Investor protection and the value impact of stock liquidity

被引：1
|
作者：
Tao Huang
Fei Wu
Jing Yu
Bohui Zhang
机构：
[1] Xi’an Jiaotong-Liverpool University,Shanghai Advanced Institute of Finance
[2] Shanghai Jiao Tong University,Shenzhen Finance Institute, School of Management and Economics, and CUHK Business School
[3] University of Western Australia,undefined
[4] The Chinese University of Hong Kong,undefined
来源：
Journal of International Business Studies | 2020年 / 51卷
关键词：
firm value; stock liquidity; investor protection;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
This paper investigates the effect of investor protection on the value impact of stock liquidity. Using a sample of firms from 40 countries for the period between 1996 and 2010, we show that investor protection is positively associated with the value impact of stock liquidity. This association is robust to the difference-in-differences approach based on a natural experiment. Further evidence shows that the positive effect of home-country investor protection on the liquidity–valuation association attenuates in countries with globally integrated capital markets.
引用
收藏
页码：72 / 94
页数：22
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