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
相关论文
共 50 条
  • [21] Stock market liquidity: Implication of local and global investor sentiment
    Debata, Byomakesh
    Dash, Saumya Ranjan
    Mahakud, Jitendra
    JOURNAL OF PUBLIC AFFAIRS, 2021, 21 (03)
  • [22] Liquidity of Stock Market and Corporate Value
    Yu, Dan
    Zhou, Yan
    2019 16TH INTERNATIONAL CONFERENCE ON SERVICE SYSTEMS AND SERVICE MANAGEMENT (ICSSSM2019), 2019,
  • [23] Stock market liquidity and firm value
    Fang, Vivian W.
    Noe, Thomas H.
    Tice, Sheri
    JOURNAL OF FINANCIAL ECONOMICS, 2009, 94 (01) : 150 - 169
  • [24] MEASURING LIQUIDITY ON STOCK MARKET: IMPACT ON LIQUIDITY RATIO
    Bogdan, Sinisa
    Baresa, Suzana
    Ivanovic, Sasa
    TOURISM AND HOSPITALITY MANAGEMENT-CROATIA, 2012, 18 (02): : 183 - 193
  • [25] Investor sentiment and stock market liquidity: Evidence from an emerging economy
    Kumari, Jyoti
    JOURNAL OF BEHAVIORAL AND EXPERIMENTAL FINANCE, 2019, 23 : 166 - 180
  • [26] Does Optimistic Investor Sentiment Accelerate Taiwan Stock Market Liquidity?
    Yang, Wan-Ru
    Chuang, Ming-Che
    ASIA-PACIFIC FINANCIAL MARKETS, 2024,
  • [27] Does retail investor attention improve stock liquidity? A dynamic perspective
    Cheng, Feiyang
    Chiao, Chaoshin
    Wang, Chunfeng
    Fang, Zhenming
    Yao, Shouyu
    ECONOMIC MODELLING, 2021, 94 : 170 - 183
  • [28] Institutional investor attention and stock market volatility and liquidity: international evidence
    El Ouadghiri, Imane
    Erragragui, Elias
    Jaballah, Jamil
    Peillex, Jonathan
    APPLIED ECONOMICS, 2022, 54 (42) : 4839 - 4854
  • [29] The Impact of Investor Sentiment on Stock Market
    Fan, Yang Yu
    Hong, Liu De
    PROCEEDINGS OF THE 2017 3RD INTERNATIONAL CONFERENCE ON HUMANITIES AND SOCIAL SCIENCE RESEARCH (ICHSSR 2017), 2017, 121 : 506 - 509
  • [30] The Institutional Investor Impact on Stock Prices
    Borges, Elaine
    Martelanc, Roy
    RBGN-REVISTA BRASILEIRA DE GESTAO DE NEGOCIOS, 2019, 21 (02): : 349 - 364
12345