Active Liquidity Management, Strategic Complementarities, and Market Price of Liquidity

The authors thanks the anonymous referees, Steffen Andersen, Ekkehart Boehmer, John Campbell, Susan Christoffersen, Wayne Ferson (discussant), Vincent Gregoire (discussant), Søren Hvidkjær, Markku Kaustia (discussant), Marcin Kacperczyk, Sven Klingler, Marcel Müller, Lilian Ng, Lubos Pástor (discussant), Lasse Heje Pedersen, Jesper Rangvid, Ben Sand, Mike Simutin, Morten Sørensen, Suresh Sundaresan, Marliese Uhrig-Homburg, Russ Wermers (discussant), and Dimitri Vayanos for helpful comments and suggestions and participants at the PhD Nordic Finance Workshop in Helsinki, Third Annual University of Southern California Marshall Ph.D. Conference in Finance, Northern Finance Association Conference in Mont-Tremblant, American Finance Association Conference in Chicago, Asian Finance Association in Tokyo, and seminars participants at Bank of Canada, Copenhagen Business School, Copenhagen University, Aarhus University, Instituto de Estudios Superiores de la Empresa, BI Oslo, Rotterdam School of Management, Vienna University of Economics and Business, Deutsche Bundesbank, Goethe University, Degroote School of Business, School of Administrative Studies (York University), and Schulich School of Business.