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Production de liquidité par les marchés boursiers, valorisation des actifs et coût de financement

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  • Fabrice Riva

Abstract

Do more liquid firms create more value? At first glance, liquidity should at best have a second-order effect on firm valuation. However, several economic theories supported by strong empirical evidence document that investors require higher expected returns as a compensation for the costs and the risks that they bear when holding illiquid assets. In addition, illiquidity is responsible for the increase of direct and indirect issuing costs. Classification JEL: G11, G12, G14.

Suggested Citation

  • Fabrice Riva, 2012. "Production de liquidité par les marchés boursiers, valorisation des actifs et coût de financement," Revue d'économie financière, Association d'économie financière, vol. 0(2), pages 37-48.
    • Handle: RePEc:cai:refaef:ecofi_106_0037
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    More about this item

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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