Annual compilation and accounting report for Annex B Parties under the Kyoto Protocol
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A major component of liquidity is adverse selection costs, which are reflected in the bid-ask spread and market impact costs. Firms’ precommitment to the timely disclosure of high- quality financial accounting information reduces investors’ risk of loss from trading with more informed investors, thereby attracting more funds into the capital markets, lowering investors’ liquidity risk (see Diamond and Verrecchia [1991], Botosan [2000], Brennan and Tamarowski [2000], and Leuz and Verrecchia [2000]). Capital markets with low liquidity risk for individual investors can facilitate high-return, long-term (illiquid) corporate investments, including long-term investments in high-return technologies, without requiring individual investors to commit their resources...
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