This paper examines the impact of stock liquidity on firm bankruptcy risk. Using the Securities and Exchange Commission … decimalization regulation as a shock to stock liquidity, we establish that enhanced liquidity decreases default risk. Stocks with the … highest default risk experience the largest improvements. We find two mechanisms through which stock liquidity reduces firm …

We study the impact on industry liquidity of delistings resulting from leveraged buyout activity. Using data on U ….S. LBOs during the 1985-2008 period, we uncover evidence of negative liquidity externalities. We find that the liquidity of … liquidity at the industry level …

ownership will be the dominant form of return to equity. If markets expect a contest for control, these returns will show up in …

equilibrium liquidity provision from equity and bond dealers and non-monotonic stock-bond price comovement. We find supportive …

give up such large stakes in voting power. I find 70% of unifying firms specifically state "increase liquidity" as a … liquidity …