The Empirical Analysis of Liquidity starts with an overview of how liquidity is measured and specialized issues in liquidity measurement. Next, it examines what is known about cross-sectional and time-series patterns in liquidity. The authors then review how liquidity relates to the corporate finance literature, including governance, executive compensation, capital structure, and payout policy. They also review how liquidity influences the asset pricing literature, including return differentials due to average liquidity cost, liquidity premia for systematic liquidity risks, the impact of...