地方经济周期与股票流动性
Journal of Financial & Quantitative Analysis. Volume 50, Issue 5 October 2015
作者：Gennaro Bernile (Singapore Management University, Chian School of Business), George Korniotis (University of Miami, School of Business Administration), Alok Kumar（University of Miami, School of Business Administration）, Qin Wang（Oklahoma State University, Spears School of Business）
摘要：本研究检验了不同州的经济状况是否会影响当地公司股票的流动性。我们发现当地经济发展较好（较差）的时候当地公司股票的流动性水平更高（更低）。这种关系在当地金融约束更强、地方信息环境更加闭塞以及当地机构投资者持股水平和交易强度更高的情况下更强烈。总之，以上的证据表明美国股票市场的地理分割引起了当地股票流动性的不同预测模式。
Local Business Cycles and Local Liquidity
Gennaro Bernile (Singapore Management University, Chian School of Business), George Korniotis (University of Miami, School of Business Administration), Alok Kumar（University of Miami, School of Business Administration）, Qin Wang（Oklahoma State University, Spears School of Business）
ABSTRACT
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.
翻译：汪国颂