Liquidity

Working Paper

Shareholder Illiquidity and Firm Behavior: Financial and Real Effects of the Personal Wealth Tax in Private Firms

We examine how negative liquidity shocks to shareholders propagate to the firm. Analyzing regulatory changes to personal wealth taxation in Norway, we show that higher taxes on the home of private firms’ controlling shareholders are associated...Read more

Janis Berzins
Øyvind Bøhren
Bogdan Stacescu
02 January 2020

Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement

This paper examines the economic effects of changes in securities regulation. We analyze two key directives in the European Union (EU) that tightened market abuse and transparency regulation. All EU member states were required to adopt these two...Read more

Luzi Hail
Christian Leuz
01 February 2014

Pages