factor premiums are present after accounting for liquidity constraints. Fourth, we check whether the factor premiums are …, but they disappear after accounting for transaction costs and liquidity. …

established liquidity measures in 45 countries for the years 1990–2020. Our findings provide convincing evidence that liquidity … have negligible economic significance. Outside the microcap universe, virtually no liquidity effect can be observed …

responses on global stock market liquidity. To this end, we examine daily data from 49 countries for the period January … deteriorate liquidity in emerging markets, while information campaigns on the novel coronavirus facilitate trading activity …