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Q/;)s;ILLIQStockliquidityandassetliquidity—TheoryandempiricalanalysisPANNing-ning,ZHUHong-quan,CHENLin(SchoolofEconomicsandManagement,SouthwestJiaotongUniversity,Chengdu610031,China)AbstractThispaperinvestigatesthecorrelationofassetliquidityandstockliquidity,,higherassetliquidity,lowertheuncertaintyofasset-in-place,,higherassetliquidityalsoimpliesmorefutureinvestmentopportunities,,,,ourresultsshowthatinChinesestockmarket,,thepositiverelationshipisstrongerforsmallfirms,’sinvestmentandfinancingdecisions,;assetliquidity;cash;ILLIQ1" Æ;nv}~ v}~ ℄}7 .Y >,~4"V5 .Y :n= <Sw._4n :)R" : Æ;nv}~<Æ )?[
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