The Liquidity Route To A Lower Cost Of Capital
AbstractThe managements of many public companies do not pay much attention to the liquidity of their securities. Many if not most CEOs and CFOs feel powerless to affect what goes on in financial markets, and a common attitude among top executives is that maintaining liquidity is the concern of the securities exchanges and the Securities and Exchange Commission. This approach may work for those companies whose stocks are already highly liquid-a group made up mainly of large-cap companies, as well as a number of smaller high-flying, high-tech firms. But, for the vast majority of public companies-especially smaller and mid-sized firms-this is likely to be the wrong policy. 2000 Morgan Stanley.
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Bibliographic InfoArticle provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.
Volume (Year): 12 (2000)
Issue (Month): 4 ()
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=1078-1196
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