Stock Market Liquidity and Firm Value

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The effects of stock liquidity on firm value and corporate governance: Endogeneity and the REIT experiment (2015, methodology): “Unlike the existing literature (e.g., Fang et al. (2009)) that examines the effect of stock liquidity across different industries, the unique features of REITs (including homogeneity of the investment structures, the high payout requirement, and the importance of institutional investors) can reduce…”
Governance Through Trading and Intervention: A Theory of Multiple Blockholders (2011, background): “From equation (30), I∗ should be low to ensure blockholder effort is also high.”
The Role of Stock Liquidity in Executive Compensation (2012, positive): “Pay-for-performance Sensitivity with respect to Stock Prices (Delta) Following prior studies such as Chava and Purnanandam (2010), Jayaraman and Milbourn (2011) and Jiang et al. (2010), we measure pay-for-performance sensitivity (PPS) with respect to stock prices using the Core and Guay (1999; 2002a”
Liquidity and Shareholder Activism (2015, methodology): “The event has also been employed as an instrument for liquidity by Fang, Noe, and Tice (2009), Bharath, Jayaraman, and Nagar (2013), and Edmans, Fang, and Zur (2013).”
The Empirical Analysis of Liquidity (2014, background): “Fang et al. [2009] document a positive relation between liquidity and firm performance.”