We present comprehensive evidence in support of giving liquidity equal standing to size, value/growth, and momentum as … investment styles, as defined by Sharpe (1992). First, we show that financial market liquidity, as identified by stock turnover …, is an economically significant indicator of long-term returns. Then, we show that liquidity, as a characteristic, is not …

This paper studies the effect of stock liquidity on blockholder governance. Conditional upon acquiring a stake …, liquidity reduces the likelihood that a blockholder governs through voice (intervention) – as shown by the greater propensity to … announcement returns and improvements in operating performance, especially in liquid firms. Moreover, liquidity increases the …

engage in fractional reserve banking and they do not perform liquidity creation. Money market funds, like other capital …

urgent when considering VaR is used daily to measure capital, risk limits and liquidity of trillions of dollars. VaR …

investors lack the basic tools for evaluating more complex structures and liquidity costs; this, in turn, leaves room for …