Production de liquidité par les marchés boursiers, valorisation des actifs et coûts de financement

Fabrice Riva
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Fabrice Riva: DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique

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Abstract: Do more liquid firms create more value ? At first glance, liquidity should at best have a second-order effect on firm valuation. However, several economic theories supported by strong empirical evidence document that investors require higher expected returns as a compensation for the costs and the risks that they bear when holding illiquid assets. In addition, illiquidity is responsible for the increase of direct and indirect issuing costs.

Keywords: liquidité; capital; transaction boursières (search for similar items in EconPapers)
Date: 2012
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Published in Revue d'économie financière, 2012, 106

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-02277675

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