EVALUATION ON THE RELATIONSHIP BETWEEN ASSETS LIQUIDITY AND STOCK LIQUIDITY

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FIROOZI MANIZHEH; HEMMATI HASSAN; GHODRATI HASSAN

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Journal: JOURNAL OF ECONOMICS & BUSINESS RESEARCH Year:2013 | Volume:3 | Issue:1 (4) Page(s): 75-83

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Title

EVALUATION ON THE RELATIONSHIP BETWEEN ASSETS LIQUIDITY AND STOCK LIQUIDITY

Author(s)

FIROOZI MANIZHEH | HEMMATI HASSAN | GHODRATI HASSAN | Issue Writer Certificate

Keywords

ASSETS LIQUIDITYQ2

TURNOVER RATIOQ2

STOCK LIQUIDITYQ3

MANAGERIAL ACTIONSQ2

INFORMATION ASYMMETRYQ2

Abstract

Stock Liquidity risk can be thought as one of the factors affecting the investors expected return. Clarifying a measure according to the specifics of the company to measure the STOCK LIQUIDITY could help the investors to make better decisions. In this study, we examine the relationship between ASSETS LIQUIDITY and STOCK LIQUIDITY in hole of druggist firms listed in Tehran Stock Exchange during the years 1387 and 1388. We use the TURNOVER RATIO .The results show that there is a significant relationship between the ASSETS LIQUIDITY and STOCK LIQUIDITY. This relationship depends on market expectations regarding the deployment of the firm's liquid assets. Thus our hypothesis links STOCK LIQUIDITY to MANAGERIAL ACTIONS that change the liquidity of the firm's assets, such as investment financing, and payout. Consistent with my prediction, I find that after controlling for firm fixed effects, increase in asset liquidity increases STOCK LIQUIDITY, too. The relation is stronger when the manager is less likely to convert liquid assets into illiquid assets such as for low market to book, during economic recessions, and when expected payout is high.

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APA: Copy

FIROOZI, MANIZHEH, HEMMATI, HASSAN, & GHODRATI, HASSAN. (2013). EVALUATION ON THE RELATIONSHIP BETWEEN ASSETS LIQUIDITY AND STOCK LIQUIDITY. JOURNAL OF ECONOMICS & BUSINESS RESEARCH, 3(1 (4)), 75-83. SID. https://sid.ir/paper/201510/en

Vancouver: Copy

FIROOZI MANIZHEH, HEMMATI HASSAN, GHODRATI HASSAN. EVALUATION ON THE RELATIONSHIP BETWEEN ASSETS LIQUIDITY AND STOCK LIQUIDITY. JOURNAL OF ECONOMICS & BUSINESS RESEARCH[Internet]. 2013;3(1 (4)):75-83. Available from: https://sid.ir/paper/201510/en

IEEE: Copy

MANIZHEH FIROOZI, HASSAN HEMMATI, and HASSAN GHODRATI, “EVALUATION ON THE RELATIONSHIP BETWEEN ASSETS LIQUIDITY AND STOCK LIQUIDITY,” JOURNAL OF ECONOMICS & BUSINESS RESEARCH, vol. 3, no. 1 (4), pp. 75–83, 2013, [Online]. Available: https://sid.ir/paper/201510/en

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