needs are larger when these …

liquidity to the agent …

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 …

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

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. When liquidity is low, relationships are subject to breakups that lead to loss of joint surplus. Liquidity outflows …

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 …