Ahn, Hee-Joon; Cai, Jun; Cheung, Yan-Leung - In: China Finance Review International 10 (2019) 2, pp. 143-167
Purpose: This paper focuses on execution costs as liquidity measure. Execution costs are related to volatility and are an important component of a firm’s cost of capital. The purpose of this paper is to examine whether emerging market firms have lower execution costs when they face less...