Treasury security issue size and liquidity. Treasury bills that were first issued with fifty-two weeks to maturity and then … given maturity) than when they are off-the-run, and persists when controlling for other factors that affect liquidity. The … liquidity benefits of reopenings are more than offset by the direct supply costs. …

takeovers to test whether group structure, large shareholders, and bank control affect their value to shareholders. First, I …

This paper examines a comprehensive set of liquidity measures for the U.S. Treasury market. The measures are analyzed …. The price impact coefficients are highly correlated with bid-ask spreads and with episodes of reported poor liquidity … other liquidity measures, as do yield spreads between on-the-run and off-the-run securities. In contrast, trading volume and …

develop a partial equilibrium model of precautionary demand for liquid assets showing that firms alter their liquidity ratio … increase their liquidity ratios when macroeconomic uncertainty or idiosyncratic uncertainty increases. …

that both the sensitivity of returns to liquidity and liquidity premia have significantly declined over the past four … strategies virtually unprofitable. Our results are robust to several conventional liquidity measures related to volume. When … using liquidity measure that is not related to volume, we find just weak evidence of a liquidity premium even in the early …

While empirical studies that use event-study methodology find on average that the gains from mergers and acquisitions …

This paper looks at the role of both commercial and investment banks in providing merger advisory services. In this … investment banks. In their dual role as lenders and advisors to firms that are the target or the acquirer in a merger, banks can … possible reasons for these different outcomes. First, it is the target firm, not the acquirer, that must be priced in a merger …

contrast to corporate shareholders, private shareholders tend to sell control blocks when financial pressure increases. …