交易稀少资产的公司知名度、流动性和估值

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2024-09-01 DOI:10.1016/j.finmar.2024.100914

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引用次数: 0

摘要

我们采用回归不连续设计来研究市场划分实验如何影响非流动市场中的股票流动性和公司估值。我们发现，对于交易稀少的资产而言，公司知名度的提高可大幅改善公司的流动性（以交易即时性衡量），并将估值提高 28.4%。我们还发现一些证据表明，信息环境的改善可能有助于提高流动性和估值。

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Firm visibility, liquidity, and valuation for thinly traded assets

We employ a regression discontinuity design to study how a market division experiment affects stock liquidity and firm valuation in an illiquid market. We document that an increase in firm visibility can substantially improve a firm's liquidity (measured by trading immediacy) and increase valuation by 28.4% for thinly traded assets. We also find some evidence that an improved information environment may contribute to enhanced liquidity and valuation.

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.