Ditapis dengan
Asset liquidity and stock liquidity
We study the relation between asset liquidity and stock liquidity. Our model shows that the relation may be either positive or negative depending on parameter values. Asset liquidity improves stock liquidity more for firms that are less likely to reinvest their liquid assets (i.e., firms with less growth opportunities and financially constrained firms). Empirically, we find a positive and econo…
- Edisi
- -
- ISBN/ISSN
- 221090
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- JFQA4702
Liquidity cycles and make/take fees in electronic markets
We develop a model in which the speed of reaction to trading opportunities is endogenous. Traders face a trade-off between the benefit of being first to seize a profit opportunity and the cost of attention required to be first to seize this opportunity. The model provides an explanation for maker/taker pricing, and has implications for the effects of algorithmic trading on liquidity, volume, an…
- Edisi
- -
- ISBN/ISSN
- 221082
- Deskripsi Fisik
- -
- Judul Seri
- -
- No. Panggil
- JOF6801
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