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Stock liquidity and firm value: evidence from China

Lijie Zhang, Yong Li, Zhuo Huang and Xinhan Chen

Applied Economics Letters, 2018, vol. 25, issue 1, 47-50

Abstract: Empirical evidence for the effect of stock liquidity on firm value is limited and mixed due to a severe endogeneity problem. This article adds to the literature on this topic by providing new empirical evidence using the nontradable share reform in China as a quasi-natural experiment. Our results show that higher stock liquidity can lead to significant firm value improvement.

Date: 2018
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