ABSTRACT. Becker-Blease and Paul investigate the relation between stock liquidity and corporate decision-making, and test the hypothesis that, ceteris paribus, an increase in stock liquidity would result in higher capital investment intensity. Gilchrist et al. rule out speculative investment opportunities are likely to be highly misleading. Adam and Goyal note that although both the market-to-book equity and the earnings-price ratios are related to investment opportunities, they do not contain information that is not already contained in the market-to-book assets ratio.



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