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This paper examines the channel relationship of liquidity, corporate governance, and firm valuation for Russian firms … over the period of 2005 to 2007. We test the hypotheses that liquidity improves corporate governance, and better corporate … governance enhances firm value. We form the system of equations of liquidity measures (share turnover, market value turnover and …
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. Trading data from a large discount brokerage (Robinhood) confirm that retail investors acted as liquidity providers. The …
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