liquidity of a company's shares. Although liquidity has been established as a risk factor in the asset-pricing paradigm, there … see if clustering of liquidity is responsible for the governance premium. Our results reconfirm the importance of …

This article studies how investors' differences of opinion affect liquidity and asset prices. We construct a dynamic … trades in the market place, increasing market liquidity. Because they generally lose on these trades, they become prone to … illiquidity, disagreement and market liquidity is consistent with several empirically documented features of liquidity and …

We study economies with multiple assets that are valued both for their return and liquidity. Exchange occurs in …, potentially generating multiple equilibria with different liquidity. We discuss implications for asset pricing and for monetary …