being "credit-constrained", or by the extent to which it is prone to being "liquidity-constrained". Our main findings are … that: (i) the interaction between credit or liquidity constraints and the counter-cyclical real short-term interest rate …

aggressively than growth stocks. This increase in selling pressure could make value stocks more sensitive to liquidity risk than … risk, combined with the liquidity price of risk, is able to capture 35% of the small-stock value premium and 100% of the …We study the liquidity exposures of value and growth stocks over business cycles. In worst times, value stocks have …

We investigate the relationship between bankruptcy risk and expected future sales growth for Norwegian non-listed firms … for the period 1988-2007. We find that firms with high bankruptcy risk also have high expected future growth. Financial … ratios characterizing firms with high bankruptcy risk also characterize firms with high future expected growth. Small firms …