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This paper investigates the liquidity effect in asset pricing by studying the liquiditypremium relationship of an American Depositary Receipt (ADR) and its underlying share.Using the Amihud (2002) measure, the turnover ratio and trading infrequency as proxies for liquidity, we show that a higher ADR premium is associated with higher ADR liquidity and lower home share liquidity, in terms of changes in these variables. We find that the liquidity effects remain strong after we control for firm size and a number of country characteristics, such as the expected change in the foreign exchange rate, the stock market performance, as well as several variables measuring the openness and transparency of the home market.JEL Classification: G10, G12, G15

This research presents a finite-element analysis of the electromechanical field of a BLDC motor considering speed control and mechanical flexibility. The magnetic field is analyzed by the nonlinear time-stepping finite-element method considering the switching action of the pulse width modulation (PWM) inverter. Magnetic force and torque are calculated by the Maxwell stress tensor. Mechanical motion of a rotor is determined by a time-stepping finite-element method considering the flexibility of shaft, rotor, and bearing. Both magnetic and mechanical finite-element equations are combined in the closed loop to control the speed using PWM. Simulation results are verified by the experiments, and they are in good agreement with the experimental results.Index Terms-BLDC motor, electromechanical field, finite-element method, flexibility, PWM, speed control.

Using unique real estate data that allow for accurately measured capital gains, we examine whether sell propensities depend on the magnitude of a seller’s capital gain. We find that short-term sell propensities are flat over losses and increasing in gains. Consistent with their higher sell propensities, selling prices are lower for properties with larger gains. Large-sized short-term stock investments also have sell propensities that are flat over losses and increasing in gains, although the sell propensities of typical-sized short-term stock investments are V-shaped. Our findings provide empirical support for theories of realization utility.

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This paper investigates the liquidity effect in asset pricing by studying the liquiditypremium relationship of an American Depositary Receipt (ADR) and its underlying share.Using the Amihud (2002) measure, the turnover ratio and trading infrequency as proxies for liquidity, we show that a higher ADR premium is associated with higher ADR liquidity and lower home share liquidity, in terms of changes in these variables. We find that the liquidity effects remain strong after we control for firm size and a number of country characteristics, such as the expected change in the foreign exchange rate, the stock market performance, as well as several variables measuring the openness and transparency of the home market.JEL Classification: G10, G12, G15

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