Asset Liquidity and the Cost of Capital
---- Acknowledgements -----
We thank Heitor Almeida, Murray Carlson, Jason Chen, Lorenzo Garlappi, Itay Goldstein (WFA discussant), N. R. Prabhala, Avri Ravid, Jason Schloetzer, as well as seminar participants at Georgetown University, the Pacific NorthWest Finance Conference 2008, and the Western Finance Association Meetings 2009 for their helpful comments. Ortiz-Molina acknowledges the financial support from the Social Sciences and Humanities Research Council of Canada. All errors are the authors alone. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.