Volume-based liquidity ratios suffer from potential measurement bias due to share restriction and may misrepresent … actual liquidity. In this paper, we develop a modified metric, the free-float liquidity ratio. We argue that this measure is … better suited to estimate liquidity in the presence of trading constraints as can be found in family-owned businesses or …

highlights the importance of liquidity spirals that arise from the interaction of search frictions and endogenous credit …

This study investigates the relationship between stock liquidity and frm innovation for publicly traded growing small … demonstrate a signifcant positive relationship between stock liquidity and both innovation input, as measured by R&D investments … results. Increased liquidity enhances SMEs' innovation mainly by alleviating fnancial constraints, whereas the mediating efect …

This paper examines stock liquidity in explaining the mixed relations between financial constraints and stock returns … and the pricing of stock liquidity across financially constrained and unconstrained firms. We find a negative relation in … liquid portfolios and a positive relation in illiquid portfolios. Financially constrained firms have higher liquidity risk …