Most of the market microstructure literature has focused on the liquidity of individual securities, whereas most of the asset pricing literature has focused on the association between systematic risk and return. We document the presence of a systematic, time-varying component of liquidity. At...

Previous work on bioprospecting has suggested that the potential market returns to genetic resource conservation are likely to be inconsequential. This article shows that when the buyers of genetic resource options are also competitors in patent races, sellers can extract all the surplus...