Liquidity: Urban versus rural firms

• 成果类型: Article
• 署名作者: Loughran, T; Schultz, P
• 署名单位: University of Notre Dame
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2004.10.008
• 发表日期: 2005
• 页码: 341-374
• 关键词: liquidity; trading costs; geographic location

摘要

Our paper examines the impact of geographic location on liquidity for U.S. rural- and Urban-based companies. Even after adjusting for size and other Factors, rural firms trade much less, are covered by fewer analysts, and are owned by fewer institutions than urban firms. Trading costs are higher for rural Nasdaq firms, and volume that can be attributed to marketwide factors is lower for rural stocks. The findings add to our understanding of the way that access to information and familiarity affect liquidity. (c) 2005 Elsevier B.V. All rights reserved.