Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/10699
Title: Investor protection and firm liquidity
Authors: Brockman, P
Chung, DY
Issue Date: 2003
Publisher: Blackwell Publishers
Source: Journal of finance, 2003, v. 58, no. 2, p. 921-937 How to cite?
Journal: Journal of Finance 
Abstract: The purpose of this study is to investigate the relation between investor protection and firm liquidity We posit that less protective environments lead to wider bid-ask spreads and thinner depths because they fail to minimize information asymmetries. The Hong Kong equity market provides a unique opportunity to compare liquidity costs across distinct investor protection environments, but still within a common trading mechanism and currency. Our empirical findings verify that firm liquidity is significantly affected by investor protection. Regression and matched-sample results show that Hong Kong-based equities exhibit narrower spreads and thicker depths than their China-based counterparts.
URI: http://hdl.handle.net/10397/10699
ISSN: 0022-1082
DOI: 10.1111/1540-6261.00551
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