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dc.rights.licenseAl consultar y hacer uso de este recurso, está aceptando las condiciones de uso establecidas por los autores.
dc.contributor.authorFrench, Joseph J.
dc.contributor.authorTaborda Ríos, Rodrigo 
dc.date.accessioned2018-09-27T16:56:19Z
dc.date.available2018-09-27T16:56:19Z
dc.date.issued2017
dc.identifier.issn1657-5334
dc.identifier.urihttp://hdl.handle.net/1992/8719
dc.description.abstractWe dissect the impact of liquidity on returns of Latin American firms using a detailed dataset of firm characteristics over various market cycles. We find that firm-level liquidity (illiquidity) is positively (negatively) associated with returns. Further analysis reveals that global illiquidity and endogenously determined crisis periods are negatively associated with returns. Our results are in contrast to the majority of the literature on developed markets and indicate that liquidity is less of an important risk factor in Latin America. Our results suggest that improvements in firm-level liquidity will enhance returns and reduce the vulnerability of returns to global illiquidity.
dc.format.extent27 páginas
dc.language.isoeng
dc.publisherUniversidad de los Andes, Facultad de Economía, CEDE
dc.relation.ispartofseriesDocumentos CEDE No. 32 Abril de 2017
dc.sourceinstname:Universidad de los Andeses_CO
dc.sourcereponame:Repositorio Institucional Sénecaes_CO
dc.titleDisentangling the relationship between liquidity and returns in Latin America
dc.typedocumentes_CO
dc.identifier.eissn1657-7191
dc.rights.accessRightsopenAccess
dc.subject.keywordLiquidity
dc.subject.keywordIlliquidity
dc.subject.keywordLatin America
dc.subject.keywordVIX
dc.subject.keywordFinancial crisis
dc.subject.armarcCiclos económicos - América Latina
dc.subject.armarcLiquidez internacional - América Latina
dc.subject.armarcCrisis financiera - América Latina
dc.subject.armarcRentabilidad - América Latina
dc.type.versionpublishedVersion
dc.provenance.unitFacultad de Economía
dc.subject.jelG01, G15, G02, F30


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