Collectivism and commonality in liquidity

Volume: 116, Pages: 137 - 162
Published: Aug 1, 2020
Abstract
In this paper, we explore the link between culture, measured by collectivism, and commonality in liquidity for 51 countries over the period 1985 to 2012. We provide evidence that commonality in liquidity is higher for stocks that trade in collectivist countries, after controlling for supply-side and demand-side determinants of liquidity as well as a host of country- and firm-level variables. The documented relation is shown to be moderated by...
Paper Details
Title
Collectivism and commonality in liquidity
Published Date
Aug 1, 2020
Volume
116
Pages
137 - 162
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