Determinants of Market Liquidity of Shares Traded on the BM&FBOVESPA

This article aims to identify determinants of liquidity of shares traded on the BM&FBOVESPA. It was considered the influence of aspects such as the level of governance, listing on US stock markets and specific business characteristics. The concept of liquidity adopted can be simplified as the ea...

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Autores principales:	Laíse Ferraz Correia, Hudson Fernandes Amaral
Formato:	article
Lenguaje:	EN PT
Publicado:	FUCAPE Business School 2014
Materias:	stock liquidity corporate governance adr leverage dividends Business HF5001-6182
Acceso en línea:	https://doaj.org/article/cb244fcdb9954999b8172f120e3938d6
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spelling	oai:doaj.org-article:cb244fcdb9954999b8172f120e3938d62021-11-11T15:48:06ZDeterminants of Market Liquidity of Shares Traded on the BM&FBOVESPA1807-734Xhttps://doaj.org/article/cb244fcdb9954999b8172f120e3938d62014-01-01T00:00:00Zhttp://www.redalyc.org/articulo.oa?id=123032647004https://doaj.org/toc/1807-734XThis article aims to identify determinants of liquidity of shares traded on the BM&FBOVESPA. It was considered the influence of aspects such as the level of governance, listing on US stock markets and specific business characteristics. The concept of liquidity adopted can be simplified as the ease with which an asset is traded by its market price. The greater the difference between the price offered and the demanded on a security (bid-ask spread), the greater its illiquidity. The methodology consisted of regressions using panel data for a sample of common shares and preferred shares of non-financial companies listed on the BM&FBOVESPA, between 1995 and 2010. The results revealed that liquidity increases with the adoption of ADRs; governance; financial slack and return on sales. Moreover, the less liquid stocks are the ones that pay more dividends.Laíse Ferraz CorreiaHudson Fernandes AmaralFUCAPE Business Schoolarticlestock liquiditycorporate governanceadrleveragedividendsBusinessHF5001-6182ENPTBBR: Brazilian Business Review, Vol 11, Iss 6, Pp 75-97 (2014)
institution	DOAJ
collection	DOAJ
language	EN PT
topic	stock liquidity corporate governance adr leverage dividends Business HF5001-6182
spellingShingle	stock liquidity corporate governance adr leverage dividends Business HF5001-6182 Laíse Ferraz Correia Hudson Fernandes Amaral Determinants of Market Liquidity of Shares Traded on the BM&FBOVESPA
description	This article aims to identify determinants of liquidity of shares traded on the BM&FBOVESPA. It was considered the influence of aspects such as the level of governance, listing on US stock markets and specific business characteristics. The concept of liquidity adopted can be simplified as the ease with which an asset is traded by its market price. The greater the difference between the price offered and the demanded on a security (bid-ask spread), the greater its illiquidity. The methodology consisted of regressions using panel data for a sample of common shares and preferred shares of non-financial companies listed on the BM&FBOVESPA, between 1995 and 2010. The results revealed that liquidity increases with the adoption of ADRs; governance; financial slack and return on sales. Moreover, the less liquid stocks are the ones that pay more dividends.
format	article
author	Laíse Ferraz Correia Hudson Fernandes Amaral
author_facet	Laíse Ferraz Correia Hudson Fernandes Amaral
author_sort	Laíse Ferraz Correia
title	Determinants of Market Liquidity of Shares Traded on the BM&FBOVESPA
title_short	Determinants of Market Liquidity of Shares Traded on the BM&FBOVESPA
title_full	Determinants of Market Liquidity of Shares Traded on the BM&FBOVESPA
title_fullStr	Determinants of Market Liquidity of Shares Traded on the BM&FBOVESPA
title_full_unstemmed	Determinants of Market Liquidity of Shares Traded on the BM&FBOVESPA
title_sort	determinants of market liquidity of shares traded on the bm&fbovespa
publisher	FUCAPE Business School
publishDate	2014
url	https://doaj.org/article/cb244fcdb9954999b8172f120e3938d6
work_keys_str_mv	AT laiseferrazcorreia determinantsofmarketliquidityofsharestradedonthebmfbovespa AT hudsonfernandesamaral determinantsofmarketliquidityofsharestradedonthebmfbovespa
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Determinants of Market Liquidity of Shares Traded on the BM&FBOVESPA

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