Online Appendix to 'Liquidity, Information Production, and Debt-Equity Choice'
30 Pages Posted: 3 Mar 2020 Last revised: 6 Jan 2021
Date Written: April 1, 2020
This appendix comprises four parts. The first part presents proofs of lemmas and propositions. The second part presents some additional robustness tests. The third part reports the results of analyses designed to reconcile our results with a prior empirical study on a closely related issue. The last part provides evidence that the Russell 1000/2000 reconstitution serves as a valid exogenous shock to stock liquidity.
Keywords: Stock liquidity, Debt issuance, Equity issuance, Capital structure
JEL Classification: G12, G32
Suggested Citation: Suggested Citation