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

Fabrice Riva

Revue d'économie financière, 2012, vol. N° 106, issue 2, 37-48

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. Classification JEL: G11, G12, G14.

JEL-codes: G11 G12 G14 (search for similar items in EconPapers)
Date: 2012
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