Online Appendix to 'Liquidity, Information Production, and Debt-Equity Choice'

Cheung, William M.; Im, Hyun Joong; Noe, Thomas H.

doi:10.2139/ssrn.3444867

Online Appendix to 'Liquidity, Information Production, and Debt-Equity Choice'

30 Pages Posted: 3 Mar 2020 Last revised: 6 Jan 2021

See all articles by William M. Cheung

Hyun Joong Im

Peking University - HSBC Business School

Thomas H. Noe

University of Oxford - Said Business School; University of Oxford - Balliol College; Bank of Finland; European Corporate Governance Institute

There are 2 versions of this paper

Date Written: April 1, 2020

Abstract

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

Cheung, William Ming Yan and Im, Hyun Joong and Noe, Thomas H., Online Appendix to 'Liquidity, Information Production, and Debt-Equity Choice' (April 1, 2020). Available at SSRN: https://ssrn.com/abstract=3444867 or http://dx.doi.org/10.2139/ssrn.3444867