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| Author: | Lang, M. Maffett, M. |
| Title: | Transparency and liquidity uncertainty in crisis periods |
| Journal: | Journal of Accounting & Economics
2011 : NOV, VOL. 52:2-3, p. 101-125 |
| Index terms: | liquidity financial crises international accounting corporate finance |
| Freeterms: | transparency |
| Language: | eng |
| Abstract: | We show, for a global sample, that firms with greater transparency (based on accounting standards, auditor choice, earnings management, analyst following and prediction accuracy) experience less liquidity volatility, fewer extreme illiquidity cases and have lower correlations between firm-level liquidity and both market liquidity and market returns. The results are robust to several sensitivity analyses, controls for endogeneity and propensity matching included. Results are especially pronounced during crises, when liquidity variances, covariances and extreme illiquidity events have a substantial increase, which is lower for transparent firms. Finally, liquidity variance, covariance and the likelihood of extreme illiquidity events are all negatively correlated with Tobin's Q. |
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