Asset Liquidity and the Cost of Capital
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We study the effect of real asset liquidity on a firm's cost of capital. We find an aggregate asset-liquidity discount in firms' cost of capital that is strongly counter-cyclical. At the firm-level we find that asset liquidity affects firms' cost of capital both in the cross section and in the time
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美国国家经济研究局创建时间：
2010-05-01
