表題番号：2019C-165
日付：2022/06/01
研究課題On The Relation Between Asset Liquidity and Stock Liquidity:An Empirical Analysis
| 研究者所属（当時） | 資格 | 氏名 | |
|---|---|---|---|
| （代表者） | 商学学術院 大学院経営管理研究科 | 准教授 | チェン ミンヤン ウィリアム |
- 研究成果概要
- We examine the effect of stock liquidity on investment efficiency. Consistent with feedback and incentive theories, investment efficiency increases after the reform but only for under-investing firms. Higher stock liquidity increases institutional ownership, board independence, and price efficiency, especially for under-investing firms; thereby increasing investment efficiency of firms including those owned by the state. Our analysis is robust to a battery of considerations, including multiple specifications and several natural experiments. Our findings highlight externalities linked to the Chinese reform and further substantiate the real effects of financial markets.