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A long simmering debate in valuation has questioned the relationship between size, liquidity, and risk. While some hold that this relationship is overstated, others maintain its importance. In this exclusive webinar, experts Ashok Abbott and Robert Schlegel discuss these factors as they relate to empirical studies carried out from 1926. Their conclusion, that size and liquidity are both important in explaining asset returns, rests on thorough investigation on the nature and impact of liquidity on value, and on academic research that has preceded their own.
Program Agenda
Research questions
Is there a difference in returns among smaller and larger firms?
Is there a difference in returns among low and high liquidity firms?
Is there a difference in returns among low and high liquidity firms within each size category?
Why do we care about liquidity?
Core issue in liquidity: immediacy
Liquidity and asset prices
Measures of liquidity
Review of empirical data
Impact of size and liquidity discounts
Learning Objectives
Understand how liquidity and size intersect
Understand how liquidity is measured and how it impacts value
Learn which empirical data is available for analysts and how it can be put to use
Understand how the presenters reached their conclusions regarding the interrelationship of size and liquidity
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