Beedles, William L. - In: Journal of Small Business Finance 1 (1991) 1, pp. 29-44
factor(s) missing from conventional tests of asset pricing. The results suggest that a lack of liquidity, rather than size …, which are on average much smaller than their North American brethren. For the entire size spectrum and across listing … locations, liquidity is found to be related to performance, adding support to the popular belief that it is (perhaps one of) the …