The DOI matches its Crossref record; 55 of the 55 references it cites were found in a registry or an index.
Corporate Governance and Liquidity
Open accessAbstract
We investigate the empirical relation between corporate governance and stock market liquidity. We find that firms with better corporate governance have narrower spreads, higher market quality index, smaller price impact of trades, and lower probability of information-based trading. In addition, we show that changes in our liquidity measures are significantly related to changes in the governance index over time. These results suggest that firms may alleviate information-based trading and improve stock market liquidity by adopting corporate governance standards that mitigate informational asymmetries. Our results are remarkably robust to alternative model specifications, across exchanges, and to different measures of liquidity.
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Cites
A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
White, H. (1980) · Econometrica · doi:10.2307/1912934 · Cited by 25,861
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Continuous Auctions and Insider Trading
Kyle, A. S. (1985) · Econometrica · doi:10.2307/1913210 · Cited by 9,580
Investor protection and corporate governance
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00065-9 · Cited by 6,848 · cited 2×
“See Shleifer and Vishny (1997), La Porta et al. (2000), Mitton (2002), Gompers, Ishii, and Metrick (2003), Bebchuk and Cohen (2005), Bebchuk, Cohen, and Ferrell (2005), Chi (2005), Ashbaugh, Collins and LaFond (2006), and Masulis, Wang, and Xie (2008).”
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
Bid, ask and transaction prices in a specialist market with heterogeneously informed traders
Glosten, L. R., & Milgrom, P. R. (1985) · Journal of Financial Economics · doi:10.1016/0304-405x(85)90044-3 · Cited by 6,115
Earnings management and investor protection: an international comparison
Leuz, C., Nanda, D., & Wysocki, P. D. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00121-1 · Cited by 5,381
Liquidity Risk and Expected Stock Returns
Pástor, Ľ., & Stambaugh, R. F. (2003) · Journal of Political Economy · doi:10.1086/374184 · Cited by 5,339
Asset pricing and the bid-ask spread
Amihud, Y., & Mendelson, H. (1986) · Journal of Financial Economics · doi:10.1016/0304-405x(86)90065-6 · Cited by 5,090
Corporate governance, chief executive officer compensation, and firm performance
Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999) · Journal of Financial Economics · doi:10.1016/s0304-405x(98)00058-0 · Cited by 4,335
Cited by
Stock price synchronicity, crash risk, and institutional investors
An, H., & Zhang, T. (2013) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2013.01.001 · Cited by 720
The Effect of Liquidity on Governance
Edmans, A., Fang, V. W., & Zur, E. (2013) · Review of Financial Studies · doi:10.1093/rfs/hht012 · Cited by 434
A simple approximation of intraday spreads using daily data
Chung, K. H., & Zhang, H. (2014) · Journal of Financial Markets · doi:10.1016/j.finmar.2013.02.004 · Cited by 339
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Metadata
- Authors
- Chung, K. H., Elder, J., & Kim, J.-C.
- Venue
- Journal of Financial and Quantitative Analysis
- Publisher
- Cambridge University Press (CUP)
- Published
- 2010-02-19
- Volume
- 45
- Issue
- 2
- Pages
- 265-291
- ISSN
- 0022-1090 (ISSN-L)
- 1756-6916
- OpenAlex
- W2024735205
- Cited by
- 565
- References
- 55
- FWCI
- 55.87
- Type
- journal article
- Language
- en
- Open access
- green
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Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
