2005 — 3.2.3]. Other work supporting this view has been carried out by Acharya & Pederson and Pastor & Stambaugh using single measures of liquidity [Acharya & Pedersen 2005, Pastor & Stambaugh 2003], Goyenko et al, Korajczyk and Sadka [Goyenko et al 2009], Liu [Liu 2006 & 2009] and Lee [Lee 2005]. Given the poor histo