Open Access. Powered by Scholars. Published by Universities.®
Finance and Financial Management Commons™
Open Access. Powered by Scholars. Published by Universities.®
- Discipline
- Publication
- Publication Type
Articles 1 - 2 of 2
Full-Text Articles in Finance and Financial Management
Local Business Cycles And Local Liquidity, Gennaro Bernile, George Korniotis, Alok Kumar, Qin Wang
Local Business Cycles And Local Liquidity, Gennaro Bernile, George Korniotis, Alok Kumar, Qin Wang
Research Collection Lee Kong Chian School Of Business
This study examines whether state-level economic conditions affect the liquidity of local firms. We find that liquidity levels of local stocks are higher (lower) when the local economy has performed well (poorly). This relation is stronger when local financing constraints are more binding, the local information environment is more opaque, and local institutional ownership levels and trading intensity are higher. Overall the evidence supports the notion that the geographical segmentation of U.S. capital markets generates predictable patterns in local liquidity.
Two Essays On Institutional Investors And U.S. Bank Holding Companies, Hui Wang
Two Essays On Institutional Investors And U.S. Bank Holding Companies, Hui Wang
LSU Doctoral Dissertations
This dissertation studies institutional investment in U.S. bank holding companies (BHCs). The first essay examines institutional investing preferences in U.S. banks and the impact of expansion of bank power on the preferences. Institutional investors prefer BHCs that hold more liquid assets, are better capitalized and larger in size, have better loan quality, lower stock return volatility and less derivative trading. In addition, the expansion of bank power is welcomed by various types of institutional investors, except for long-term institutions. Institutional investors also become less risk-averse when investing in BHCs that have expanded into non-banking business. However, the increased complexity and …