The Effect of Liquidity on Governance
---- Acknowledgements -----
We thank Charles Trzcinka for data and Niki Boyson, Chris Clifford, Slava Fos, Robin Greenwood, Cliff Holderness, Oguzhan Karakas, Robert Kieschnick, Alexander Ljungqvist, Ernst Maug, Greg Nini, Ed Rock, and seminar participants at Boston College, Oregon, UT Dallas, and Wharton for helpful comments. Vivian also gratefully acknowledges the financial support from Rutgers Business School Research Resources Committee (RRC). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.